The Ultimate Guide to Getting a Raleigh Mortgage | Your Key to a Successful Home Loan Journey | Martini Mortgage Group

April 28, 2023 by Kevin Martini

Are you ready to embark on the ultimate mortgage journey and secure the perfect home loan? Then you’ve come to the right place! Welcome to the Martini Mortgage Group’s ultimate guide to getting a Raleigh mortgage, where we reveal all the secrets to getting the best deal possible.

Here at the Martini Mortgage Group, we’re not just any old mortgage company – we’re the top-rated mortgage company around, and we’re here to help you get the best possible rates and stress-free, on-time closings. We’re all about delivering an honest, well-communicated lending experience that’s based on knowledge and trust.

And that’s why our ultimate guide is the go-to resource for anyone looking to buy a home in Raleigh. With comprehensive, detailed information on the types of loans we offer, current mortgage rates, and tips to secure the best deal, you’ll have everything you need to make a smart, informed decision.

But that’s not all, friend. Our mission goes beyond just helping you buy a house. We’re here to help you create generational wealth through real estate with the proper mortgage strategy. That means we’ll work with you every step of the way to make sure you’re getting the best possible loan option for your unique situation, and give you the advice and guidance you need to make the most of your investment.

So what are you waiting for, friend? Dive into our ultimate guide today and discover the secrets to getting the Raleigh mortgage you deserve!

Types of Raleigh Mortgages Offered by the Martini Mortgage Group

We offer a comprehensive range of loan products to cater to the diverse needs of our clients. These include:

Fixed-Rate Home Loans

Lock in a consistent interest rate for the life of the loan, providing stability and predictability in your monthly payments.

Buydown Home Loans

Benefit from a lower introductory interest rate on your mortgage for the first or a few years.

FHA Home Loans

Take advantage of more lenient qualification requirements, including lower credit scores and minimal down payment options. The FHA Home Loan is NOT just for first-time homebuyers!

VA LHome Loans

Eligible veterans and active-duty service members can access home loans with no down payment, no loan limits, and favorable interest rates.

Rural Development Home Loans (a.k.a. USDA Home Loans)

Rural and suburban homebuyers can benefit from low-interest rates and 100% financing options.

Raleigh Mortgage Rates and Factors Influencing Them

Raleigh mortgage rates can vary depending on several factors, such as:

Credit Score

A higher credit score often translates to lower interest rates, as lenders view you as a lower-risk borrower.

Loan Term

Longer-term loans typically have higher interest rates, whereas shorter-term loans offer lower rates.

Down Payment

A larger down payment can help you secure a lower interest rate, as it reduces the lender’s risk.

Market Conditions

Current economic conditions and market trends can influence not just Raleigh mortgage rates but regional and national ones too.

Tips to Secure the Best Raleigh Mortgage Deal

Follow these expert tips to ensure you get the best possible mortgage deal:

Improve Your Credit Score

A higher credit score can unlock better interest rates and loan terms. Pay off outstanding debts, keep your credit utilization low, and avoid applying for new credit before seeking a mortgage and during the mortgage process.

Save for a Larger Down Payment

The more you can put down upfront, the better your mortgage terms will be.

Consider Loan Types

Evaluate the pros and cons of various loan types to determine which one best aligns with your financial goals and needs.

Lock in Your Rate

When you find a favorable rate, consider locking it in to protect yourself from potential rate increases before or during the loan process. The Martini Mortgage Group has a unique ‘Lock & Shop’ program where you can lock the rate for your home loan before you have a property. Yes, it also has a float-down feature.

Application Process and Requirements

To streamline your mortgage application, follow these steps:

Gather necessary documentation, including income verification, credit reports, and bank statements.
Complete the loan application form and submit it along with your supporting documents.
Await pre-approval, which provides an estimate of the loan amount you qualify for.
Choose a suitable loan product based on your pre-approval, and finalize the terms with your chosen one with the Martini Mortgage Group.
Undergo underwriting, where we verify your information and assess your loan eligibility.
Receive a final approval and proceed to the closing process.

logan martini best raleigh mortgage broker

the moment has come for you to take action

The Martini Mortgage Group’s ultimate guide has provided you with the essential knowledge and tools to navigate the Raleigh mortgage landscape confidently. Now, it’s time for you to seize this golden opportunity and embark on your journey toward homeownership and generational wealth.

Just imagine the moment when you finally step into your dream home, knowing you’ve secured the best mortgage deal with the guidance and expertise of the Martini Mortgage Group. You’ll feel an overwhelming sense of accomplishment and pride, knowing that you’ve made a wise investment in your future and the future of your family.

Don’t let this chance slip through your fingers. The perfect Raleigh mortgage is waiting for you, and the Martini Mortgage Group is here to help you every step of the way. Remember, we’re not just any mortgage company; we’re your dedicated partner, committed to ensuring your home-buying journey is smooth, stress-free, and successful.

So, go ahead and dive headfirst into our ultimate guide. Uncover the secrets to securing the best Raleigh mortgage and transform your dreams into reality. Your future self will thank you, and your legacy will stand the test of time.

Take the first step today. Reach out to Logan Martini, Senior Mortgage Strategist with the Martini Mortgage Group, and let him guide you through the world of Raleigh mortgages. Together, you’ll achieve greatness and create a brighter future for you and your loved ones.

Don’t wait any longer – let’s get started on this incredible journey right now!

