Wednesday, April 28, 2010

Who determines the market value of a property ?

The seller of the property is the person who sets the price of the property (specially residential property), and not an appraiser. This is because sellers normally do not order an appraisal when selling their homes. Sellers wish to obtain the highest selling price possible for their homes and hence do not want to be bound by the appraiser's assessment of their home. The real estate agent, who receives a percentage of the price as compensation and often represents the seller in the transaction, normally assists the seller in setting the sale price.

The real estate agent performs a comparative market analysis (CMA). The appraisal laws in most states allow real estate agents to perform CMAs without an appraiser's license or certification. A CMA is a necessary part of the agent's preparation for a listing and consists of examining sales of properties in the area to arrive at a listing price. The reliability of the CMA depends upon the agent's experience and the characteristics of the property and the surrounding area. Typically, the agent will suggest a selling price to the seller based upon the analysis. However, the seller may not accept that price and choose to list the property for a higher price.

For more info log on to http://www.zfgmortgage.com

Overview of the Mortgage Loan Process

Organize your documents

If you are buying or refinancing a home
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan.
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.

Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.

Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:
Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.

Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's
hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Also, consider the ways you can use your mortgage as a financial tool. Very few mortgage brokers and loan officers have the knowledge it takes to provide mortgage planning strategies. If you want to utilize mortgage planning to add considerably more net worth over time by properly handling your debt and equity, then you must seek a Certified Mortgage Planning Specialist. Click here to learn why.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:
Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.

Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have
an adverse affect on your current application.

Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.

Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan
documents are accurate.
Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

For more info http://www.zfgmortgage.com
or 918-459-6530

What is an FHA Loan?

The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams.

An FHA loan allows you to buy a house with as little as 3% down, instead of the higher percentages required to secure many conventional loans. Taking advantage of the FHA loan program is a great way for first time buyers, or anyone with a shortage of down payment funds, to buy a home.

The FHA does not make home loans--it insures them. If a home buyer defaults, the lender is paid from the insurance fund. This is a perfect mortgage solution for those starting out or those having a tough time qualifying for conventional loans.
http://www.zfgmortgage.com

Tuesday, April 27, 2010

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa & CBS news Ch.9 4-27-2010 Time Running Out To Cash In On First-Time Homebuyer Credit.http://www.newson6.com/global/story.asp?s=12385009
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News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa 4-27-2010

Time Running Out To Cash In On First-Time Homebuyer Credit.
http://ping.fm/0PSfd

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.9 Oklahoma City 4-27-2010

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa 4-27-2010
Time Running Out To Cash In On First-Time Homebuyer Credit.
http://ping.fm/z0vKn

Wednesday, April 21, 2010

$8,000 Government Tax Credit Deadline is approaching and Oklahoma homes are flying off the market!

$8,000 First Time Home Buyer tax credit is expiring at the end of this month **9 Days to be exact**. Basically first time home buyers have until 4-30-2010 to get a home under contract to take advantage of the $8,000 tax credit. This deadline also applies to the $6,500 existing homeowner tax credit. Even though buyers have until 6-30-2010 to close on the home, they still have to have the home under contract by Friday April 30th. So this means people wanting to take advantage of the “FREE” money offered by our government, still have time to find a home and sell their home since the closing deadline isn’t till the end of June and still make the deadline and take advantage of the Tax Credits. If you were thinking that you would not qualify for a mortgage to purchase a home because of little credit or no down payment think again. There are loan options available for you, two mortgage products in particular that are offered by USDA and FHA allow future home buyers to purchase home without a down payment or purchase existing FHA/HUD foreclosed homes with as little as $100 down payment. If you would like more information regarding the tax credit or to see if you qualify for zero down or $100 down mortgage give ZFG Mortgage Tulsa a call today. 918-459-6530
http://ping.fm/Cosfh