tag:blogger.com,1999:blog-36283490073714875992024-03-06T14:00:55.977-06:00Insight into Mortgages & Real Estate A Real Estate and Mortgage Industry blog by: ZFG Mortgage in Tulsa, Oklahoma 918-459-6530. Helpful tools, tips and news regarding mortgages & home buyingAnonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.comBlogger47125tag:blogger.com,1999:blog-3628349007371487599.post-60213769636995754162013-12-12T14:57:00.000-06:002013-12-12T14:57:25.014-06:00The Benefits to Homeownership Outweigh Mortgage Risks<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkAoT0_AKfLbWsbTjf3WB0Z39dhIRNQT7go1Smfxi0hXzKmz1acPDgSFrAfbqSE4yu7NfItazGKsD8ZWV1DIpE6p3wMpY8HJcPIUlpN09utAeB_FIJYPlz_oOhSf3_dDfn0DhM8zYP7Bs/s1600/fha-loans-low-down-payments.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="1ST TIME HOMEBUYERS OKLAHOMA" border="0" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkAoT0_AKfLbWsbTjf3WB0Z39dhIRNQT7go1Smfxi0hXzKmz1acPDgSFrAfbqSE4yu7NfItazGKsD8ZWV1DIpE6p3wMpY8HJcPIUlpN09utAeB_FIJYPlz_oOhSf3_dDfn0DhM8zYP7Bs/s400/fha-loans-low-down-payments.jpg" title="" width="266" /></a></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">For someone thinking about purchasing
there first home, things can be a little intimidating. You just have to keep telling
yourself the benefits far outweigh the risks. </span><br />
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">There
are many benefits to owning a home. Sure, there are the usual obstacles to get
over. First, most people don’t want to put a lot of their own savings into it,
they’d rather just rent. <o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">Also,
they don’t want to have to go through the lengthy process of buying the home
and even searching for the right home in the first place. Then they don’t want
to have to go through the mortgage process and go into debt to get the home.
While these are definitely disadvantages, the simple fact is that there are so
many major advantages to owning a home that going through these steps ends up
being well worth it in the long run.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">The
most notable benefit to owning a home is equity. Equity is the value of the
home. When mortgaging a home, your initial equity is the down payment you made
on the home. As you make additional payments, your stake in the equity of the
home rises (since the lender owns the rest of the equity). However, it is also
important to note that equity also rises when the value of the home rises. If
you are currently renting you are not only building equity for your landlord in
most cases the rent you pay is usually a few hundred dollars more then what their
mortgage payment is with their lender. When you own the home the equity is
solely yours, the equity of the lender does not increase. Also because of recent
foreclosures & short sales, there are actually quite a few homes on the
market that you could actually purchase with allot of existing equity already
in them by the time you close. Due to a lower sales prices vs the actual value
of the home. This is why many homeowners are sitting on gold mines.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">This
equity in your new home can be used for valuable things such as home equity
loans and home equity lines of credit. These are low interest loans with the
home used as collateral. Equity opens up many valuable new doors and is just
one reason why owning a home is one of the best things you can ever do.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">Another
advantage is the tax savings. So not only is your monthly mortgage payment cheaper
then what it would be renting a home, Every dollar of interest paid in each
month on the mortgage payments can be used as a tax write-off. This can be a
very considerable amount, especially early on in the loan when the interest is
front-loaded, and it can save you a lot of money in taxes or get you larger
refund. <o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13.5pt;">Of
course, it really comes down to the simple fact that you own a home. That home
is yours and that with that comes a certain pride. Owning a home is one of the
most important things you will ever do. Don’t pass it up, don’t choose to rent
if you don’t have to. There are just too many advantages of owning a home to
pass up.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif;">About the Author:<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">ZFG
Mortgage headquarter in Tulsa, Oklahoma is the #1 rated mortgage lender in the
state of Oklahoma. At ZFG Mortgage we pride our selves in offering the lowest
mortgage rates at the lowest closing costs.
