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A Full Service Real Estate Company that covers Wake, Johnston, Lee and Chatham Counties. If you need assistance outside this area or anywhere within the United States contact us and we'll be sure to find the best qualified Realtor for your specific area.

The Mortgage Process Would-be borrowers begin the process by applying to one or more mortgage lenders . The lender will ask for evidence that the borrower is capable of repaying the loan. This may include bank and investment statements, recent tax returns, and proof of current employment. The lender will generally run a credit check as well. If the application is approved, the lender will offer the borrower a loan of up to a certain amount and at a particular interest rate. Homebuyers can apply for a mortgage after they have chosen a property to buy or while they are still shopping for one, a process known as pre-approval . Being pre-approved for a mortgage can give buyers an edge in a tight housing market because sellers will know that they have the money to back up their offer. Once a buyer and seller agree on the terms of their deal, they or their representatives will meet at what’s called a closing . This is when the borrower makes their down payment to the lender. The seller will transfer ownership of the property to the buyer and receive the agreed-upon sum of money, and the buyer will sign any remaining mortgage documents. The lender may charge fees for originating the loan (sometimes in the form of points ) at the closing. Types of Mortgages Mortgages come in a variety of forms. The most common types are 30-year and 15-year fixed-rate mortgages. Some mortgage terms are as short as five years, while others can run 40 years or longer. Stretching payments over more years may reduce the monthly payment, but it also increases the total amount of interest that the borrower pays over the life of the loan. Within the different term lengths are numerous types of home loans , including Federal Housing Administration (FHA) loans , U.S. Department of Agriculture (USDA) loans , and U.S. Department of Veterans Affairs (VA) loans available for specific populations that may not have the income, credit scores , or down payments required to qualify for conventional mortgages . The following are just a few examples of some of the most popular types of mortgage loans available to borrowers. Fixed-Rate Mortgages The standard type of mortgage is fixed-rate. With a fixed-rate mortgage , the interest rate stays the same for the entire term of the loan, as do the borrower's monthly payments toward the mortgage. A fixed-rate mortgage is also called a traditional mortgage. Mortgage lending discrimination is illegal. If you think you’ve been discriminated against based on race, religion, sex, marital status, use of public assistance, national origin, disability, or age, there are steps that you can take. One such step is to file a report with the Consumer Financial Protection Bureau (CFPB) or the U.S. Department of Housing and Urban Development (HUD) . Adjustable-Rate Mortgage (ARM) With an adjustable-rate mortgage (ARM) , the interest rate is fixed for an initial term, after which it can change periodically based on prevailing interest rates. The initial interest rate is often a below-market rate, which can make the mortgage more affordable in the short term but possibly less affordable long-term if the rate rises substantially. ARMs typically have limits, or caps, on how much the interest rate can rise each time it adjusts and in total over the life of the loan. A 5/1 adjustable-rate mortgage is an ARM that maintains a fixed interest rate for the first five years, then adjusts each year after that. Interest-Only Loans Other, less common types of mortgages, such as interest-only mortgages and payment-option ARMs, can involve complex repayment schedules and are best used by sophisticated borrowers. These types of loans may feature a large balloon payment at its end. Many homeowners got into financial trouble with these types of mortgages during the housing bubble of the early 2000s. Reverse Mortgages As their name suggests, reverse mortgages are a very different financial product. They are designed for homeowners age 62 or older who want to convert part of the equity in their homes into cash. These homeowners can borrow against the value of their home and receive the money as a lump sum, fixed monthly payment, or line of credit. The entire loan balance becomes due when the borrower dies, moves away permanently, or sells the home.4 Within each type of mortgage, borrowers have the option to buy discount points to buy their interest rate down. Points are essentially a fee that borrowers pay up front to have a lower interest rate over the life of their loan. When comparing mortgage rates, make sure you are comparing rates with the