Mortgage Lending in Wake Forest, NC
The Sherry Riano Team
Are you looking for a great rate & local service on a mortgage loan in Wake Forest, NC? Our team has over 20 years experience lending throughout North Carolina and offer the local service you want and the great rate you deserve!
Here at The Sherry Riano Team, we believe in answering as many questions as it takes for you to best understand your loan options.
We offer mortgage loans such as:
-Conventional home mortgages
-Rural Development (RD) mortgages
-First Time Homebuyers mortgages
-Balloon and Adjustable Rate mortgages
We also offer refinancing loans for those interested in taking advantage of their biggest asset.
How do you know which loan is right for you?
We believe that what you qualify for, and what you are comfortable with are two different things, and we always want to make sure that you choose the loan that makes you feel the most confident.
The conventional home mortgage allows you to pay off your home loan over a period of 15 or 30 years, and is the most common mortgage type offered by mortgage lenders in Wake Forest.
This type of loan requires a good credit score and a higher down payment, around 5%.
The VA mortgage is the best choice for veterans who are ready to buy their own home and settle down. You don’t have to have any money down, and interest rates are usually more attractive than other zero-down offers.
Rural Development mortgages, which are also called USDA Rural Housing Loans, are another type of zero-down mortgage product. These loans are only available for homes that are in specific areas of the country, but you may be surprised what is considered rural by mortgage lenders in Wake Forest.
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.
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.
We believe you can still get a loan from us even if you’ve been turned down by other mortgage lenders in Wake Forest. However, these loans typically have higher interest rates to compensate for the lower down payment requirements.
Balloon and Adjustable Rate Mortgages
This type of loan offers a homebuyer a bit of a break in their mortgage payment for a few years, before the rate goes up in the future. This type of loan is not as popular with buyers because it is hard to predict how much your rates will go up.
We believe you hate being surprised about how much cash you need, or your monthly payment, so we strive to find you other options for your mortgage if this is not the best choice.
Learn More from The Sherry Riano Team
At The Sherry Riano Team, we believe that you are not just a transaction. To find out more about our mortgage lending programs in Wake Forest, NC,
apply online or call us at 919-234-7415.