Real Estate Mortgage Center
Mark Wooten, The Cary Mortgage Guy, is a Certified Mortgage Planning Specialist with SunTrust Mortgage in Cary. His background includes wide-ranging experience within the mortgage industry. While he has always maintained a personal book of business, he also previously managed the entire state of North Carolina for one of the largest mortgage brokerage firms in America. As a 19 year veteran of the industry, Wooten has built 100% of his business via referrals due to his commitment to integrity and personal service.
Although passionate about helping families achieve the American Dream of Home Ownership, it is not his first love, that goes to this family. He and his wife Joanna have 3 beautiful children Lauren, Logan and Landon who are all 8 years or younger. "My primary focus in life is family, faith, and friends; those are a must in order to enjoy true professional success."
Wooten is an accredited member of CMPS (Association of Certified Mortgage Planning Specialists) as well as the newly formed NMLS (Nationwide Mortgage Licensing System). Currently a mortgage planner with SunTrust Mortgage, Wooten is also an active member of the Cary Macgregor Rotary club, the Raleigh Regional Association of Realtors, the Wake County Home Builders Association and the Cary Chamber of Commerce. He has previously held board positions outside of the mortgage field for various associations and non profit causes. Wooten earned his B.S.B.A. with a concentration in Finance from East Carolina University.
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.