same number of discount points for a true apples-to-apples comparison. Average Mortgage Rates (So Far for 2022) How much you’ll have to pay for a mortgage depends on the type of mortgage (such as fixed or adjustable), its term (such as 20 or 30 years), any discount points paid, and interest rates at the time. Interest rates can vary from week to week and from lender to lender, so it pays to shop around. Mortgage rates were at near-record lows in 2020, with rates bottoming out at a 2.66% average on a 30-year fixed-rate mortgage for the week of Dec. 24, 2020. Rates continued to stay stably low throughout 2021 and have started to climb steadily since Dec. 3, 2021 (see the chart below). According to the Federal Home Loan Mortgage Corp. , average interest rates looked like this as of January 2023: 30-year fixed-rate mortgage: 6.13% 15-year fixed-rate mortgage: 5.17% 5/1 adjustable-rate mortgage: 6.06% Mortgage Rates. How to Compare Mortgages Banks, savings and loan associations, and credit unions were virtually the only sources of mortgages at one time. Today, a burgeoning share of the mortgage market includes nonbank lenders , such as Better, loanDepot, Rocket Mortgage, and SoFi. If you’re shopping for a mortgage, an online mortgage calculator can help you compare estimated monthly payments , based on the type of mortgage, the interest rate, and how large a down payment you plan to make. It also can help you determine how expensive a property you can reasonably afford. In addition to the principal and interest that you’ll be paying on the mortgage, the lender or mortgage servicer may set up an escrow account to pay local property taxes , homeowners insurance premiums, and certain other expenses. Those costs will add to your monthly mortgage payment. Also, note that if you make less than a 20% down payment when you take out your mortgage, your lender may require that you purchase private mortgage insurance (PMI) , which becomes another added monthly cost. Why do people need mortgages? The price of a home is often far greater than the amount of money that most households save. As a result, mortgages allow individuals and families to purchase a home by putting down only a relatively small down payment, such as 20% of the purchase price, and obtaining a loan for the balance. The loan is then secured by the value of the property in case the borrower defaults. Can anybody get a mortgage? Mortgage lenders will need to approve prospective borrowers through an application and underwriting process. Home loans are only provided to those who have sufficient assets and income relative to their debts to practically carry the value of a home over time. A person’s credit score is also evaluated when making the decision to extend a mortgage. The interest rate on the mortgage also varies, with riskier borrowers receiving higher interest rates. Mortgages are offered by a variety of sources. Banks and credit unions often provide home loans. There are also specialized mortgage companies that deal only with home loans. You may also employ an unaffiliated mortgage broker to help you shop around for the best rate among different lenders. What does fixed vs. variable mean on a mortgage? Many mortgages carry a fixed interest rate. This means that the rate will not change for the entire term of the mortgage—typically 15 or 30 years—even if interest rates rise or fall in the future. A variable or adjustable-rate mortgage (ARM) has an interest rate that fluctuates over the loan’s life based on what interest rates are doing. How many mortgages can I have on my home? Lenders generally issue a first or primary mortgage before they allow for a second mortgage. This additional mortgage is commonly known as a home equity loan . Most lenders don’t provide for a subsequent mortgage backed by the same property. There’s technically no limit to how many junior loans you can have on your home as long as you have the equity, debt-to-income ratio , and credit score to get approved for them. Why it's called a mortgage? The word "mortgage" comes from Old English and French meaning "death pledge." It gets that name since this type of loan "dies" when it is either fully repaid or if the borrower defaults. The Bottom Line Mortgages are an essential part of the home buying process for most borrowers who aren’t sitting on hundreds of thousands of dollars of cash to buy a property outright. Different types of home loans are available for whatever your circumstances may be. Different government-backed programs make it possible for more people to qualify for mortgages and make their dream of homeownership a reality. All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. If you would like more information about buying a home in NC, our experts at EXP Realty are here to help. Contact us today to speak with a EXP agent about buying homes or land in North Carolina.

