Author Archives: Starkey Mortgage

About Starkey Mortgage

In everything we do, we believe people are the key. Our aim is to create loyalty and long-term relationships with our customers as well as our employees. At Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR#2146), we pay attention to the needs of the people we serve and strive to take the uncertainty and stress out of the home financing process. We understand what our clients really want.

North Carolina Cities Named Next Biggest Boom Towns in U.S.

Leave a reply

Starkey LogoTwo of North Carolina’s biggest cities, Raleigh and Charlotte, are destined to get even bigger according to a new study published by Forbes magazine. Forbes recently named the next biggest boom towns in the United States, with Raleigh taking the No. 2 spot and Charlotte tying for No. 8. According to Forbes, these cities “are destined to grow and prosper in the coming decade.”

Forbes, with the help of Mark Schill of Praxis Strategy Group, took the 52 largest metro areas in the country and ranked them on various data points that indicate past, present and future vitality. These data points included job growth and a range of demographic factors, such as family formation and population growth, as well as the city’s attractiveness to immigrants as places to settle, make money and start a business. Together, these data points created Forbes’ list of The Next Biggest Boom Towns in the U.S.

According to the data, Raleigh has it all. The city boasts a high rate of immigration, including that of educated workers, and it has seen a healthy increase in population and the number of children. Raleigh’s job creation record is also among the best in the nation. In fact, Raleigh experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S.

Raleigh has also been named the No.1 city for raising a family by Forbes. This can be attributed to its low crime rate and low cost of living relative to the area’s rising level of income. In addition, the city’s affordable housing opportunities and short commute times are particularly attractive to recent college graduates and millennials who are looking to start families.  Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146) has recently explored the millennial generation housing trend, which you can read more about on the National Builder Division blog.

According to Zillow, the median list price for homes in Raleigh is $210,000, while the median sale price is a little lower at $191,800. Currently, the median household income is $46,612, which is slightly better than the national average.

The city of Charlotte’s high ranking can be attributed to its commitment to building infrastructure, such as roads and cultural institutions, which are primary components to future growth. The city is also home to a bustling airport that serves major national and international routes.

Charlotte also boasts low housing prices and short commute times. The median list price on Zillow for homes in Charlotte was $189,000, while the median sale price was $201,000. The median household income was only slightly higher than that of Raleigh’s at $46,975.

If you’re ready to begin your home search in North Carolina, Starkey Mortgage can help you begin the loan approval process now. For more information on obtaining a new home loan, please contact Debra Watt, Senior Vice President and Regional Manager (NMLSR #346277, NC License #I-149994), at 704-246-0132 or dwatt@starkeymtg.com.

Equal Housing Lender. 10800 Sikes Place #110, Charlotte, NC 28277. Branch NMLSR #93518, Branch License #L-112550-102. SC License #MLB-93518. Phone: 704-246-0132.

Raleigh Named Second Fastest-Growing City in America

Leave a reply

Starkey LogoThe city of Raleigh was recently ranked No. 2 on FORBES’ annual list of America’s Fastest-Growing Cities. As part of the Research Triangle, the area offers its residents an exceptional quality of life. More and more Americans are realizing this fact and rushing to call the beautiful city of Raleigh home.

The state of North Carolina was ranked by FORBES as the fourth best state in the country for doing business, and it is evident that many companies agree with this ranking. The popular Research Triangle area is home to more than 170 companies, including IBM, Cisco and GlaxoSmithKline. The state’s relatively low cost of doing business is bringing even more businesses into the area, which is creating more jobs for local residents. In addition, the wider area is home to several major universities, including North Carolina State University in Raleigh, the University of North Carolina at Chapel Hill and Duke University in Durham.

This combination of job opportunities and educational institutions means that the local population is highly educated. Nearly half of the area’s residents aged 25 to 65 have a college degree, and many graduates choose to remain in the Research Triangle after they’ve completed their education.