We have & A+ Rated rating with the Better Business Bureau & have
been nominated & won numerous awards like the BBB Torch awards and the BBB
Honor Roll for NO complaints in the last 3 years! If you are need of a <a href="http://www.zfgmortgage.com/">Home loan in Oklahoma</a>, then go with the lender you can trust. Apply online or call
for Free Rate quote or Pre-Approval.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR_jSHGqCuFSItD-CLOeQ7XcmDntJozJILbpASzBOsd8b34EwejJthLCsNgsmAuGb4EKea9hi9GqFTN7L1MQf85lDlz1h7JEftPVhxRL4LMU7Dghop6Lv6476VyAKoYNhDckSzMVSJX8w/s1600/button_consultation.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="mortgage tulsa, OK" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiR_jSHGqCuFSItD-CLOeQ7XcmDntJozJILbpASzBOsd8b34EwejJthLCsNgsmAuGb4EKea9hi9GqFTN7L1MQf85lDlz1h7JEftPVhxRL4LMU7Dghop6Lv6476VyAKoYNhDckSzMVSJX8w/s1600/button_consultation.png" title="" /></a></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">ZFG
Mortgage<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">6670
Lewis Ave # 200 <o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Tulsa,
OK 74136<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Phone:
918-459-6530<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Fax:
918-459-6535<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Toll
Free: 1-877-205-7266<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";"><a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a><o:p></o:p></span></div>
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<br />Mortgagehttp://www.blogger.com/profile/17017451475978836583noreply@blogger.com06670 South Lewis Avenue #200, Tulsa, OK 74136, USA36.06608 -95.95838800000001410.272433 -137.266982 61.859727 -54.649794000000014tag:blogger.com,1999:blog-3628349007371487599.post-41567342437930410322013-12-03T15:27:00.001-06:002013-12-03T15:27:40.679-06:00How much of mortgage payment can you afford?<br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3jBWxGy74wZnpcuP5WjgHVBnI558_TEMMuhJyp2nnI_LSsoDF3ebnse4VnJa1uSTExJZtbDbiUdoKfH02EYRretveD6i-GdCa1K3c4Hh5xQNh7uOWe5YR_ISF6fJUzFLvFcKh-NG0ftC8/s1600/First-Time-Home-Buyers.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Mortgage Lender | Mortgage Company - Tulsa, OK" border="0" height="212" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh3jBWxGy74wZnpcuP5WjgHVBnI558_TEMMuhJyp2nnI_LSsoDF3ebnse4VnJa1uSTExJZtbDbiUdoKfH02EYRretveD6i-GdCa1K3c4Hh5xQNh7uOWe5YR_ISF6fJUzFLvFcKh-NG0ftC8/s320/First-Time-Home-Buyers.jpg" title="Mortgage Lender | Mortgage Company - Tulsa, OK" width="320" /></a><span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">When it comes to purchasing a home, one
of the first questions you need to ask yourself is How much can I afford? This will
also be question that will be on the mind of your mortgage lender. They will use a series of calculations and
formulas to come up with a figure, but you can do the same thing for yourself
before you even start shopping around. Of course you could do it the easy way
and log online to one of the numerous mortgage company websites that offer a
<span style="color: red;"><a href="http://www.zfgmortgage.com/prequal.php">pre-qualification calculator</a></span>, or you could take a little bit of your time and understand
what goes into the mortgage lender figuring out the magical number.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">This article will give you a better idea of
what types of home will be in your price range. Figuring out just how much home
you can afford involves numbers and ratios, but it should also involve
understanding your own personal preferences and financial behavior. For
example, a lender may qualify you for a large amount, but in order to make the
monthly payments you would have to cut back on things like weekend movies, dinning
out or any other expenses you might have that relate to entertainment. Only you
can decide whether or not the bigger house will be worth the lifestyle
sacrifices you may have to make.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKpweUPcRtv3iJXZXRIXSU2Lry3rJceJFrfM3J1UWO1a2R13j1fBFzwLzpJreEEm3r8qZASS7FCHxZOtlJioUGd1oh_Hrmg0Kvz9SVGoU5O0lLD4_mb5mg9eItsMa-KS7YXZM4XWS5BNUh/s1600/MORTGAGE+LENDER+TULSA-.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img alt="Home Loan | Home Mortgage - Tulsa, OK" border="0" height="150" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhKpweUPcRtv3iJXZXRIXSU2Lry3rJceJFrfM3J1UWO1a2R13j1fBFzwLzpJreEEm3r8qZASS7FCHxZOtlJioUGd1oh_Hrmg0Kvz9SVGoU5O0lLD4_mb5mg9eItsMa-KS7YXZM4XWS5BNUh/s200/MORTGAGE+LENDER+TULSA-.jpg" title="Home Loan | Home Mortgage - Tulsa, OK" width="200" /></a></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">Once
you have determined your own mortgage preferences, you need to look at your
finances and resources from the perspective of a potential mortgage lender to
figure out how much of a loan you can afford. Lenders will lend you an amount
of money based on how sure they are that you have the means and habits
necessary to pay them back. In order to determine how much of a potential
default “Foreclosure” risk you are, they will look at several key factors: your
income, your credit history, and your down payment.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;"> Of
course, mortgage loans are safer loans than most others for lenders, since you
are pledging the home and property as collateral for the loan. If you should
default on the mortgage, the lender will have the legal right to repossess the
home and try to sell it to recover the amount of the money lent to you. Still,
no lender really wants to have to go through that foreclosure process as it
takes plenty of time and lots of money for lawyer’s fees and paperwork. They
would much rather go into the loan feeling confident that you will repay the
loan. </span><span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">So,
a lender will start by looking at your sources of income. This will include not
only your yearly salary, but any bonuses or commissions you receive. It will
also include a list of your assets the balances of your savings and investment
accounts, and even the value of any cars or boats you own. This helps your
lender to see what sources of wealth you could turn to repay your mortgage in the
event of a job loss or other crisis.</span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">Lenders
use a ratio called the DTI “debt to income ratio” to determine if your income
is sufficient for a certain loan amount. While standards vary by lender and have
become more stringent since the mortgage crisis of 2008, the general rule is
the 28/41 ratio. The front end ratio, the 28, means that lenders like to see
that your monthly obligation/debts, excluding your housing payment, do not