Your family is growing. Your job is going pretty well. You keep reading about how now’s the best time to buy a home if you’re going to move up . So what’s stopping you? Buying a home is a big investment—and even bigger as you buy up into higher price brackets. If you’re worried about how much home you can truly afford, we’re here to help. EXP offers a mortgage payment calculator that help you determine the best price range for your household’s budget. But first, let’s look at six factors that affect how much home you can really afford. Learn/Know How Much Home You Can Afford? Your Monthly Income and Budget The most obvious metric to consider when determining how much home you can afford is your income. However, as obvious as it is, it should not be taken lightly. You know from your first home purchase that unexpected expenses come up with a new home purchase. In addition to your monthly mortgage payment (and any included taxes and insurance that add to that bill), it’s important to set aside some funds each month for home repairs and maintenance. How much are you able to afford and still provide yourself with a financial buffer? If your new home will be considerably larger or in a different climate, consider utility expenses, as well, and how those will change your monthly budget. The Future of Your Job or Career How stable is your job? How about your partner’s? Are either of you considering a major career move in the next five years? Or will someone in the family drop out of the workforce in the next few years to care for family? Does your company’s growth plan seem feasible and stable, or do you expect your boss to pull the rug out from under you any day now? In addition to considering your current income, it’s important to think about how your income may change in years to come and how that will affect your ability to cover your mortgage payments. Your Income-to-Debt Ratio Regardless of your hard-earned credit score and the projected loan amount that correlates to it, the amount of home you can afford is ultimately determined by how much you can afford in your monthly mortgage payments. Think about your monthly income and expenses. If you are spending a considerable amount of money each month toward your debts (e.g., car loans, student loans, medical expenses), you will need to take that into account before you begin your home search. Also consider major future expenses, like weddings, and how that will affect your debt. As a rule of thumb, no more than 36% of your pre-tax income should go to pay debt . This includes up to 28% going to your mortgage payment, leaving 8% for other debts like student loans and car loans. For instance, a household earning $5,000 each month should spend no more than $1,800 on their combined monthly debts. However, if you already spend $350 on a car payment and $150 on student loans each month, that leaves a maximum of $1,300 to comfortably cover all of your home expenses. The Home’s Location If you’re planning a move up to a higher-end neighborhood, don’t forget to consider the added expenses of that new location. Look at property taxes, HOA rates, insurance and security costs, property maintenance, your commute costs, and other factors that will not be included in the purchase price of the home, but which will affect your wallet. Your Down Payment It feels great to put down a fat down payment on a home (20% is recommended). If you’re moving up and selling your current home, that down payment could be even larger. But don’t forget to save some money for your living expenses. If you’re buying a larger home, maybe you’ll need additional furniture. If you want more property, do you have the equipment to take care of it? Planning those purchases could deflate your down payment, and thus affect the way your lender approaches your loan. Your Priorities and Needs Ultimately, it’s up to you—not your real estate agent or mortgage lender—to determine how much you’re willing to pay for a home. In many cases, this requires some long-term financial planning and prioritizing. Are you willing to forego that new car loan for a few years so you can get that extra bonus room? Is being closer to a good high school worth working overtime to cover the cost of your daughter’s braces? Would you rather buy at a slightly lower price range and use the savings to build that backyard workshop you’ve always wanted? These are not easy questions. But by examining your needs and priorities, you can determine how high you’re willing to negotiate with sellers on the home of your choice, or when you know you should step back and keep looking. This will make you more confident in your decision and more comfortable with your purchase in the long run. In the end, having a clear picture of the life you want to lead—now and into the future—will help you find the right home for your needs. All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. If you would like more information about buying a home in NC, our experts at EXP Realty are here to help. Contact us today to speak with a EXP agent about buying homes or land in North Carolina.