According to FORBES, the influx of business to the region has caused Raleigh’s job rate to rise 2.44 percent year-over-year, while the population climbed an estimated 2.15 percent in 2013. This rise in the population helped the city of Raleigh to climb from its No. 4 spot on the 2013 list to the No. 2 spot on this year’s list of America’s Fastest-Growing Cities.

“It’s exciting to be at Starkey Mortgage because we are positioned to execute in both the current and future market conditions,” said Jonathan Hayward, Regional Builder Services Manager, East Region. “We are engaged in hiring and opening new offices for future growth.”

If you are searching for the perfect location to call home, the city of Raleigh and the entire state of North Carolina are an excellent place to move. With great education opportunities, a low unemployment rate and a great quality of life, now is the time to make Raleigh your home.

For more information on obtaining a new home loan in North Carolina from Starkey Mortgage, please contact Debra Watt, senior vice president and regional manager (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

 

Is Purchasing a Home in Cash Always the Best Choice?

Leave a reply

Hands holding piggy bank and house modelMany home buyers throughout the Carolinas may wonder whether paying for their home in cash or securing a mortgage makes more sense, particularly with rates still at historic lows. If you can afford it, paying for your new home in cash may seem like the obvious choice. However, for many buyers, that may not always be the best option.

There can be many advantages to financing your home with a mortgage company, such as Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146).

Having a mortgage means that you will have liquid assets that will allow you to secure cash if something unexpected occurs, such as a natural disaster or sudden illness. Most experts recommend that you have enough liquid cash available to support your household for up to six months in case your cash flow suddenly and unexpectedly stops.

By purchasing your home with cash, you will have fewer resources available to invest elsewhere. If you financed a portion of your home and invested that money somewhere else, it may be able to outperform the money you’re saving on a mortgage, therefore becoming a better investment option for your money.

Mortgages, especially fixed-rate mortgages, can act as an effective hedge against inflation. As inflation makes the dollar less valuable over time, your monthly payment will actually become more valuable as it doesn’t change over the lifetime of the loan.

For more information on whether securing a mortgage for your new home purchase is the right option, contact Starkey Mortgage’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com. For more information on Starkey Mortgage, visit www.StarkeyMortgage.com.

Starkey LogoEqual Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Starkey Mortgage Helps Veterans Achieve Homeownership through VA Loans

Leave a reply

Starkey Logo

Starkey Mortgage (WR Starkey Mortgage, LLP NMLSR #2146) is a proud supporter of our troops, and as a national lending company, they aim to help every service member or veteran achieve their dream of homeownership. The U.S. Department of Veterans Affairs (VA) offers service members, veterans and surviving spouses the opportunity to become homeowners through a unique, one-of-a-kind financing option that is partially guaranteed by the federal government.

While VA Home Loans are provided by private lenders, such as Starkey Mortgage, the VA guarantees a portion of the loan, which enables the lending party to provide the borrower with more favorable terms. These loans are available to eligible military members and their families and provide them with options for no down payments, no private mortgage interest and competitive interest rates. Since the program’s inception, it has helped more than 20 million veterans and their families realize the dream of homeownership, with 2013 seeing more loans being awarded than ever before.

VA loans truly provide an affordable financing situation thanks to the distinct advantage it offers over traditional mortgages. These loans do not require any down payment and they don’t require the borrower to obtain private mortgage insurance. In addition, the seller or builder is allowed to pay all of the veteran’s closing costs, making the total cash required to purchase a home, in some instances, zero.

Other distinct advantages of VA loans include:

  • Borrowers are not required to reach an income threshold; however, they are expected to have stable, reliable income that will cover monthly expenses, as well as residual income.
  • Since VA loans are partially guaranteed by the federal government, financial institutions carry less risk with these loans, so they offer interest rates that are typically 0.5 to 1 percent lower than conventional interest rates.
  • Qualified active military members can use their Basic Allowance for Housing (BAH) to pay for some or all of their monthly mortgage costs, as it is counted as effective income.
  • VA loans do not have a pre-payment penalty if the home is paid off before the loan matures.