exceed 28 percent of your monthly income. So for example, if you make $5,000
per month, your monthly payments (auto loans, student loans, credit card bills,
etc.) should not be more than $1,400 (28 percent of $5,000.) The back end
ratio, the 41, means that your total monthly payments, including the potential
mortgage payment, should not exceed 41 percent of your monthly income. So using
the same example above, 41 percent of your income would be $2050. If you have
monthly debts in the amount of $700, you would have $1350 left over for a
monthly mortgage payment.<span class="apple-converted-space"> </span></span></div>
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Lenders will also use your credit history as a means of determining whether or
not to lend to you and how much interest to charge you. Obviously, the better
your credit score the better the interest rate will be on your loan & could
even mean a better loan product. If you have time and your score is not as high
as you’d like it to be, start working now to improve it before you apply for a
mortgage. Use our previous post as a guideline on things you can do to improve
your credit.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">How
much of a down payment you plan to make could also have an effect on how much
you can afford or how much a lender will loan you. The bigger your down payment,
the less risk the lender feels like he is taking on and you will probably
receive a better rate, and of course you will pay less interest over time.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">Keep
in mind if all this seems a little confusing, you can easily just log onto one
of the numerous mortgage company websites that offer a <span style="color: red;"><a href="http://www.zfgmortgage.com/prequal.php">pre-qualification mortgage calculators</a></span> or other helpful calculators that will figure it all out
for you. The main thing you should be trying to figure out is to get a rough
idea of your mortgage limits before you start shopping for a new home loan.
Doing so will make the house hunting process less stressful for you and your
family.</span><span style="color: #bababa; font-family: "Segoe UI","sans-serif"; font-size: 13.0pt; mso-bidi-font-family: Arial;"><o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif; font-size: 13pt;">About the Author:</span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">ZFG
Mortgage headquarter in Tulsa, Oklahoma is the #1 rated mortgage lender in the
state of Oklahoma. At ZFG Mortgage we pride our selves in offering the lowest
mortgage rates at the lowest closing costs. We have & A+ Rated rating with the Better Business
Bureau & have been nominated & won numerous awards like the BBB Torch
awards and the BBB Honor Roll for NO complaints in the last 3 years! If you are
need of a Home loan in Oklahoma, then go with the lender you can trust. Apply
online or call for Free Rate quote or Pre-Approval.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1xoMgSGiTujjLzL8pu7ZT-9n3ZnpjxAi3FiF2lAJSeerA3B38-1MDlL_CCtmBBfxRMRJgvImqp0C9fMMB5t5s1kiLkcKkhYVqbbcULOwxKqgIn37LeBsOzC-Yymj81ZFTGCPsr9uIRWt4/s1600/pre-approved.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="Mortgage Pre-Approval | Home Loan OKLAHOMA" border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh1xoMgSGiTujjLzL8pu7ZT-9n3ZnpjxAi3FiF2lAJSeerA3B38-1MDlL_CCtmBBfxRMRJgvImqp0C9fMMB5t5s1kiLkcKkhYVqbbcULOwxKqgIn37LeBsOzC-Yymj81ZFTGCPsr9uIRWt4/s1600/pre-approved.png" title="Mortgage Pre-Approval | Home Loan OKLAHOMA" /></a></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;"><br /></span></div>
<div style="background: white;">
<span style="background-color: transparent; font-family: 'Segoe UI', sans-serif; font-size: 13pt;">ZFG
Mortgage</span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">6670
Lewis Ave # 200 <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">Tulsa,
OK 74136<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">Phone:
918-459-6530<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">Fax:
918-459-6535<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;">Toll
Free: 1-877-205-7266 </span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;"><br /></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif"; font-size: 13.0pt;"><a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a><o:p></o:p></span></div>
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Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com06670 South Lewis Avenue #200, Tulsa, OK 74136, USA36.06608 -95.95838800000001410.272433 -137.266982 61.859727 -54.649794000000014tag:blogger.com,1999:blog-3628349007371487599.post-47664918000395999322013-11-26T16:47:00.000-06:002013-11-26T16:47:03.835-06:005 Tips for Repairing Your Credit <br />
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFJjXHKYvaA7XD29sdirmbnAglYd_shrYw6o7bYY10OWDRBAmIof5jcTmUz88k8tF8gcBKj0bEzGyeYy8tYpGo8cxFRYMPcaGKwGnh1NRiDK19o2Uy8uDzMQUCEzU3cyid1qEwa7DbcXmx/s1600/Apply+for+mortgage.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFJjXHKYvaA7XD29sdirmbnAglYd_shrYw6o7bYY10OWDRBAmIof5jcTmUz88k8tF8gcBKj0bEzGyeYy8tYpGo8cxFRYMPcaGKwGnh1NRiDK19o2Uy8uDzMQUCEzU3cyid1qEwa7DbcXmx/s1600/Apply+for+mortgage.jpg" /></a></div>
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<span style="font-family: 'Segoe UI', sans-serif;">Before you make any big financial life
changes, it is a good idea to have your credit report in order. Your credit
score can affect everything from the interest rate you get on a home loan or an
auto loan to whether or not you are hired for a job. If find your current
credit score lacking in points, now is the time to put the following five
credit tips into action to improve your financial success. Plus consistently
living by these tips will help you develop better credit responsibility and
habits.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: 'Segoe UI', sans-serif;">1. Know Your Credit Report<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;"><br />
First things first do you even know what your credit report looks like? Do you
know what your credit score is right now? A majority of Americans don’t. You
can get a free copy of your credit report once a year from each of the three
major credit reporting bureaus- Equifax, Experian, and TransUnion. (You will
have to pay a small fee for the actual credit score.) Taking advantage of this
free report yearly is a smart idea that will help you to monitor your credit
and be aware of the contents. You have to know what your score is before you
can decide how to fix it.<o:p></o:p></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: 'Segoe UI', sans-serif;">Your credit score will be a three-digit
number between 300 and 800. Anything over 720 is considered excellent credit.
