Today Lending Blog

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.