November 30, 2009, 11:14 am
Look up “Tulsa mortgages” in Google and you will find over a million results. All these pages can be quite daunting for homebuyers. So where does one start? How does someone go about getting a loan? What do you even need for a loan?
The First Steps in Getting a Loan
Tulsa mortgages are generally the same as mortgages from elsewhere in the United States. There are a few differences but when you are first starting to look the differences don’t really matter.
Right now, focus on yourself and finding a good lender. You will be able to contact a good lender easily. After all, if you can’t contact the lender, then the lender won’t do you any good.
Getting a Loan
Whether you are a first time homebuyer or not you will need some essentials. All borrowers need to gather financial documents. You will need to know how much you make and how much you owe. This means paychecks, bank statements, bills and credit cards. Gather it all together to determine how much you can afford to pay on your mortgage.
Check your credit score
Your credit score will be vitally important for most Tulsa mortgages. While there are a few exceptions, a good credit score means lower payments.
Before you buy a home, check your credit score first. Then request a copy of your credit history. Once you get your credit history, check it over for mistakes. If there are any mistakes, write to the credit agencies. Then check your credit history for easy fixes. If there is anything you can easily pay off; do it. This could save you thousands of dollars in interest later on.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
November 30, 2009, 11:12 am
When looking into a Tulsa mortgage, potential homebuyers need to know two things. They need to know what the types of mortgages are available and what that means to their bottom line. If they are not sure of either, then homebuyers can potentially lose money.
Types of Mortgages
Despite all the complexity of different types, all mortgages come down to two options. Either the homebuyer is paying off the house with the mortgage or they are paying off the interest for the house on the mortgage. Both of these options have their benefits and drawbacks. Only the homebuyer can decide what is best for them.
It is important to know which one you are getting. Unfortunately, unscrupulous lenders have lent money to homebuyers on interest only loans that they could not otherwise afford. This unscrupulous lending led to the housing crisis that remains today. This does not mean all interest loans are bad. On the contrary, they serve a specific purpose and are great for that purpose.
How the mortgage affects you
This is where things get more complicated. Some loans allow for no money down. Other loans have lower interest rates. While yet other loans are assumable. These are all important things to know about the type of loan you are getting. It is important to discuss with your lender what the loan means to you before agreeing.
Don’t be afraid to ask the lender questions. Ask them if you can transfer the loan. Ask the lender if there are penalties for paying off early. Ask them if the home will be paid off at the end of the loan.
You have a right to know all the terms of your mortgage. A good lender will readily answer your questions.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
November 23, 2009, 11:09 am
Due to the recent economy dip, many homeowners have trouble making mortgage payments. In the past, the only option would be refinancing. While refinancing a loan can get you a lower interest rate, it only works for those with good credit.
The loan modification program allows homebuyers to modify their current loan even if they have missed some payments. Banks are encouraged to modify home loans with federal incentive programs. Homeowners can expect to decrease their interest rate up to 2%.
In addition, late payments and missed payments are added to the loan modification. This is not an option for refinancing. Homeowners who have missed payments generally won’t qualify for refinancing. The loan modification program considers the current economy and does not hold missed payments against the homeowner.
The best part about loan modification is it can stop foreclosure. Many homeowners, who would otherwise face foreclosure, can apply for loan modification. Many times, the very people who need refinancing because of financial hardship are turned down. This is the exact opposite for loan modifications. People struggling to make mortgage payments can file a hardship request. This is the first step in securing a loan modification.
A refinance loan is still a good option for many homeowners. Not everyone qualifies for a loan modification. In this case, refinancing your mortgage with a better interest rate may be right for you. The only way to know is to contact a local lender and talk it over. They should give you all the information you need to make the right decision.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
November 23, 2009, 11:06 am
Many potential homebuyers will qualify for a FHA loan in Tulsa, OK. However, it is still up to the homebuyers to search around and get the best deal for themselves. A little knowledge goes a long way when buying a home.
First, you need to determine how much you can afford to pay each month. You don’t want to get into a situation where you can’t afford to make the payments.
While there are guidelines in determining how much you can afford, only you know your circumstances. For example, a couple may qualify for a home loan with payments of $1,000 a month. This couple may also know that they won’t be able to afford anything over $900. It is in the best interest of the couple to find a house that they can get for $900 a month instead of stretching it to the $1,000 limit.
Next, you need to find a qualified lender. The FHA doesn’t loan anyone money. They insure loans through qualified lenders. This means you need to find a lender that can do FHA loans. Otherwise, you won’t be able to get a FHA loan no matter how much you make.
Finally, find out the limits to the FHA loan in your area. The loan limits change periodically so it is best to check with your lender to determine what the current limit is. Once you know the loan limit, you can begin searching for a house that meets your needs.
With all the information in hand, you should be able to find your perfect house along with the perfect loan.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
November 18, 2009, 11:04 am
Often times what separates a renter and a homeowner is the down payment. Well, there is good news! The USDA home loan Tulsa OK program allows 100% of financing for homebuyers. That means homebuyers can purchase a qualifying home for no money down.
There are a few strings attached. However, these strings are generally not a problem for most people.
#1 The home must be in a qualifying area
Qualifying homes will reside in areas that are more rural. There are plenty of qualifying homes in Tulsa County.
#2 There are loan limits
As of March 1, 2009, USDA loans for Tulsa, Oklahoma were limited to $144,500. This shouldn’t be too much of a discouragement, as there are plenty of homes available for under the limit.
#3 Fair Credit is required
While perfect credit is not needed, bad credit won’t be accepted. In the past, a FICO score of 620 was needed for approval. People with some questionable credit history should have a score of 620 or more. Check your credit score to find out where you stand.
Despite the strings attached to USDA loans, they are still the best option for many homebuyers. No money down can mean the difference in paying rent and paying a mortgage. Contact a reputable lender to see if you can qualify for a USDA rural development loan.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.
November 18, 2009, 10:55 am
Those looking for a no down payment mortgage loan are in luck. Changes in VA home loans in Tulsa, OK make more military personnel eligible for VA loans. New laws now make the active military eligible for VA loans along with veterans.
The benefits of VA home loans are many, but here are just a couple of reasons to consider a VA home loan.
#1 No down payment
This is the number one reason people seek out a VA loan. The average down payment on a home often means people simply can’t afford a home. Since VA loans finance 100% of the home loan, homebuyers will not need to put down any money for the house.
#2 Reasonable Fixed Interest Rate
A VA loan will have a higher fixed interest rate than a traditional loan. However, this rate is generally only ¼ to 1% higher than the average rate. When you factor in the no down payment, this higher rate is often worth it. After all, if the down payment prevented you from getting a home then a slightly higher rate is no big deal.
#3 Skip the Insurance Fees
Unless you can afford to put down 20% on your home, you would have to pay an insurance fee for your house on a traditional loan. VA loans have their own fund, which is added into the mortgage. In addition, some disabled veterans can have the fee waived.
Veterans and military personnel are encouraged to check out VA loans in Tulsa OK. The money you save with a VA loan could be the difference between owning your home and not.
Resource Box
Today Lending (www.TodayLending.com) is owned by Chris and Kelly Davenport and is one of the top home lending institutions in all of Oklahoma and Texas. Chris and Kelly Davenport are also top real estate consultants in Tulsa, Oklahoma and own The Davenport Company (www.DavenportCompany.com) which services home buyers and sellers in the Greater Tulsa region. Contact Chris anytime at (918) 340.0010 for more information.