Anything below 640 is considered poor credit. The better your score, the better
rates you’ll get on loans and you’ll be more likely to be accepted for jobs and
apartments.<o:p></o:p></span></div>
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<span style="font-family: 'Segoe UI', sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: 'Segoe UI', sans-serif;">2. Correct Any Errors<o:p></o:p></span></strong></div>
<div style="background: white;">
<b><span style="font-family: 'Segoe UI', sans-serif;"><br />
</span></b><span style="font-family: 'Segoe UI', sans-serif;">Once you have a copy of your credit report, examine it for
errors. If there is a legitimate mistake, correcting it with the credit
agencies can improve your score by roughly 30 points or more. Look for things
like payments reported as being paid later than they were or any collections or
judgments, if you find that there inaccurate then contact the creditor for a update
or removal request. Be sure to get written confirmation from the creditor stating
that it was & error. The reason you should always obtain a letter is in the
event you apply for a loan or have your credit pulled at a later date and the discrepancy
shows up again, you should have proof of the mistake. After reviewing the credit if you find & inaccurate
late payment or anything else that’s & error, you can also write or email
the three major credit reporting bureau requesting a correction. The credit bureaus
will then investigate the matter with the creditor and if it is inaccurate they
will update the credit withing 30 to 60 days.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: 'Segoe UI', sans-serif;">3. Reduce Your Debts<o:p></o:p></span></strong></div>
<div style="background: white;">
<b><span style="font-family: 'Segoe UI', sans-serif;"><br />
</span></b><span style="font-family: 'Segoe UI', sans-serif;">A big part of your credit score is determined by your
debt-to-available credit limit ratio. A good rule of thumb is to keep your account
balances at 30 percent or less of your available credit lines. You can do this
by paying down your credit cards or store cards with the highest balance first,
or if you have to switch some of the balance from one card to less used one. Do
not, however, open more credit accounts to spread out the debt balances. That
will imply to the bureaus that you are so irresponsible with credit you already
have that you need more. This may lower your score.<o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmb5JAunbBQPzm8zX6rhrKaRrpNPnZm7OvKANTlx_38qFsj0-JwOygeDfCREHnk3BVyLnendE67RNPJnRzc9iqplWlpXISQFc-fFCav_OLp8Gao1Xr-HvC7ikAG7Z359qn3yZmS0I3IpM/s1600/mortgage+tulsa.png" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjpmb5JAunbBQPzm8zX6rhrKaRrpNPnZm7OvKANTlx_38qFsj0-JwOygeDfCREHnk3BVyLnendE67RNPJnRzc9iqplWlpXISQFc-fFCav_OLp8Gao1Xr-HvC7ikAG7Z359qn3yZmS0I3IpM/s200/mortgage+tulsa.png" width="175" /></a></div>
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<span style="font-family: 'Segoe UI', sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: 'Segoe UI', sans-serif;">4. Pay All Your Bills on Time<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;"><br />
The biggest portion of your credit score is in fact your history of timely (or
untimely) payments. Make sure that you pay ALL of your bills on time. If you
need to create some sort of reminder system for yourself, do it! Automatic bill
paying by internet is a helpful function as well.<span class="apple-converted-space"> </span><br />
<br />
<strong><span style="font-family: "Segoe UI","sans-serif"; mso-bidi-font-family: Arial;">5. Give It Time<o:p></o:p></span></strong></span></div>
<div style="background: white;">
<b><span style="font-family: 'Segoe UI', sans-serif;"><br />
</span></b><span style="font-family: 'Segoe UI', sans-serif;">Finally, while this is not a very proactive step, it is
important. It can often take six months or more to see real improvement in your
credit score, so be patient. Try to limit the amount of time creditors
pull your credit. A single credit inquiry can cost your credit score between
1-5 points according to the 3 major credit bureaus. Be sure to give yourself at
least 6-12 months to repair your credit, before you apply or re-apply for
that car loan or home mortgage.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji4cn0LF-ZYrsZfnkCCjBSeyY1lzJ34P48T6YwfVEHyMDnwHjtlnnq1QkgRPRAO80X-qVNeq2kNxduNbQHxQx7rwFQqi7B2M2FQVz6ydLXjOuGHZpnKjoP9mWEt09Rb6sfUWj8Xdr1-Fci/s1600/happy-homebuyer.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEji4cn0LF-ZYrsZfnkCCjBSeyY1lzJ34P48T6YwfVEHyMDnwHjtlnnq1QkgRPRAO80X-qVNeq2kNxduNbQHxQx7rwFQqi7B2M2FQVz6ydLXjOuGHZpnKjoP9mWEt09Rb6sfUWj8Xdr1-Fci/s320/happy-homebuyer.jpg" width="320" /></a></div>
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<div style="background: white;">
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<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;">If you are Interested in preparing
yourself or your credit, be sure to read some of our other helpful blogs credit,
real estate or mortgages today.<o:p></o:p></span></div>
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<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;">About the Author:<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: 'Segoe UI', sans-serif;"><br /></span></div>
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<span lang="RO" style="font-family: "Segoe UI","sans-serif";">ZFG
Mortgage headquarter in Tulsa, Oklahoma is the #1 rated mortgage lender in the
state of Oklahoma. At ZFG Mortgage we pride our selves in offering the lowest
mortgage rates at the lowest closing costs. We have & A+ Rated rating with the Better Business
Bureau & have been nominated & won numerous awards like the BBB Torch
