Today Lending Blog » Mortgage

Home Mortgage Loan – Important Things to Consider Before Applying

admin — Thu, 15 Apr 2010 20:06:01 +0000

If someone is planning to apply for a mortgage, there are some important things to consider before applying. One should have complete understanding of all these things in order to succeed. Home mortgage loan is not as easy as one thinks; there are some hurdles which one should know to achieve better results. The lender carefully scans the credit ratings history before sanctioning the loan, so these things will let the customers improve their credit rating for the loan sanctioning.

Inadequate Income

Inadequate income is the first thing that lender asks the customer, so one should have proper funds in order to apply for the home mortgage loan. It does not mean that the people who have inadequate income can not apply for the home mortgage but customers should at least present the proper income proofs to the lender so that a lender can sanction the loan. Any type of income is acceptable with proper documentation, so prepare all the required documents before visiting the lender. Good presentation plays crucial role in sanctioning of the loan. If the customer’s income is not enough to afford mortgage payments, then it can be a serious concern for the customer as well as for the lender.

Too Many Debts

If the lender gets an idea that the customer has too many debts or have unpaid loans, definitely the lender will not accept the application. These are the basic things and everyone should be aware of that. So, check out, is there any unpaid debt or loan amount and then visit the lender for the home mortgage loan.

Bad Credit

This is the most dangerous thing because of which the customer’s application can be denied. If someone has bad credit, foreclosures or bankruptcies on the credit report, chances are higher to get denied by the lender. However, one can get the home mortgage loan on bad credit but the interest rate will be higher, so it is worthless to apply for loan with bad credit history. One also has to pay big amount as down payment to apply for home mortgage loan.

Inappropriate Documentation

The paperwork provided to the lender should be proper and accurate. False documentation leads to immediate rejection of home mortgage loan and it can also result in serious legal charges. The personal or financial documents should be accurate and it involves birth certificate, employment information, income information, credit reports and other information provided to the lender. It is a fact that lenders strictly verify all the information provided to them.

Provide Complete Information

It is very important for the customer to provide complete information to the lender which involves personal, financial, family, employment and several types of required information. False information results in the immediate case rejection for the home mortgage loan.

So, one should consider all the above points in order to get the home mortgage loan. Most lenders verify all the information provided to them on their own basis. So, always provide them accurate information to get approved and in order to avoid further inconvenience.

Two Things Everyone with Bad Credit must do to secure a Oklahoma Home Loan

admin — Mon, 14 Dec 2009 16:25:46 +0000

Bad credit makes it difficult to obtain an Oklahoma home loan. However, just because you have bad credit doesn’t mean you can’t buy a home. With a few simple tips, you may be able to qualify for a home loan.

Everyone says, “Check your credit report” but no one ever tells you what to do with that information. Here you will learn three simple things to increase your credit rating.

#1 Check your bad credit

Look over your credit report to make sure all the bad credit really belongs to you. Sometimes bad credit is applied to the wrong person. Someone with a similar name or social security number may have done something that got put on your credit report. If you see anything that does not belong to you, write the credit companies. You can find ready to use forms on the Internet telling you exactly what to say.

#2 Fix some of the bad credit

Look at your bad credit and see if you can fix any of it. Maybe you owe $35 dollars to some company. Paying that off would improve your rating.

If you have broken a lease on an apartment, you may owe them money. Many times, you can negotiate a lower amount to settle the debt. This payoff can drastically increase your credit score.

Basically, scour your credit report and see what can be paid off. Anything paid off will improve your credit rating. Try your best to pay off as much as possible. This can end up saving you thousands of dollars in fees later.

After doing these two things, contact a lender who specializes in a variety of loans. You will be surprised at what is available to people with bad credit.

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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.

Go Local with Your Oklahoma Mortgage

admin — Mon, 07 Dec 2009 16:24:22 +0000

Oklahoma mortgages are similar to other mortgages throughout the United States. However, there are some differences. When looking for an Oklahoma mortgage, you will want to deal locally as they will be more likely to understand what is available in your area.

USDA Loans

USDA loans are loans guaranteed by the government. The big catch is that the house must be in a rural area. Local lenders will know which houses in the area qualify.

The other big difference with USDA loans is the limits. Income limits along with loan limits vary from one location to another. For example in Tulsa, OK, the maximum allowable income for a family of four is $73,600. Other areas have a different maximum income.

Native American Loan Programs

Did you know that the section 184 loan guarantee program was created for Native Americans? This allows Native Americans to attain a mortgage on tribal land. Of course, the Bureau of Indian Affairs is required. It creates leasehold that allows the house to be foreclosed on while the tribe maintains the land rights. Contact a local lender to learn more about Native American Mortgage Loans.

These are just two reasons that local lending is best. However, there are many more reasons to go local. For example, you can go to a local place in person and a local person understands the needs of the area.

Locally based and locally established lenders make better mortgage matches. Essentially, they offer more convenience for the potential homebuyer.

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Tulsa Home Loans: One Family’s Experience

admin — Mon, 07 Dec 2009 16:20:19 +0000

A few years back, a couple wanted to buy a home so they looked into Tulsa home loans. They were excited because the wife just finished college and received a teaching position in Tulsa. The husband had his own business so they were ready to move.

