Frank Rexford, CMPS, Chapel Hill, Mortgage, Durham, Cary, Raleigh, Purchase, Refinance, Conforming, Jumbo, FHA, VA, North Carolina, Home Loans

Frank Rexford

Frank Rexford, CMPS
Vice President of
Mortgage Lending
GUARANTEED RATE, Inc.

Frank Rexford
Certified Mortgage Planning Specialist
1450 Raleigh Road
Suite 208
Chapel Hill, NC 27517

NMLS ID# 119234
NC Lic. I-128094

I go out of my way to provide information about recent developments in the mortgage industry that could shape your decision, and to stay up to date on the many types of loans that are available. My goal is to find the mortgage that's right for you, and so here are some items you should consider and we should discuss before selecting a program:

How long do you plan to own the home? Just a few years? 5 Years? 7 Years? Forever?

Do you have future financial obligations - such as college, retirement, child care, or elderly care - that might limit your future ability to meet debt obligations?

Do you have good savings habits?

Will you have adequate funds available after monthly debt payments for retirement saving? How will your financial outlook change over the near-term and long-term?

What is your liquid asset position now?

How large a down payment are you willing or able to make?

Are you comfortable with a payment amount that could change over time?

Are you self-employed?

How is your credit history?

Are you a first-time homebuyer?

We will discuss these issues and much more in your pre-qualification meeting.

One of the first consideratons is whether to choose a Fixed or Adjustable rate. Fixed rates are generally available in terms of 10, 15, 20, 25, 30, and even 40 years. Adjustable rate mortgages have a fixed period of 1, 2, 3, 5, 7, or even 10 years, and only after that period is over do they begin to adjust. After careful consideration, many people choose Adjustable Rate Mortgages that match the time period they expect to own the home - if they benefit from a significant cost savings vs. a Fixed Rate.

According to a recent report by the Mortgage Banker’s Association, the average life of a mortgage falls between 3 and 5 years. When you think about it, this makes sense…because people trade up to larger homes, trade down to smaller homes, are relocated by their employers, or they refinance to get a lower interest rate or to consolidate other debt, or to get cash to pay for home improvements.

After we determine how long you plan to own the home, I can show you IF and by how much an ARM could save you vs. a Fixed over that time period.