awards and the BBB Honor Roll for NO complaints in the last 3 years! If you are
need of a Home loan in Oklahoma, then go with the lender you can trust. </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDTg4dlrtgbKlHtGDSqcCuvXi-3jlQiqzWlPWxGzqHr_2a94qnz9j3oSCW2yg1JWyV9XFCwFTl-uyc3uWrfA9bSZsgvi2KlH61R04uZmFQb8TpWJi3EuXf33YSn0AG4B7CC9kMoJ7kjOyP/s1600/zfg+facebook.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDTg4dlrtgbKlHtGDSqcCuvXi-3jlQiqzWlPWxGzqHr_2a94qnz9j3oSCW2yg1JWyV9XFCwFTl-uyc3uWrfA9bSZsgvi2KlH61R04uZmFQb8TpWJi3EuXf33YSn0AG4B7CC9kMoJ7kjOyP/s200/zfg+facebook.jpg" width="200" /></a></div>
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<br /></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">ZFG
Mortgage<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">6670
Lewis Ave # 200 <o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Tulsa,
OK 74136<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Phone:
918-459-6530<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Fax:
918-459-6535<o:p></o:p></span></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";">Toll
Free: 1-877-205-7266<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="RO" style="font-family: "Segoe UI","sans-serif";"><a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a><o:p></o:p></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="http://www.zfgmortgage.com/apply.php" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhTFsy969CJJ2rQb4B8koNofS2jtHSEBdqcDxp41uYb69sdfR9cXmQVptS-XHruiMO3BSEmXyN3UWt78govCox5cXC_VqLgBf0ifzULE3cdtZAnsyPPxrGV9B60-Z335FNVLAXv7YlBvOeZ/s200/Apply+for+FHA+Mortgage+in+Oklahoma.png" width="200" /></a></div>
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Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com06670 South Lewis Avenue #200, Tulsa, OK 74136, USA36.06608 -95.95838800000001410.272433 -137.266982 61.859727 -54.649794000000014tag:blogger.com,1999:blog-3628349007371487599.post-52651755948319409402013-11-22T14:12:00.000-06:002013-11-22T14:12:09.317-06:0012 Month Future Home Buyers Preparation Guideline <div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
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<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDBSOenv78cg5Hk2DY7NgiZbKoF7RAmPmtTy6xjwdoa6zo2BafuJIV2m43ZuJTDyaZsE59vErSJXHkotXj8UqU4wceT6-YQbWKyfyecZAsuhlNsXqUzAdCKmEslIGiT1_n7uaWI5If_EST/s1600/first_time_buyer.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiDBSOenv78cg5Hk2DY7NgiZbKoF7RAmPmtTy6xjwdoa6zo2BafuJIV2m43ZuJTDyaZsE59vErSJXHkotXj8UqU4wceT6-YQbWKyfyecZAsuhlNsXqUzAdCKmEslIGiT1_n7uaWI5If_EST/s400/first_time_buyer.jpg" width="400" /></a></div>
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<div style="background: white;">
<span style="font-family: Candara, sans-serif;">Buying a home is
a big step – one that should be carefully planned out and prepared for. Ideally
you should start preparing yourself and your finances for the purchase about
one year in advance. This is the first part in an article series designed to
give you a rough home buying preparation timeline. We will first take a look at
the things that need to be done the twelve to six months before you plan to buy
a home.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<b><span style="font-family: Candara, sans-serif;"><span style="font-size: large;">The Twelve to Six Month Countdown List</span><o:p></o:p></span></b></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
At this point, you know your goal is to buy a home. Now you need to figure out
what it is going to take to do so. There are three basic things that mortgage
lenders base your mortgage acceptance on: your credit score and history, your
debt-to-income ratio, and your assets.<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Credit</span></strong></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><b><br /></b>
Your credit report is a highly influential document these days. Lenders use it
as a reflection of your responsibility with credit sources. They also use your
credit score as a gauge of how much risk there are assuming by lending you
money. In fact, the interest rate that they will offer you on a mortgage is
often directly related to your credit score - the higher your score, the better
your rate. So your task is to start now to make your credit score as attractive
as possible to lenders. It generally takes at least six months for any credit
practice improvements to be reflected in your score, so don’t delay! </span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;">First,
pull a copy of your credit report and score from one or all of the three major
credit reporting agencies, TransUnion, Equifax, and Experian. With your report
in hand, scan the document for any blatant errors. Be sure to report these
immediately to the credit bureaus to have the information corrected. Next look
for reasons by your credit score may be lower than you want. Once you have
identified problems areas in your credit habits, it’s time to go to work! The
most important factors in improving your credit score include making very
punctual payments on all your credit accounts (you may want to consider setting
up automatic bill payments) and lowering the balances on all your credit
accounts. During the next year you should also steer clear of opening or closing
credit accounts, as this will generally bring down your score.</span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Debt-to-Income Ratio</span></strong></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><b><br /></b>
Your income is an important factor in obtaining a home loan. Lenders want to
make sure you have a stable, sufficient income to be able to support the
mortgage payments. Beyond simply determining your income, lenders will want to
know how you are using your income to see whether you could afford the loan.