As first time homebuyers, they were not sure where to start. However, they started by looking for a home they liked. After looking at dozens of houses, they finally found the perfect house.

It had everything. It had a living room with a den, a very large kitchen and a big backyard. The backyard was perfect too. It had a greenhouse for the wife’s roses and a workshop for the husband’s projects. What really sold the house was the swing. It had a bench swing in the middle of the yard just as the wife had always wanted. Now all they needed was a loan.

As it turns out, the couple didn’t make enough money yet for the house. The wife hadn’t actually started teaching yet. However, the lender was smart. She knew the wife would be teaching in a few months and had an idea. The couple would apply for an interest only loan. This was perfect!

The couple applied for the interest only loan and got it! They paid on the interest only loan for a few months until the wife started getting paid. Then with first paycheck in hand, they went and reapplied for a new loan. This time they qualified for a regular mortgage.

The couple got their dream home all thanks to an understanding lender.

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Beginners Guide to Tulsa Mortgages

admin — Mon, 30 Nov 2009 16:14:32 +0000

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.

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Questions to Ask about Your Tulsa Mortgage

admin — Mon, 30 Nov 2009 16:12:57 +0000

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.

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Loan Modification vs. the Refinance Loan Tulsa OK Option

admin — Mon, 23 Nov 2009 16:09:15 +0000

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.

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No Money Down Oklahoma Mortgages

admin — Fri, 02 Oct 2009 14:32:08 +0000

There’s a saying that you can’t get something for nothing, but you can still get no money down Oklahoma mortgages if you know where to search.

FHA Mortgages

If you are a first time homebuyer considering a FHA-insured loan might be worth considering. Some of the advantages of a FHA loan are: You are not required to put a lot of money down and sometimes no money down, if someone “gifts” you the down payment. The interest rates are typically lower because it is a federal government loan. Lending requirements are not as strict as traditional lenders. You may still qualify if your credit isn’t A+.

VA Mortgage Loans

If you are actively serving or retired from the military, you may qualify for a VA home loan. VA loans make it possible to purchase a hoe with “no money down.” Closing costs can be paid by the seller and some of the closing costs can be incorporated into the loan. To see if you qualify contact the Veteran’s Administration or your lender for more information.

USDA Home Loans

USDA home loans are available for rural areas with no money down and 100% financing. This loan program sponsored by the U.S. Agriculture Department is a great opportunity for low to moderate income individuals to purchase a home.

No money down Oklahoma mortgages are available, if you know where to look. Contact a lender in your area today and see if you qualify. You could be celebrating the holidays in your new home with no down payment.

Tulsa Mortgage Has A First Time Home Buyer Credit Waiting For You

admin — Tue, 03 Feb 2009 16:50:39 +0000

If you’re looking to buy your first home, you have to act quickly to take advantage of the $8,000 tax credit. Tulsa mortgage has a first time home buyer tax credit waiting for you, but time is running out.

A first time homebuyer is defined as someone who has not owned a home previously. There are other special financial situations that will still let you take advantage of the first-time homebuyer status, such as withdrawing funds from your retirement fund to use as a down payment. There are special circumstances when it comes to withdrawing money from your IRA to purchase a home. You may want to discuss this with your account administrator or your lender.

In order to qualify for the $8,000 Stimulus Tax Credit, you should first understand the guidelines. The credit is available for qualified first-time home buyers. This tax credit does not have to be repaid, but on December 1, 2009 this great opportunity ends.

A few other bits and pieces about the tax credit: The credit is equal to 10% of the purchase price of your home up to $8,000. Single taxpayers with an annual income or no more than $75,000 and married couples up to $150,000 have the opportunity to take advantage of this tax break.

For an individual or couple looking to get into a new home, the time to act is now. Your lender or your real estate agent can give you more information about the tax credit as well as your financing options. There are a number of different options available to you, so get moving because Tulsa mortgage has a first time home buyer tax credit waiting for you.

How to Find The Best Tulsa Home Mortgages

admin — Tue, 27 Jan 2009 16:48:53 +0000

Searching for home mortgages can be a chore if you don’t know your options. How to find the best Tulsa home mortgages is as easy as finding the right lender.

Your lender is not just someone who approves or declines your mortgage. Your lender has first hand knowledge about rates, programs, and even the best real estate agents. Lenders are usually part of a network of individuals in the real estate business from attorneys, to foreclosure information, and sometimes even knowledge about yet to be announced deals.

Finding the best terms for your home loan means you have to find the best lender. Just because a lender has advertisements spread throughout the city or commercials on all of the local channels, doesn’t mean that they are the best lender. If you like the impersonal approach where you are a number and not a name, then big city lenders are the way to go. If you prefer a more friendly approach where someone takes the time to talk to you to find out what your preferences are, then you may want to look around before choosing a lender.

Most people don’t pay much attention to the lender they choose. Because not all lenders are experienced enough to offer you financing alternatives, you want to choose your lender wisely. This decision should be as important as the real estate agent you pick. Remember, buying a home is a big decision and knowing how to find the best Tulsa home mortgages and the best Tulsa lenders will get you a great home and fantastic rates.