VA loans do have housing price limits of up to $417,000 in most parts of the country. However, borrowers who live in high-cost counties may be able to purchase a home exceeding that value without a down payment.

Service members, veterans and surviving spouses may be eligible for a VA Home Loan if they meet one or more of the following conditions:

  • Served 90 consecutive days of service during wartime or 181 days of service during peacetime.
  • Served more than 6 years in the National Guard or Reserves.
  • Spouse of a service member who died in the line of duty or as a result of a service-related disability.

Another option available to service members and veterans is the VA refinancing program. Refinancing through the VA program will allow the borrower to take advantage of lower rates and decrease their monthly mortgage payment. Military homeowners can also get cash back on a VA refinance and use the proceeds for a variety of needs, including paying off debt or performing home repairs.

As lending requirements have tightened, the VA Home Loan program has become more important than ever. To find out more information about VA Home Loans or whether or not you are eligible, contact Starkey Mortgage’s Senior Vice President and Regional Manager, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com. For more information on Starkey Mortgage, visit www.StarkeyMortgage.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.

Starkey Mortgage Explores the Benefits of Private Mortgage Insurance

Leave a reply

Starkey Logo

While borrowers never want to part with more money, there is one overriding benefit of Private Mortgage Insurance (PMI). Borrowers with less than a 20 percent down payment for a conventional mortgage loan or those who do not meet the income requirements have an opportunity to be a homeowner by paying for private mortgage insurance.

According to www.pmi-us.com, the benefits of PMI are threefold: the ability to buy a home with a lower down payment, tax-deductible premiums for eligible borrowers and a choice of payment options.

  1. While any homebuyer can appreciate the benefits of PMI, the real advantage is for first-time homebuyers, as it requires a much lower down payment, giving first-time homeowners an opportunity to purchase a home sooner and it allows for loans that exceed the FHA limit.  With a slowly-reenergizing economy following the housing bubble of 2008, PMI helps borrowers enjoy the benefits of home ownership years before they are able to save the 20 percent down payment often required by mortgage lenders.
  2. A new borrower is capable of owning a home while concurrently building equity and enjoying tax deductions on interest and property taxes. Besides the other tax benefits of owning a home, borrower-paid PMI premiums were 100 percent tax-deductible through 2013 for eligible borrowers with adjusted gross incomes of up to $100,000.
  3. Some of Starkey Mortgage’s payment options include:
  • On a monthly premium plan, the mortgage insurance premium is incorporated into your overall loan payment each month, and you pay no upfront premium.
  • On an annual plan, you’ll pay an initial premium at closing and a renewal premium each year that follows.
  • With a single premium plan, the mortgage insurance premium is a one-time charge – paid in full at closing or financed into your loan – so you make no monthly premium payments.

Want to know if Private Mortgage Insurance would be a smart option for your new home purchase? Please contact Starkey Mortgage’s Senior Vice President and Regional Manager for the East Region, Debra Watt (NMLSR #346277, NC License #I-149994) at 704-246-0132 or dwatt@starkeymtg.com.

At Starkey Mortgage, people are key. The mortgage company prides itself on creating loyalty and long-term relationships with its customers and employees. As a full-service mortgage banker, Starkey Mortgage originates, processes, underwrites, closes and funds residential mortgage loans in its name. This “in-house” authority provides increased control over the mortgage process which results in superior customer service. For information on Starkey Mortgage, visit www.starkeymtg.com.

Equal Housing Lender. WR Starkey Mortgage, LLP NMLSR# 2146, 10800 Sikes Place, Suite 110, Charlotte, NC 28277, Branch Phone: 704.849.2125, Branch NMLSR#93518, Branch License #L-112550-102, SC License #MLB-93518.