Mortgage lenders often use the 28/36 rule in determining whether or not you
qualify for a loan. The 28 part of the ratio means lenders like to see that
your total monthly debts are equal to or less than 28 percent of your monthly
income. Those debts would include credit card payments, student loans, car
payments, etc. The 36 in the ratio means that lenders prefer that your total
debts plus your mortgage payment will not exceed 36 percent of your monthly
income. Some lenders will be more lenient on these percentages, but they are a
good rule of thumb. Starting a year before you want to buy, you should evaluate
your debt and make a plan for reducing it to within the 28/26 ratio. Reducing
your debt will also improve your credit score!<o:p></o:p></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Assets</span></strong></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;"><b><br /></b>
A third factor lenders will use in determining your eligibility for a home loan
is your assets. This next year should be a year of saving. Not only do you need
to save as much as possible for a good down payment, but you also have to be
prepared to pay for the loan closing costs (which could run anywhere from
several hundred to a few thousand dollars.) Once you actually get into a home,
there will be plenty of expenses related to the upkeep of the house. Plus some
lenders may even require that you have a couple mortgage payments’ worth of
money saved away in order to avoid default for awhile if you have some sort of
financial crisis or emergency.<o:p></o:p></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;">In
the next part of this series we will outline the important preparation steps to
take during the three to six months before you buy a home.<o:p></o:p></span></div>
<div style="background: white;">
<br /></div>
<div style="background: white;">
<br /></div>
<div style="background: white;">
<br /></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;">There are many
things that need to be done in order to feel confident on the day your home
loan closes. The first part of this article detailed the issues to be dealt
with during the six to twelve months before you buy, including improving your
credit score, reducing your debt-to-income ratio, and saving for all the
necessary fees. This portion will help you figure out the important steps you
need to during the three to six months before you plan on buying a home.<o:p></o:p></span></div>
<div style="background: white;">
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;"><span style="font-size: large;">THE SIX TO THREE MONTH COUNTDOWN LIST</span><o:p></o:p></span></strong></div>
<div style="background: white;">
<b><span style="font-family: Candara, sans-serif;"><br />
<strong><span style="font-family: "Candara","sans-serif"; mso-bidi-font-family: Arial;">Determine Your Price Range<o:p></o:p></span></strong></span></b></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
Now is the time to start figuring out just how much house you can afford to
buy. While it is great to fantasize about the size and layout of your dream
house, you have to determine how much of that dream house can fit into your
budget. You should realize that some lenders may be willing to qualify you for
a bigger loan than you can truly afford. It is up to you to decide on your
financial limits. You may want to use the 28/36 ratio discussed in the last
article to calculate how much your monthly mortgage payment should comfortably
be. Basically, your mortgage payment plus all your monthly debts combined
should be no more than 36 percent of your monthly income. So for example, you
earn $5,000 per month. Your monthly debts total $700. Thirty-six percent of
$5,000 equals $1800. Subtract your monthly debts ($700) from that total and you
have room in your budget for a $1100 monthly mortgage payment. Don’t worry; if
all this seems to confusing, almost any mortgage lender’s website provides a
handy calculator that will do the calculations for you.<o:p></o:p></span></div>
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Plan for Home-owning Costs<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
You started your home buying savings plan several months ago, but now you need
to calculate just how much it is going to cost to remain a homeowner. Find out
how much you will have to pay for property taxes and homeowners insurance. You
should also take into account the fact that if you are planning to move into a
bigger place, your utility bills will likely be larger as well. You should also
plan into your budget and savings plan for various home repairs that will need
to be taken care of. Once you figure out the total amount for all these
expenses you will have a better idea of what it will cost to maintain your
home.<o:p></o:p></span></div>
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Research the Loan Programs Available<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
Finally, this is also the time to start studying your options in terms of the
various loan products available. These days there are 4 different loan options available
to borrowers as far at the program type: <o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><b>FHA Mortgage</b>: A
government backed program that requires 3.5% down payment. <o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><b>Conventional Mortgage</b>
“Fannie Mae/ Freddie Mac Loan” : Require as little as 5% down. <o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><b>USDA Home Loan</b> “RD Loan” :
A loan option that doesn’t require any down payment, but has restrictions on max
income and property location. <o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><b>VA Home Loan</b>: Offers
up to a 100% financing, but requires the borrower to be veteran or active duty military.
