Today Lending Blog

When the real estate marketing was booming, you may have financed your home with an adjustable rate  mortgage and for the lower rates and thought it was great, but now it’s killing you.  Did you know that you have refinancing FHA options with Tulsa home loans?

Most people don’t consider refinancing, either because they don’t have money for closing costs, their credit rating may have changed due to unforeseen circumstances, and some just don’t know that they have options after getting their original home mortgage loan. You do have options.

FHA refinancing has several benefits, which makes it one of the most sought after refinancing solutions available to homeowners today.

FHA refinancing will help you out in a number of ways:

-You can refinance your current mortgage to get a more affordable monthly loan payment.

-If you’re heading down the road of potential foreclosure, you can refinance to help you save your home.

-You may be able to take cash out of the equity in your home for repairs, improvements, debt consolidation, and more.

This all sounds good doesn’t it?  Well there’s more…A lower down payment, less stringent qualifying standards, and even lower interest rates.

If you want to learn more about refinancing FHA options with Tulsa home loans contact your lender today.  They will be able to answer your questions and walk you through the process of refinancing your home loan.  You don’t have to struggle with adjustable rate mortgages anymore; let your lender show you how to get a fixed rate mortgage.

If you’ve never thought about refinancing your mortgage, now may be the time to get the best rates for refinance loan Tulsa Oklahoma.  With our economy showing signs of improving, you might want to think about lowering your interest rate, getting a fixed rate, or even using the equity in your home to consolidate some of your bills.

So many people stay away from refinancing because they don’t want to add longer payment terms, or they think they cannot qualify for refinancing, and some just don’t know enough about refinancing options to make a conscious decision.

There are several benefits to refinancing your current home mortgage, some of which are mentioned above.  Before you rule this option out, weigh the pros and cons of refinancing.  Do you need to lower your monthly payments and you don’t mind adding a few more years onto your mortgage to make it affordable?  If so, refinancing might work well for you.  Did you purchase your home when adjustable mortgage rates were popular and now the rates have become unbearable?  If so, refinancing might be for you.

Even if you are struggling with finances and are in jeopardy of losing your home, refinancing is something worth considering.

In order to learn about all of your options, you need to speak to your lender to see what’s out there.  You are not alone; there are people just like you contemplating refinancing.  If you want to find the best rates for refinance loan Tulsa Oklahoma, speak with the experts today and pay off some bills, lower your monthly payments, or even save your home from foreclosure.  Refinancing is easier than you think.

Buying a home is a big investment and knowing your financing options will make a big difference when you start looking at securing Oklahoma mortgages.  Although Oklahoma loans are just like any other loans, there are a few different types of mortgages available to individuals depending on your geographical location.

Getting Pre-Qualified

As with any home loan, you want to get pre-qualified for a loan first.  This will let you know how much home you can afford.  You can think of it as a security blanket to let you and your real estate agent knows that your chances of obtaining a mortgage after all that house hunting is a likely probability.

Finding Your Home

There are many options when it comes to searching for a home – the Internet, real estate agents, word of mouth, foreclosure listings – the list goes on and on.  Once you have an idea of the area you want to live and the price range you can afford, you can create or have your agent create a list of home to view.   For the first time home buyer, it is suggested that you deal with an agent because they know the ins and outs of the business.  They can help you with the contracts, home inspections, and other things that you may not be aware of if you’ve never purchased a home before.

Different Types of Oklahoma Loans

There are basically three types of home mortgage loans; fixed rate mortgage where your interest rate states the same for the term of the loan, adjustable rate mortgage where your rate may vary throughout the term of the loan, and a balloon mortgage where you only pay the interest payments for a specified period and make a large payment at a pre-determined time.

For Oklahoma residents, there is another type of loan for low income individuals and there are many programs that help low to moderate income families own their own home.

Sealing the Deal

Once you have picked your home, you will write up a contract with your agent to purchase the property.    This is a 1-2 hour process, but it is part of the process.  You will need a deposit or earnest money, which is a sign of good faith that you will purchase the property.  There are certain situations such as FHA or VA loans where you may not need to have a down payment, but typically this is required.

The agent will submit the contract to the seller and/or the seller’s agent.  If they accept your offer then you would move on to inspections and appraisals.  If the seller does not accept your offer they may counter-offer.  You can accept it or offer a counter-offer.

Once you have come to terms on a selling price, the inspections and appraisals are complete, the loan is approved, and it’s time for the closing.

During the closing process, you are signing tons of paperwork, but once this is done you and you have secured one of several Oklahoma mortgages, you are now a proud new home owner.

You are finally ready to buy your first home. However, with all the Tulsa mortgage rates and companies, how do you know which one to choose?

Choosing the wrong company can cost you thousands of dollars that you will need for your new home. Luckily, you can use some strategies for locating a good mortgage company.

First, learn some basic mortgage terminology. You will want to know the difference between a VA, FHA, and HUD loan. Different loans have different requirements but if you qualify for one of these, you could save a bundle.

Also, be on the lookout for mortgage companies offering “interest only” loans. While interest only loans are not bad, some less reputable companies will overextend homebuyers on the premise of an interest only loan. This has caused many people to lose their homes and the money they put into it. Interest only loans are only good in certain situations. Contact a reputable mortgage company to find out if it is right for you.

Another mistake homebuyers make is the “balloon” payment mortgage. This type gives lower payments up front, but requires a large payment due at the end of the mortgage. At the end of the 30 years, you would have to reapply for a home loan to pay off the balloon payment. Then you are left with another 30-year loan. Again, this is only a good option for a limited number of people.

Selecting the right lending company is everything when buying a new home. Choose the right one and you will get a good deal. Choose the wrong one and you could end up paying thousands more than you need to.

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.

When looking to refinance a loan in Tulsa OK, every homeowner should know three things. Not knowing these things can cost you thousands of dollars and make refinancing that much more difficult.

#1 not all lenders are the same

Look up lenders for Tulsa OK on the Internet and you will find hundreds of results. They all advertise the best price and promise the best deal. However, you need to be careful when selecting a lender. Today Lending treats all their customers as individuals not as mere case numbers. The personal touch makes a big difference when finding the perfect loan.

#2 you can shorten the loan without increasing payments

Ask your lender about biweekly and bimonthly loan options.

In the biweekly loan, you pay the same amount except you pay every other week. This amounts to an extra month of payments each year for the extent of your loan. The best part is you don’t even notice you paid an extra payment.

Bimonthly loans have you pay twice a month. This equates to one extra payment for a 30-year loan. This may not sound like much but that is interested saved and no extra cost to you.

#3 Adjustable Rate Mortgage (ARM) could save you initially

During periods of low interest rates, an adjustable rate mortgage can save you considerably on the interest rate. However, once the rates go back up, so will your payments. It is important to talk to your lender before deciding on an adjustable rate mortgage.

The most important thing about refinancing a loan in Tulsa, OK is research. Know your situation. Know what you can afford. Know the types of loans available to you. With all that in mind, find a lender that matches your needs.

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.