Image via Freepik By Paul Denikin Buying a larger home to transform your home with a growing home-based business is an exciting step. It allows you to blend personal life with professional aspirations but also requires careful planning. Your home must meet both business needs and provide a comfortable living environment. Below, John Trapasso Jr. explores crucial considerations that ensure your new home supports your business's evolving growth while maintaining your lifestyle. Adaptable Spaces for a Dynamic Business Select a home with versatile spaces that accommodate your business's evolving needs. Rooms that easily transform from offices to meeting areas or extra storage are invaluable as your business dynamics shift . Consider repurposing areas like a rarely used guest room into a workshop or utilizing a spacious basement for storage. Such adaptability prevents future remodeling stress and keeps your home efficient as your business expands. Advancing Your Business Skills Through Education To elevate your business acumen and leadership skills, consider the option to get a Doctor of Business Administration degree through an online program. This advanced degree equips you with cutting-edge strategies and insights essential for steering your enterprise toward success. The online format is especially beneficial for entrepreneurs balancing education with running their businesses. Ultimately, this educational investment can be pivotal in effectively transforming and leading your business. Creating Clear Boundaries Between Work and Home Life Establishing a healthy work-life balance is crucial when your home doubles as your business location. Designate specific zones within your home for work to enhance focus and productivity while reserving other areas for personal life to aid relaxation and well-being. This strategic separation increases efficiency and helps maintain your personal time, safeguarding against burnout. Essential Utilities for a Smooth Operation Reliable utilities are the backbone of home-based business operations. It's vital to ensure that your home has high-speed internet, sufficient electrical outlets, multiple phone lines, and robust climate control to support seamless business activities. Consider enhanced electrical systems needing to accommodate high- tech equipment or climate-sensitive products. Conduct a comprehensive utility check before purchasing a home to avoid unexpected expenses. Securing Your Home and Business Assets Prioritizing security is essential when your business and home share the same space. Enhance your personal and business protection by installing a robust security system with cameras , motion sensors, and alarms. For businesses that handle valuable goods or sensitive data, upgrading to reinforced doors and secure windows is wise, and a dedicated security room could be considered. Don’t neglect digital safeguards; ensure your network is fortified with strong passwords, firewalls, and consistent updates to prevent cyber threats. Tailoring the Home to Specific Business Needs Each business demands specific features from a home; identifying these requirements is key to selecting the right property. Make sure the home layout supports your business activities, whether a large office, meeting spaces, or creative studios, and consider how the workspace flow affects daily operations . Ample storage for inventory, supplies, or equipment is also vital, ensuring the property supports current needs and future business expansion. Strategic Location for Both Business and Personal Life The location of your home-based business greatly influences its success and your well-being. Choose a location that optimizes convenience for business activities like proximity to suppliers and shipping services while also considering your family’s needs for schools and healthcare. A strategic location reduces stress, saves time, and enhances life satisfaction. Achieving this balance is crucial for sustaining long-term business and personal success. Purchasing a larger home to accommodate a growing home-based business is exciting yet complex. By considering flexible spaces, clear boundaries between work and home life, reliable utilities, robust security, tailored business requirements, and strategic location, you can create an environment where your business and personal life thrive. Continuing education can further enhance your business acumen, positioning you for sustained success. Thoughtful planning ensures that your new home will be a solid foundation for your entrepreneurial and personal goals. Realtor John Trapasso of eXp Realty  can help you get your home in front of buyers. When you’re ready to sell, call (919) 656-7087. All real estate is local. In order to make confident real estate decisions, we believe it is important for you to have timely and neighborhood-specific information. If you would like more information about buying a home in NC, our experts at EXP Realty are here to help. Contact us today  to speak with a EXP agent about buying homes or land in North Carolina.