<o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;">Research the
differences between fixed rate loans and adjustable rate mortgages. List the
pros and cons of each type of loan for your situation. After you understand the
basics you can dive into more specific programs. You can consider the choice
between a 30-year, 15-year, or even 20-year fixed rate loan. Or you may find
that you favor a Adjustable Rate Mortgage “ARM”. Once you have discovered your
preferences you will be prepared for the next stage of preparation: shopping
around for a mortgage.<o:p></o:p></span></div>
<div style="background: white;">
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;">In
the next part in this series wet will give you a run-down of the things that
you need to do two months ahead to the time the mortgage loan closes.<o:p></o:p></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
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<br />
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<span style="font-family: Candara, sans-serif;"> </span><strong style="background-color: transparent;"><span style="font-family: Candara, sans-serif;"><span style="font-size: large;">THE FINAL THREE MONTHS COUNTDOWN LIST</span></span></strong></div>
<div style="background: white;">
<strong style="background-color: transparent;"><span style="font-family: Candara, sans-serif;"><span style="font-size: large;"><br /></span></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;">The final part of
this article will walk you through a outline the important tasks to be done
starting from three months until you plan to <o:p></o:p></span></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background: white;">
<strong><span style="font-family: Candara, sans-serif;">Review
Credit<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
We have already discussed how important your credit report and score are in
obtaining a mortgage loan, so now is a great time to recheck your credit and
look again for errors that could be corrected before you apply for a home loan.
You should also try to find ways to decrease the balances on your existing
credit accounts as this will help beef up your score before application time.
Of course, continuing to make timely payments during this period is essential
to maintaining your credit score, so make sure you stay current in all your
accounts.<o:p></o:p></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<span style="font-family: Candara, sans-serif;">Another
word of caution: do not open or close any credit accounts from this point
forward until your mortgage closes. Opening more accounts make it look as if
you are desperate for more credit sources, while closing accounts might
increase your debt-to-available credit ratio, both of which may pull your
credit score down. Don’t do it!<o:p></o:p></span></div>
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Shop for the Best Lender and the Best Rate<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
Now is the right time to start shopping around for the right mortgage lender
with the right deal. Be sure to research what the current average interest
rates are for people with credit scores like yours. Then get quotes from
several different lenders and compare the interest rates and fess offered. It
is often more helpful to compare loans based on the annual percentage rate
(APR) rather than simply on the interest rate because the APR takes into
account closing costs, points, and other fees. It is a more accurate reflection
of the true cost of the loan.<o:p></o:p></span></div>
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<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Get Pre-approved<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
Once you have found a trustworthy mortgage lender who has offered you good terms
on a home loan, you should ask for a letter of pre-approval. This means that
the lender has sat down and thoroughly reviewed your income, debts, and assets
and is willing to promise you funding up to a certain amount. You can bring
this letter with you as you shop for homes. Sellers and real estate agents like
pre-approved buyers because they know they are serious and have the funding to
make good on their offer.<o:p></o:p></span></div>
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<span style="font-family: Candara, sans-serif;"><br /></span></div>
<div style="background-color: white; background-position: initial initial; background-repeat: initial initial;">
<strong><span style="font-family: Candara, sans-serif;">Shop for a Home<o:p></o:p></span></strong></div>
<div style="background: white;">
<span style="font-family: Candara, sans-serif;"><br />
Now comes the exciting step of selecting the right house for your needs. You
may want to enlist the services of a real estate agent to help you find the
right neighborhood and the home with all the features you are looking for. Once
you have located the perfect house, you can place your bid with confidence and
proceed on to the loan application process if your offer is accepted. Having
done all your homework and carefully prepared for this end goal will make for a
much less stressful purchase process!<o:p></o:p></span></div>
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<span lang="RO" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">About the Author: </span></div>
