Real Estate Mortgage Center
Mark Wooten is a Mortgage Planning Specialist and Branch Manager with First Home Mortgage. As a mortgage planner, he has one of the best jobs in the world. He helps people structure their mortgages to create and preserve wealth for themselves and their families. This could include using their mortgage to help them get their children through college. With the support of his professional network, he helps his clients identify and achieve their retirement goals. Together, he finds the most efficient way to manage cash flow and minimize his client’s tax obligation.
Wooten’s background includes wide-ranging experience within the mortgage industry. While he has always maintained a personal book of business, he also previously managed the state of North Carolina for one of the largest mortgage brokerage firms in America. His entire career has been in the Triangle region of NC. As a 25 year+ veteran of the industry, he has built 100% of his business via referrals due to his commitment to integrity and personal service.
Wooten is involved in the Raleigh Regional Association of Realtors, the Wake County Home Builders Association, the Cary Macgregor Rotary Club and the Cary Chamber of Commerce. He has previously held board positions outside of the mortgage field for various associations and nonprofit causes. Wooten was a graduate of the RRAR (Raleigh Regional Association of Realtors) Leadership Academy and earned his B.S.B.A. with a concentration in Finance from East Carolina University.
Although passionate about helping families achieve the American dream of homeownership it is not his first love. He and his wife Joanna have 3 beautiful children Lauren, Logan and Landon. “My primary focus in life is faith, family and friends; those are a must in order to enjoy true professional success”. Feel free to call Mark today so that he can review your specific needs. He will then apply the best mortgage instrument to achieve your goals.
What Is A Conventional Loan?
A Conventional loan is a lender agreement that's not guaranteed or insured by the federal government under the Veterans Administration (VA) the Federal Housing Administration (FHA), or the Rural Housing Service (RHS) of the U.S. Department of Agriculture. Although a conventional loan is not insured or guaranteed by the government, it can still follow the guidelines of government sponsored enterprises (GSE's) such as Fannie Mae or Freddie Mac as both Fannie Mae and Freddie Mac are stockholder-owned corporations and are not part of the federal government.
What Is A FHA Loan?
A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.
What Is A VA Loan?
The VA loan was designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing credit shortage areas and are generally rural areas and small cities and towns not near metropolitan or commuting areas of large cities.
What Is An Arm?
A variable-rate mortgage, adjustable-rate mortgage (ARM), or tracker mortgage is a mortgage loan with the interest rate on the note periodically adjusted based on an index which reflects the cost to the lender of borrowing on the credit markets. The loan may be offered at the lender's standard variable rate/base rate. There may be a direct and legally defined link to the underlying index, but where the lender offers no specific link to the underlying market of index they can choose to increase or decrease at their discretion. The term "variable-rate mortgage" is most common outside the United States, while in the United States, "adjustable-rate mortgage" is most common, and implies a mortgage regulated by the Federal government, with limitations on charges ("caps"). In many countries, adjustable rate mortgages are the norm, and in such places, may simply be referred to as mortgages.
If you are looking for more information about refinancing, closing costs, different types of loans, how a loan works, when to pay points, how much you can afford, etc., let us connect you with the mortgage expert, Mark Wooten, who has helped so many of our buyers over the years.