Mortgage Lending in Clayton, NC
The Sherry Riano Team
Are you looking for a home mortgage loan in Clayton, NC? Our team of local, North Carolina based mortgage lenders have 20+ years of experience lending in areas like Clayton. Don’t take chances with the online lenders, work with local experts who know your market best!
Here at the Sherry Riano Team, we believe that the loan process should be the easiest part of buying a home, and we strive to make that happen for every potential home buyer that walks through our doors.
That does not mean that you will always be getting a loan from us. In fact, we believe that having your best interests at heart means sometimes suggesting another lender in the area.
We do want to make sure that no matter where you end up, you fully understand the mortgage options available to you. Not all mortgage lenders in Clayton offer the widest selection of home loans possible.
At The Sherry Riano Team, we specialize in:
-Conventional home mortgages
-Rural Development (RD) mortgages
-First Time Homebuyers mortgages
-Balloon and Adjustable Rate mortgages
-Refinancing and Home Equity loans
Here’s what you need to know about each of these to determine what is best for your financial future:
The conventional home mortgage is themost common type offered by mortgage lenders in Cary. This product requires you to put down a small percentage of the sales price as a down payment (usually around 5%). Typical loan terms range from 15 to 30 years.
FHA mortgages are insured by the federal government. There are no income restrictions with this program and gift funds came be used for down payment. With the FHA product there is a required 3.5% down payment for the transaction. This product typically has more lenient credit requirements.
Are you a Veteran? A VA mortgage can be a great option for you! No mortgage insurance is required. There is a one-time funding fee that varies depending on down payment. See our website for more information about how our company gives back to Community Heroes.
Rural Development mortgages, also called USDA Rural Housing Loans, are another option for 100% financing for your loan. These loans are offered only in certain designated areas for homes in the country, but you may be surprised what is considered rural by USDA eligibility. There are many areas in Johnston County that qualify for USDA loans.
First Time Homebuyers Mortgages
This type of mortgage is very similar to an FHA mortgage, but is only available to someone who has not owned a home in the past three years. Credit scores and down payments can be lower, but interest rates will typically be higher. Some first-time homeowners choose FHA loans over specific first-time homebuyer loans due to a more forgiving credit score requirement.
Balloon and Adjustable Rate Mortgages
This type of loan offers a homebuyer a bit of a break in their mortgage payment for the first few years, before the rate goes up after the first adjustment. While these types of mortgages may seem like a good option, there can be unforeseen financial consequences. We always advise caution before choosing this product.
More Than Just Transactions
At The Sherry Riano Team, we believe that you are not just a transaction. To find out more about our mortgage lending in Clayton, NC,
apply online or call us at 919-234- 7415.