Just for Buyers Start your search for Real Estate in Wake, Johnston, Lee, Chatham and Harnett Counties Be sure to come back often to see the latest listings. Want the latest listings delivered straight to you? Make sure to sign up for my free property updates - you'll be notified whenever new listings come onto the market! Search Available Homes and Properties Access all local homes currently in the MLS, right here. View More Newest Available Listings View just some of our newest, available listings awaiting you View More Sign up for Free Property Updates Stay current on the local market's latest listings with easy, convenient email updates. View More Buyer's Request Form Enter your information and receive your free list of matching properties. View More Mortgage Calculator Calculate your mortgage payments and see all your mortgage details here. View More A 55+ Active Adult Community Learn More Click Here to Take The Mortgage Readiness Quiz John Trapasso Professional Real Estate Services (919) 656 - 7087 john.trapasso@exprealty.com Search Properties

Acerca de Let's find your dream home together. Sell A Home Buy A Home Moving to NC Get Your Monthly Newsletter First name Last name Email I agree to the terms & conditions Subscribe Thanks for subscribing! subscribe map Get Pre-approved To make your home search much more effective, getting pre-approved could save you a lot of time and headaches. Click below to get started Get Pre-approved Home Valuation Get an estimate of how much your property could potentially sell for today in under 60 seconds at absolutely no charge to you Get Home Valuation Free Market Report Wonder what the market looks like in a specific area? click below to get a free personalized market report in under 60 seconds Get Market Reports Our Listings With a wide range of properties to choose from and the expertise to help you navigate the market, we're confident that we can help you find exactly what you're looking for. Take the first step towards finding your dream property and browse our listings now. Don't see what you're looking for? Contact me today to discuss your specific needs and let me help you find your perfect match. Let's Find My Home Featured Areas Raleigh Raleigh, the capital of North Carolina, is known as the "City of Oaks" for its many oak trees, which line the streets in the heart of the city. Known for its excellent universities, beautiful parks, museums, outstanding, world known hospitals, plus their thriving business in science, technology, education and growing industries. View Homes Clayton This town has a vibrant downtown area with locally owned shops and restaurants, as well as several community events throughout the year. Outdoor recreation: Clayton is home to several parks and nature preserves, including the Clayton River Walk on the Neuse, which offers hiking trails and access to the Neuse River. View Homes Wake Forest Located just north of Raleigh, Wake Forest is a beautiful small town boasting history, culture and activities to keep travelers entertained for days on end. Stroll through the historic downtown district, home to a charming community of art galleries, shops and so much more View Homes More Featured Areas About John Hello and Thank you for visiting this website. Our hope is that you will find the information within this site useful. However, I encourage you to please contact us if you would like to see some specific information within the site. My name is John Trapasso and I’m a licensed Real Estate Agent covering the beautiful city of Raleigh, North Carolina and the surrounding areas. At the age of twenty, I felt a stirring to explore new opportunities and experiences, and so I packed my bags and headed south. I settled into the charming town of Sanford, North Carolina, found myself surrounded by kind, welcoming people who helped me lay the foundation for the next chapter of my life. And what a chapter it has been! As a Real Estate Agent, I have the honor of helping others find the perfect home to start their own journeys. I relish the chance to meet new people and connect with them on a personal level, understanding their unique desires and needs in order to make their dreams a reality. This is why I love what I do. More About John Follow on these Social Media Platforms Schedule A Quick Chat With Us Check Out All Our Resources License #: 245345 919.656.7087 john.trapasso@exprealty.com 5200 Greens Dairy Rd., Suite 106B Raleigh, NC 27616 Let's Talk

- local real estate company Clayton NC - Top Selling Real Estate Agents Near Me - Clayton homes for sale - Top Real Estate Firm Clayton NC - Real Estate Guide It was a pleasure working with you. Our business is one of close relationships, and we are very fortunate to be able to share so many positive real estate experiences with our clients. Your satisfaction is the ultimate reward for our work. If you feel that we have provided you with a 5-star level of service, please give us your feedback via the links below. Thank you, and best of luck in your new chapter! We hope to hear from you again soon. 1. Review us on Google CLICK HERE 2. Review us on Facebook CLICK HERE 3. Review us on Zillow CLICK HERE