Martini Mortgage Group – Your Partner in Raleigh Home Financing

March 30, 2023 by Kevin Martini

Simplifying the Mortgage Process for Raleigh Homebuyers

Are you searching for the right mortgage lender in Raleigh? Look no further than Martini Mortgage Group. With years of experience in the industry, our team understands the ins and outs of the local market and can help you navigate the mortgage process with ease.

Personalized Solutions

At Martini Mortgage Group, we know that no two homebuyers are the same. That’s why we take a personalized approach to each client, taking the time to understand your unique needs and financial situation. We offer a wide range of mortgage products, from conventional to FHA and VA loans, and can help you find the right fit for your budget and lifestyle.

Streamlined Process

We understand that the mortgage process can be overwhelming. That’s why we’ve streamlined our process to make it as simple and stress-free as possible. Our team will guide you through each step, from pre-approval to closing, ensuring that you understand the process and are comfortable with the decisions you’re making.

Competitive Rates

At Martini Mortgage Group, we’re committed to offering competitive rates to our clients. We work with a wide range of lenders, giving us access to a variety of loan products and rates. Our team will help you compare options and find the best rate for your unique financial situation.

Expert Guidance

Navigating the mortgage process can be challenging, especially for first-time homebuyers. At Martini Mortgage Group, we’re here to provide expert guidance every step of the way. Our team has the knowledge and experience to answer your questions and provide advice that’s tailored to your needs.

Final Thoughts from Raleigh Mortgage Broker Logan Martini

At Martini Mortgage Group, we’re dedicated to helping Raleigh homebuyers achieve their dreams of homeownership. With personalized solutions, a streamlined process, competitive rates, and expert guidance, we’re your trusted partner for home financing. Contact me today to learn more: (919) 238-4934

How to cancel Private Mortgage Insurance | Martini Mortgage Group

February 6, 2023 by Kevin Martini

Some borrowers need a lower down payment and some borrowers choose not to put a significant down payment. Private Mortgage Insurance (PMI) is a powerful tool used to help borrowers buy a home with a down payment less than 20%. Not only does PMI allow one to buy a home with a lower down payment, first-time and repeat homebuyers do not need to have PMI forever — it can either be automatically terminated or a borrower can request cancellation without the need to refinance.

Homeowners Protection Act (HPA)

As a primer, lenders view an 80% loan-to-value (which is a 20% down payment) as a standard for making a mortgage for a borrower. This 20% equity position was established to ensure the borrower has sufficient interest in the property to make timely payments and in the event the borrower was not able to make payments, there would be sufficient equity to cover the foreclosure costs.

PMI was created to mitigate this risk for a lender when a borrower needed or wanted to put less than 20% down at time of mortgage origination. Over time, equity is accumulated through amortization and home appreciation and an 80% loan-to-value is established. When this 80% loan-to-value is secured, PMI is truly no longer needed since it does not provide any material protection to the lender and does not benefit the borrower.

Prior to July 1999, it was close to impossible to cancel or terminate PMI. Courtesy of the Home Protection Act (a.k.a. HPA or PMI Cancellation Act) the framework was established on when and how PMI could be canceled or terminated.

PMI Cancellation for Conforming Loans

Conforming Loans (a.k.a. Agency Loans or Conventional Loans) meet the Fannie Mae or Freddie Mac guidelines to include loan limits. Conforming loans are covered under the HPA and one can petition to request to cancel PMI when you have reached and 80% loan-to-value based the original value (i.e. the price paid for the home or the appraised value, whichever is less).

Per the HPA, all cancelation requests must be submitted in writing to the loan servicer. The loan servicer must take action to cancel if: the principal balance is scheduled to reach 80% of the original value based on initial amortization schedule or actual payments; the borrower has a good payment history (i.e. no 60-day lates or more in the first 12-months of the last 24-months prior to cancellation petition date and has not made a payment that was 30-days or more past due within 12-months of cancelation petition date); evidence the value of the collateral has not declined, at the borrowers expense; and evidence the current collateral is not subject to subordinate liens.

If the value of a home has increased since closing, you may be able to cancel your PMI early based on the current value and current balance. Your loan servicer will likely require evidence of the value increase, at the borrowers expense. The method of validating the collateral will be determined by the the loan servicer and may be in the form of Broker Price Opinion (BPO) or full appraisal.

IMPORTANT: in addition to HPA, the loan investor may also have seasoning requirements and/or cancellation requirements. Consult you PMI Disclosure provided at closing or contact your loan servicer for a copy.

PMI Termination for Conforming Loans

Your PMI will automatically be removed at a certain point. That point is once the borrowers loan balance is at 78% or the original amount borrowed.

Refinance to remove PMI

For some not all, a refinancing strategy is the best way to remove PMI. Consult with a Mortgage Strategist with the Martini Mortgage Group to discuss this advanced strategy

Certified Mortgage Advisor and Raleigh Mortgage Broker Kevin Martini Summary

•Private Mortgage Insurance (PMI) is a powerful tool used to help borrowers buy a home with less than 20% down payment.

• The Home Protection Act (HPA) established the framework when and how PMI can be cancelled or terminated.

• Conforming Loans are covered under the HPA and one can petition to request cancellation of PMI when they have reached an 80% loan-to-value based on original value.

• If the value of a home has increased since closing, it may be possible for early termination of PMI subject to lender requirements.

• Automatic removal occurs once loan balance reaches 78%.

• Refinancing may also be an option for some in order to remove Private Mortgage Insurance (PMI).