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Interested in finding out more about purchasing a homerefinancing a home, mortgages, or loans? We serve clients in Wilmington, Raleigh, Cary, Apex, Durham, Greensboro, Charlotte & beyond. Give us a call, or fill out the contact form on this page to get in touch with us. We’ll provide a free quote with no cost and obligation. We look forward to hearing from you!

 

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F.A.Q.

WHAT IF I CAN’T AFFORD 20% TO PUT DOWN ON A HOUSE?

It shouldn’t be a problem. There are many loan programs available today that require less than 5% down payment. The best thing to do would be to call us — we’ll work with you to find the right program.

DO YOU OFFER CUSTOM LOAN PROGRAMS?

Yes, the different types of loan programs being offered are changing every day. We find the best loan scenario for all of our clients. Unlike big banks that are restricted to using loan programs and rates being offered at that time by the bank, we have access to many lenders. What we do is find the lender that best fits your needs. Call us today and let us show you what we can do for you.

CAN I USE SOME OF MY IRA OR 401(K) PLAN FOR A DOWN PAYMENT?

Yes you can. However, the rules regarding this issue are constantly changing. Your best bet would be to contact your accountant. Your accountant can inform you of your best options in regards to this.

WHAT’S THE DIFFERENCE BETWEEN A FIXED AND ADJUSTABLE RATE MORTGAGE?

With a fixed rate mortgage, the interest rate and the amount you pay each month remain the same over the entire mortgage term, traditionally 15, 20 or 30 years. With an adjustable rate mortgage (ARM), the interest rate is fixed for a certain number of years (3, 5, 7 or 10), and then fluctuates according to the index the ARM is tied to. Initial interest rates of ARMs are typically lower than fixed rate mortgages — however, there is the uncertainty of what the rate will adjust to after the initial fixed rate period. Different ARMs are tied to different financial indexes, some of which fluctuate up or down more quickly than others. To avoid constant and drastic changes, ARMs typically regulate (cap) how much and how often the interest rate and/or payments can change in a year and over the life of the loan.

IS A FIXED OR AN ADJUSTABLE RATE MORTGAGE BETTER?

It depends. Because interest rates and mortgage options change often, your choice of a fixed or adjustable rate mortgage should depend on: the interest rates and mortgage options available when you’re buying a house, your view of the future (generally, high inflation will mean ARM rates will go up and lower inflation that they will fall), and how willing you are to take a risk. When mortgage rates are low, a fixed rate mortgage is the best bet for most buyers. Over the next 5, 10 or 30 years, interest rates are more apt to go up than further down. Even if rates could go a little lower in the short run, an ARM’s teaser rate will adjust up soon and you won’t gain much. In the long run, ARMs are likely to go up, meaning most buyers will be best off to lock in a favorable fixed rate now and not take the risk of much higher rates later. Keep in mind that lenders not only lend money to purchase homes; they also lend money to refinance homes. If you take out a loan now, and several years from now interest rates have dropped, refinancing will probably make sense.

WHAT IS PRIVATE MORTGAGE INSURANCE (PMI)?

Private mortgage insurance (PMI) policies are designed to reimburse a mortgage lender up to a certain amount if you default on your loan. Most lenders require PMI on loans where the borrower makes a down payment of less than 20%. Premiums are usually paid monthly or can be financed. With the exception of some government and older loans, you may be able to drop the mortgage insurance once your equity in the house reaches 20% and you’ve made timely mortgage payments. In certain circumstances, you can obtain a second mortgage to reach the 20% down payment, thus removing the need for PMI. Please call us today to discuss whether this option would work for you.

Happy Clients

Patrick, Molly and the Integrated Funding Team were absolutely PHENOMENAL!!! I am a US Veteran and requested a VA loan while overseas, finding a home and closing in mere matter of weeks with the absolute LOWEST pain. Patrick was thorough, professional and courteous at all times - even making himself available despite multiple time zone difference to speak on anything we had questions or concerns on. His patience and expertise were absolutely critical to our loan process and eventual closing. Molly was terrific as well. You could not ask for a more patient, polite and professional team to help with your lending needs! I will be sure to highly recommend them in the future and grateful we found them when we did 🙂 Thanks again!!! - Ryan and family
-Ryan Pace
This was my third mortgage transaction with Integrated Funding. The first transaction was excellent and the team has only built upon that excellence in the two subsequent transactions. Timeliness, attention to detail, excellent rates, full service, personal touch, follow up, quick close and cost effective are just a few of the attributes that make this team a first call for me. There are a ton of options in the market; I will choose this team every time.
- Champ Page

I just wanted to share a little info about Patrick and his team at Integrated Funding. I am a fairly informed person about finances but just enough to maybe be dangerous. Patrick walked me through several scenarios and explained them to me in a respectful and easy to understand fashion. I was able to make the best informed decision and save some money in the process. His team then followed up in a timely manner with easy to follow instructions for an online process.

If you ever need a new mortgage or to refinance your existing mortgage I would go no further than Integrated Funding. You will be given great information and allowed to make the best decision for you and your family.

- Michael Stickney

I can’t say enough good things about Patrick and his team at Integrated Funding!! I have used them 3xs for refinancing and my family and friends have also used them. Patrick and his team have spoiled me because they make the process so easy from start to finish. I highly recommend Integrated Funding for all your financing needs!

- Amy Holden