Raleigh Area Development Authority (RADA)

Your home is your biggest asset. Having a home to back you up when you need a loan is one of the greatest advantages of homeownership. In recent years, there has been a major increase in the number of people looking to use their homes as a way to get access to extra money when Read More>>

Before you begin looking for a home or a mortgage, it’s important to know what is involved in the mortgage approval process. Lenders need to have something tangible to back their loans given to borrowers should they default on the mortgage. Most lenders will require you to make a down payment on the home you Read More>>

Homeownership is an investment that has consistently, on a long-term basis, shown a positive return. Homeownership creates a positive environment for families. Children of homeowners are 59% more likely to become homeowners. Their children are also 25% more likely to graduate from high school and 100% more likely to graduate from college, Homeownership fosters community Read More>>

Your credit score, sometimes called a FICO score, is a number based on the information in your credit file that shows how likely you are to pay a loan back on time – the higher your score, the less risky you are. The three major credit bureaus: Experian, Equifax and Trans Union. The credit bureaus Read More>>

The decision to buy or sell a home is one of the most important financial decisions most people make, yet many give little thought to finding the real estate agent best suited to their needs. Agents are often chosen solely on the recommendation of a friend or an ad in the newspaper. But choosing the Read More>>

If you are a first time homebuyer, you may be eligible for grants ranging anywhere from $500 up to $30,000.  However, depending on the demand, funds may limited. We advise all interested persons to contact the Raleigh Area Development Authority for further details and availability of funds. Call (919) 807-8400 for more information.

Balloon mortgages are still a typical fixed rate mortgage but they differ in one major way from normal everyday mortgages. Balloon mortgages offer a lower rate leading to lower monthly payments, but the balloon term comes from a large “balloon” lump sum that needs to be paid within a certain amount of time (usually around Read More>>

Home Equity is the amount of money you have already paid against the value of your home. The simple formula for determining your home equity is to subtract the amount of the mortgage balance from the current fair market of your home. In other words, your equity increases as your mortgage balance decreases. If your Read More>>

What is mortgage insurance? Mortgage Insurance is a financial guaranty that insures lenders against loss in the event of default on a mortgage. If you default and the lender takes title to the property, the mortgage insurer reduces or eliminates the loss to the lender. Consequently, the mortgage insurer shares the risk of lending the Read More>>

A “reverse” mortgage is a loan against your home that you do not have to pay back for as long as you live there. With a reverse mortgage, you can turn the value of your home into cash without having to move or to repay the loan each month. The cash you get from a Read More>>