Raleigh, NC: “The City of Oaks”
Raleigh, NC is the capital and second largest city in North Carolina. It's nickname, "The City of Oaks" comes from it's beautiful tree-lined streets in the city's heart.
“Recognizing a lack of competitive alternatives for consumers led me to start Residential Mortgage Advisors, LLC in 2011. With the mortgage and real estate market meltdown in 2008, there became a void of competitive alternatives in residential lending as originators, brokers and mortgage banks went out of business. Due to the regulatory environment and reduced competition, the megabanks became the primary source of residential lending for consumers. This led to huge profit margins for these megabanks while service levels worsened. Residential Mortgage Advisors, LLC (RMA) fills this void with the most experienced originators and staff, paired with the most experienced wholesale lenders and technology which allow RMA to offer the lowest rates with the highest levels of service….. Better Rates. Better Service.”
A: Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
A: With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
A: An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
A: There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. Residential Mortgage Advisors LLC can help you evaluate your choices and help you make the most appropriate decision.
A: For most homeowners, the monthly mortgage payments include three separate parts:
A: The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply: