Choosing the best mortgage makes all the difference

Talk with Steve

“In North Carolina, choosing the best rate option and loan program is just as important as finding the right house.”

– Steve Wingerter, 7 Locks Lending

Our Mortgage Rate Options:

Fixed-Rate Mortgages

The traditional fixed-rate mortgage is the most common type of loan program, where monthly principal and interest payments never change during the life of the loan. Fixed-rate mortgages are available in terms ranging from 10 to 30 years and in most cases can be paid off at any time without penalty. This type of mortgage is structured, or "amortized" so that it will be completely paid off by the end of the loan term.
Even though you have a fixed-rate mortgage, your monthly payment may vary if you have an "escrow account". In addition to the monthly "principal + interest" and any mortgage insurance premium (the amount charged to homebuyers who put less than 20% cash down when purchasing their home), some lenders collect additional money each month for the prorated monthly cost of property taxes and homeowners insurance. The extra money is put in an escrow account by the lender who uses it to pay the borrower's property taxes and homeowners insurance premiums when they are due. If either the property tax or the insurance happens to change, the borrower's monthly payment will be adjusted accordingly. However, the overall payments in a fixed-rate mortgage are very stable and predictable.
Adjustable Rate Mortgages (ARMs)

Adjustable Rate Mortgages (ARM)s are loans whose interest rate can vary during the loan's term. These loans usually have a fixed interest rate for an initial period of time and then can adjust based on current market conditions. The initial rate on an ARM is lower than on a fixed rate mortgage which results in a lower payment and interest savings. Adjustable rate mortgages are usually amortized over a period of 30 years with the initial rate being fixed for anywhere from 1 month to 10 years. All ARM loans have a "margin" plus an "index." Margins on loans typically range from 1.75% to 3.5%. The index is the financial instrument that the ARM loan is tied to. In 2021 the industry moved to the SOFR Index (Secured Overnight Financing Rate).
When the time comes for the ARM to adjust, the margin will be added to the index and typically rounded to the nearest 1/8 of one percent to arrive at the new interest rate. That rate will then be fixed for the next adjustment period. This adjustment can occur typically every 6 months, but factors are limiting how much the rates can adjust. These factors are called "caps". Suppose you had a "3/1 ARM" with an initial cap of 2%, a lifetime cap of 6%, and an initial interest rate of 6.25%. The highest rate you could have in the fourth year would be 8.25%, and the highest rate you could have during the life of the loan would be 12.25%.
Interest-Only Mortgages

A mortgage is called “Interest Only” when its monthly payment does not include the repayment of principal for a certain period of time. Interest Only loans are offered on fixed-rate or adjustable-rate mortgages.. At the end of the interest-only period, the loan becomes fully amortized, thus resulting in greatly increased monthly payments. The new payment will be larger than it would have been if it had been fully amortized from the beginning. The longer the interest-only period, the larger the new payment will be when the interest-only period ends.
A buyer may select an interest only option due to believing that there money may receive a better return elsewhere or if their income is sporadic it allows payment flexibility. This is risky and careful consideration should be given to include the ability to make the higher payment if that time should come.
Most guidelines require qualifying at the fully indexed rate to assure payment affordability in the worse case scenario. Typically borrowers using this type of loan refinance or sell prior to the expiration of the initial period.

Our Loan Programs:

Conventional Loans

These are your standard conventional conforming loans backed by Fannie Mae and Freddie Mac. The minimum down payment requirement is 5% with Private Mortgage Insurance (PMI) being required unless a down payment of 20% or more is contributed. PMI has options to include paid monthly by the borrower, lender paid in which it is built into the interest rate (higher rate), single premium (paid upfront), and financed. Speak with your loan officer about which one of these may be best for your circumstances.
The current Conforming Loan Limit for 2023 is $766,550.
VA Home Loans

The VA Loan provides veterans with a federally guaranteed home loan which requires no down payment. This program was designed to provide housing and assistance for veterans and their families.
The Veterans Administration provides insurance to lenders in case you default on a loan. Because the mortgage is guaranteed, lenders will offer a lower interest rate and terms than a conventional home loan. VA home loans are available in all 50 states. A VA loan may also have reduced closing costs and no prepayment penalties.
A Funding Fee applies that may be financed into the loan amount.
Down Payments less than 5% - First Use = 2.15% of the loan amount. Subsequent use = 3.3% of the loan amount.
Down Payments of 5% - 9.99%= 1.5% of the loan amount.
Down Payments > 10% = 1.25% of the loan amount.
*Refinance Fee varies
Additionally, some services may be offered to veterans in danger of defaulting on their loans. VA home loans are available to military personnel that have either served 181 days during peacetime, 90 days during war, or a spouse of a serviceman either killed or missing in action.
Low Down Payment

These loan options allow first-time homebuyers low down payment options so that they can retain savings while affording a home.
CONVENTIONAL 97 - 3% Down
At least one client must be a first-time homebuyer. No income limits.
HOME READY - 3% Down
Conventional option with a low down payment. Mortgage insurance applies at a reduced rate. The subject property must meet Fannie Mae's county loan limit requirement. Household income limits apply.
HomeReady - Fannie Mae
Income Limit Lookup Tool
HOME POSSIBLE - 3% Down
Conventional low down payment option (Great alternative to FHA financing). Mortgage Insurance required at a reduced rate. The subject property must meet the Freddie Mac county loan limit requirement. Household income limits apply.
Income & Property Eligibility Tool
FHA - 3.5% Down Payment
Mortgage Insurance Required - Life of Loan unless down payment is greater than 10% in which the duration is 11 years.
Mortgage Term > 15 Years
3.5% - 5% Down = .55% MI Factor, .50% if more than 5% down.
*Mortgage Term of 15 Years = reduced MI Factors
Up Front Mortgage Insurance Premium also applies at 1.75% of the loan amount. This is a one time fee and may be finance into the loan.
Maximum Loan Limit for 1 Unit = $498,257 for most states.
USDA - 100% Financing in Property Eligible Areas. Rural Housing Program.
Property Eligibility Lookup Tool
Income Limits Lookup
ONE+ (1% Percent Down!!!) Say What?

1% down purchase product
Remaining 2% down payment funded by lender
Borrower or Lender Paid mortgage insurance options
No Investor Loan Level Pricing Adjustments
First Time Homebuyers AND Repeat Buyers!
Can combine with Temporary Buydown
Client Qualifications
Must make less than or equal to 80% of the area median income
Fannie Mae AMI Lookup Tool
Minimum FICO® Score of 620
Minimum down payment of 1% required
Minimum LTV/CLTV/HCLTV of 95.01%;
Maximum loan amount of $350,000
HomeReady First Program (Down Payment Assistance)

Moving to North Carolina? You may qualify for this Down Payment Assistance program if you currently reside in an identified MSA (eligible census tract) ad at least one borrower is a First Time Home Buyer. If so, you will receive the following benefits:
~ $7,500 down payment / closing cost assistance in the form of grants.
~ $500 credit towards the cost of an appraisal.
~ $500 credit towards the cost of a home warranty (if purchasing one).
~ 680 FICO Credit Score Required
*** 620 Score reduces grant to $5,250, home warranty credit does not apply..
Be sure to tell us your current legal residence to see if you are eligible.
HomeReady Special Purpose Credit Program
Jumbo Loans

A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The maximum amount for a conforming loan is $766,550 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.
Also called non-conforming conventional mortgages, jumbo loans are considered riskier for lenders because these loans can’t be guaranteed by Fannie and Freddie, meaning the lender is not protected from losses if a borrower defaults. Jumbo loans are typically available with either a fixed interest rate or an adjustable rate, and they come with a variety of terms.
Construction-To-Permanent One Time Close

Save time and money with a one-close construction loan. There’s just one application and one closing, saving you time and money, too.
• Loan amounts up to $2 million
• Primary and Second Homes
• Lock in your rate upfront (protects from rising rates while you build), one-time float down.
• Easy construction draw process
• One set of closing costs and fees
• Interest-only payments during construction
HomeStyle Renovation Program (Fannie Mae)

You don’t have to pass up a fabulous home just because it needs a little TLC. The HomeStyle Renovation mortgage combines home and renovation costs into one convenient loan. With just one closing, you’ll also spend less on loan fees. Your renovation funds are escrowed in an interest-bearing account to pay for repairs and upgrades as needed. Then when your project is complete, any remaining money will pay down your mortgage balance.
Take advantage of all this loan has to offer:
• Finance home construction and purchase with just one set of closing costs and fees.
• Lock in your rate at any time during the loan process.
• Drawing renovation funds is simple with no set schedule.
• Renovation financing is also available on existing homes
Non-QM (Non-Qualified Mortgage) Loan Programs

Niche Loans for borrowers or properties with special circumstances or qualifying needs:
Bank Statement Programs (Self-Employed borrowers for example may need to show income this way versus tax returns)
1099 Program - No Tax Returns Required (Self-Employed Only)
Asset Qualification Program (use of assets for qualifying income)
DSCR - Investor Cashflow program for Investment Properties (Qualify based on property NOT personal income/employment)
Home Equity Loans & Lines of Credit

A lower cost option that can make sense for certain situations such as short term financing for a purchase, bridge loan for down payment, home renovations or other needs, or a lower balance loan.
*We offer internal options depending on the situation, but also actively partner with local banks and can refer you to great resources.

My refinancing experience with Steve was excellent.

He was responsive and knowledgeable about the process and did not hesitate to answer every one of my (many) questions. He was professional and kind and as a bonus, was able to offer me the lowest rate of any lender."
— Angela K.
We had a truly exceptional experience

As first-time home buyers, we were nervous and had many questions but Steve quickly became a trusted advisor throughout the mortgage process. We could not have asked for a better person to work with and have already recommended 7 Locks Lending to a couple of family members.”
— Kristian V.
Steve was great to work with!

Steve was great to work with! He was able to help my wife and me with finding a lender who would accept my wife's income since she is a traveling nurse. We truly appreciate Steve and all his efforts in making sure that we'd be able to secure our dream home!
— Travis T.
Steve helped us get our first mortgage.

Always responded to my endless emails and phone calls even in the early evening. Found us a mortgage when my first broker told me that I will not be approved. Found us cheaper insurance. Very knowledgeable. Made the whole process less stressful. Was always looking for ways to lower the rates. I really recommend Steve and 7 Locks Lending.
— Nick M.
Steve was fantastic!

He was very responsive and always made time to ensure we understood everything throughout the entire process. Would highly recommend him!
— Zach B.
The home mortgage process can be a real monster and a stressor.

Steve made this ordeal progress smoothly with his communication, information, and reassurance. The rate he secured was the best out there, (I looked at many). I highly recommend Steve.
— Michael B.
Highly recommend!!

Stephen locked me in for a much lower rate than I could find elsewhere and responds to both emails and calls within minutes, very pleased with the entire experience and will definitely work with you again. THANK YOU!!!
— Michael S.
Steve offered us the most competitive mortgage rates by far.

He was a pleasure to work with — extremely responsive, knowledgeable, and proactive. We closed on time and without any issues. We have worked with several lenders over the years and Steve has been our best experience.
— Vikas J.
Very responsive, professional, and cost saving.

Let's face it, shopping for a mortgage is like car shopping. 7 Locks Lending cuts out the game playing. Stephen works with lenders, but work's for you. He takes the time to provide insight, education, all while providing a great service and finding, you, the best deal. I'd refer to my own mother.
— Greg and Beth P.
Clients are in good hands.

As a realtor, when I refer a client to Steve, I know they will be in good hands. He is patient and professional with my clients, and always keeps me informed. I know we won't have an issue in closing on time. Having a good lender/broker is so important in ensuring a smooth transaction.
— Judy W.
Made our first home buying experience really easy and stress-free.

Steve made our first home buying experience really easy and stress-free. His rates were the best, and he was very informative of our options. We were grateful for his guidance.
— Danielle M.
Most responsive broker I have ever worked with.

Steve is extremely helpful and the most responsive broker I have ever worked with. He is very knowledgeable about the options available and found a better solution than we had anticipated. I would highly recommend him to anyone who is looking for a new mortgage or refinance.
— Sean E.
Up-close and personal service.

Throughout the entire process, Steve provided the very best up-close and personal services, and I always felt I was in good hands. In addition, Steve always made himself available for any questions that I had, and it was just comforting to go through the whole mortgage process with transparency and detailed understanding. Thank you!!!
— Joon K.
Goes above and beyond!

Steve made it easy and painless, going above and beyond, assisting me with another bank when I was trying to obtain a Home Equity line, and was always friendly, super-responsive. He obtained a better rate (after we had locked). A super approachable and great guy all around, I would not hesitate to work with Steve again!
— Maureen B.
100/10 would recommend Steve.

Steve is the best! He is able to guide and give direction while still being able to answer all questions and explain every question you might have! He takes the time to explain everything very thoroughly but still makes everything easy to understand. From the moment we spoke on the phone I felt Steve had my best interest and I could trust him. 100/10 would recommend Steve and I personally do not want to work with anyone else!!
— Robert M.
Made sure we closed on time.

My husband and I had such a pleasant experience working with Steve and his team. Steve was always available to answer our frequent questions and was incredibly timely with moving our lending process along. A day before our closing there were a few unforeseen roadblocks that occurred and Steve made sure to look out for us, have our best interest in mind, and ensure that we close on our house on time.
— Rebecca and Daniel G.
Appreciated his knowledge and ability to guide me.

Steve was great to work with. He was engaged throughout the entire process and was always quick to respond to my questions and requests. I really appreciated his knowledge of the business and his ability to guide me on the best decisions for my situation.
— Derek S.
Took the time to explain everything.

Steve was such a help with our home buying experience. He took the time to explain everything for us and answer all of our questions. He was readily available whenever we called or messaged and provided email reminders. I am so glad to have had him throughout the process. I would highly recommend using him!
— Hannah K.
Wonderful experience. Great advice.

Took me step by step through the refinance process. He was patient while we worked through everything; answered all my questions and kept all entities to task. Could not have asked for better assistance. Highly recommend 7 Locks Lending!
— Amy C.
Responsive, honest and helpful.

Steve helped us refinance our house. During Covid times, the process was a lot more of a pain than it normally would have been. However, throughout the process, Steve was very responsive, honest, and super helpful. I would highly recommend Steve to anyone looking to refinance or get a new mortgage!
— Justin B.
Helped us get into our dream home. Botique experience.

Steve was absolutely amazing. I was referred to him by a colleague and I can’t say enough good things. From the start of the process, Steve was in constant communication with me. It was a 6 month ordeal and he always responded to my texts and picked up the phone. He went out of his way to make sure I got the best terms, the best deal, and to make sure I knew exactly what was going on. If you want someone who will actually provide value and be proactive, and give you that 1 on 1 boutique experience, than looking no further than Steve.
— Tim L.
Always had my best interest at heart.

Steve always had my best interest at heart. I couldn’t have made it through this entire process without him. So grateful for his knowledge, guidance, and support. Thank you, Steve, for everything
— Dracena Z.
Helped us every step of the way.

We worked with Steve for home refinancing and were thoroughly impressed by the overall experience. Everything was very smooth; Steve was very knowledgeable and open to answering any questions we had. He helped us every step of the way and made everything as easy as possible. We definitely recommend working with Steve!
— Matthew R.
Helped save money even after closing with PMI removal.

Stephen and his team have been very supportive both during and after (even a year later) the purchase of my home. Great resource and person/team!
— Brian H.
Cared about what was in our best interest.

My wife and I could not have asked for a better experience working with Steve and his team. He was fully available to us and in constant communication throughout the entire process to answer questions, provide advice, and made us feel very confident that we were in good hands. He went out of his way to ensure that we got the best rate possible and that we were comfortable with all of the terms.
— Tyler F.
Had a excellent experience with Steve.

Had a excellent experience with Steve. He went above-and-beyond on a regular basis, helping me navigate mortgage experience from start to finish. I plan on partnering with him on all my future mortgage needs, and would recommend him to anyone and everyone.
— John M.
Offered us great wisdom and guidance.

Steve was amazing to work with! He was thorough from the beginning and I felt like he dedicated so much time to helping us in the loan process--even responding on emails on weekends. 7 Locks Lending offered us great wisdom and guidance through the process as we often had questions throughout our journey. I would recommend him to anyone!
__ Natalie B.
Steve was kind, honest and respectful.

If I could give him more stars I definitely would because words cannot describe how grateful I am with Steve, he was kind, honest and respectful and always had it in his heart to help us get our first home without maliciousness.
He was engaged throughout the entire process and quick to respond to our questions and concerns. His knowledge and guidance really helped us make the best decisions for our situation. In the little to no time he turned the impossible into possible for us in 3 weeks.
Highly recommend Steve, especially to anyone that is thinking of buying their first home, and honestly anyone that is currently looking to purchase this is the person to contact ASAP!

Thank you, Señor Steve!!!
Joselyn C.
We 100% recommend Steve and appreciate him helping us through the entire process!!

Steve helped my family secure a mortgage for our new home last fall and the process was incredible. We were first time sellers, relocating to a new city, and needed the to have everything secured in less than 30 days. Steve made himself available for us for questions after our work hours and on the weekends, making sure we understood the mortgage process and felt comfortable with what we were doing. We 100% recommend Steve and appreciate him helping us through the entire process!!
A truly remarkable experience

We had a truly remarkable experience with Steve. He was always fully available to us during the entire process. He answered all our questions, explained every step in detail and provided good advice. He looked for ways to lower the rates and guided us until we closed. I strongly recommend him and I would work with him again.
Took the time to explain and make sure I understood.

Steve was wonderful to work with. He took the time to explain the process and made sure I understood. He followed through with all details, sometimes into the late evening. When there were any questions, he was very helpful in leading me through the process. He was always pleasant and easy to work with. I highly recommend him.
-JoAnn
Steve was nearly 1% lower than everyone else.

Steve was really great! I talked with 4 other brokers before getting to Steve. I have an 800+ credit and was buying a house well in my price range. I was fed up with the high rates being quoted, and finally got a reference for Steve from my financial advisor (so I knew he was good).
I started my loan application with Steve because he had the best rate. I say "best", but Steve was nearly 1% lower than anyone else. Total blowout in this market. I was skeptical (it sounded too good to be true), but had my CPA and others look over the loan. It was legit.
— Ryan C.
His knowledge and understanding of the process is what sets him a part.

Steve was amazing to work with from the beginning all the way to the end. I would recommend Steve to anyone looking to get a Mortgage or Refinance on a property. His knowledge and understanding of the process is what sets him a part. Will take the time to listen to you and find what is best that fits your needs.
Amazing with my clients

Steve is amazing with my clients. He guides them through the process from start to finish and always has rave reviews. We have used him multiple times for buying homes and investment properties. I highly recommend Steve!
~ Colleen B.
Great experience from start to finish.

Great experience with Steve and 7 Locks Lending from start to finish. Steve got us a great rate, worked with our timelines and communicated wonderfully during the process. Steve has great knowledge of the industry and lots of good connections. We would definitely recommend 7 Locks Lending to anyone looking to get a mortgage or refinance.
~ Kim L.
Hands down the best part of the home-buying process...go with Steve!

Steve was hands down the best part of the home-buying process. If you are deciding between him and another, go with Steve! My husband and I were first-time home buyers and had endless questions. Steve was incredibly generous with his time and guided us through the process seamlessly. He was proactive, never had to be managed, and always went above and beyond our expectations - qualities that are rare nowadays. To complicate matters, my husband is in the military in a unique training situation, and we were moving from out of town, so there were some hurdles along the way for our VA loan. Steve went out of his way to find solutions and to work hard on our behalf. We 10/10 would recommend him to our friends and family. We really appreciate your help, Steve!
~ Daniel and Kimberly