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.

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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.

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.

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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.