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<span lang="RO" style="font-family: "Calibri","sans-serif"; mso-ascii-theme-font: minor-latin; mso-hansi-theme-font: minor-latin;">ZFG Mortgage
headquarter in Tulsa, Oklahoma is the #1 rated mortgage lender in Oklahoma.At ZFG
Mortgage we pride our selves in offering the lowest mortgage rates at the
lowest closing costs. We have & A+
Rated rating with the Better Business Bureau & have been nominated &
won numerous awards like the BBB Torch awards and the BBB Honor Roll for NO
complaints in the last 3 years! If you are need of a Home loan in Oklahoma,
then go with the lender you can trust. Apply online or call 1-877-205-7266 for Free Rate quote
or Pre-Approval.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeqBTak_2_xUxhROyW_X551IffehwYZm4cAUEqWBeDjV_2RS0yugMw6s94IUTFU2BtJN-cRGa4t6l42lsd0bk6pUGMwF2-6zjpM_rYYnF_PGw72uzMsB0z1loTSEwF2Sle2z60LiDktsZo/s1600/mortgage-approval.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgeqBTak_2_xUxhROyW_X551IffehwYZm4cAUEqWBeDjV_2RS0yugMw6s94IUTFU2BtJN-cRGa4t6l42lsd0bk6pUGMwF2-6zjpM_rYYnF_PGw72uzMsB0z1loTSEwF2Sle2z60LiDktsZo/s200/mortgage-approval.jpg" width="200" /></a></div>
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<span style="font-family: Calibri, sans-serif;">ZFG Mortgage</span></div>
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<span style="font-family: Calibri, sans-serif;">6670 S Lewis Ave #200</span></div>
<div class="MsoNormal">
<span style="font-family: Calibri, sans-serif;">Tulsa, OK 74136</span></div>
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<span style="font-family: Calibri, sans-serif;">(P) 918-459-6530</span></div>
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<span style="font-family: Calibri, sans-serif;">(F) 918-459-6535</span></div>
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<span style="font-family: Calibri, sans-serif;">(Toll Free) 1-877-205-7266</span></div>
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Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com06670 South Lewis Avenue #200, Tulsa, OK 74136, USA36.06608 -95.95838800000001410.272433 -137.266982 61.859727 -54.649794000000014tag:blogger.com,1999:blog-3628349007371487599.post-49551859129987692332013-11-21T17:57:00.000-06:002014-07-08T02:56:38.877-05:00Common First-Time Home Buyer Mortgage Questions<div class="separator" style="clear: both; text-align: center;">
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh36-SYaeJd3GpdkzL6rq6UvqL6T8IMP7ttHrUEoxbtzflK-NIgHgOEK4ueJnkqHCysUW-o8fF2mFR3WdWwHGVe0iV6XRj7TXvaHxV5q2lvJBtn5vDien60KADN6gfwyMVfEjfQr6KRc8B_/s1600/Tips-for-First-Time-Homebuyers.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh36-SYaeJd3GpdkzL6rq6UvqL6T8IMP7ttHrUEoxbtzflK-NIgHgOEK4ueJnkqHCysUW-o8fF2mFR3WdWwHGVe0iV6XRj7TXvaHxV5q2lvJBtn5vDien60KADN6gfwyMVfEjfQr6KRc8B_/s1600/Tips-for-First-Time-Homebuyers.jpg" /></a></div>
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<span style="font-family: Calibri, sans-serif; font-size: 14pt;">If
you are considering your first home purchase, you probably have lots of
questions. There are many issues to consider and many confusing terms that you
will hear as you start the home-buying process. The following are some of the
more common questions that first-time home buyers have about mortgages and they
may help you in your quest for homeownership.<o:p></o:p></span></div>
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<div style="background-color: white; background-position: initial initial; background-repeat: initial initial; margin: 0in 0in 0.0001pt;">
<strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;">How
much money will I have to pay upfront to buy a home?</span></strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><br />
</span></b><span style="font-family: Calibri, sans-serif; font-size: 14pt;">The answer to this question is not a simple,
one-size-fits-all answer. The exact amount will depend on the price of the home
you buy as well the type of mortgage financing you choose. The basic costs for
any home loan though will include the down payment and the closing costs.
Depending on your loan program, your down payment could be as much as 20% of
the home's price, although there are loans available that require as little as 3.5%-5%, and even some loans that will let you get by with no down payment at all. Closing costs account for all the fees associated
with processing your loan. These include lender fees, appraisal, inspection fees, title feess, lawyer fees, insurance, and points. The typical range for closing
costs is between 3% and 6% of the loan value. So if you are buying a $150,000
home, your down payment could be anywhere from $0 to 30,000 and your closing
costs would likely be between $3,500 and $4,500.<o:p></o:p></span></div>
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<strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;">Can
I buy a home if I do not have money for a down payment?</span></strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><br />
</span></b><span style="font-family: Calibri, sans-serif; font-size: 14pt;">The answer is yes! In addition to no down payment
loans, you can also try getting a government insured loan like an FHA mortgage
where you can have down payment funds gifted to you. You can either arrange for
the home seller to cover the down payment costs, or you can contact one of
several non-profit organizations designed to grant down payment money to
first-time home buyers. And don't despair if you have little or no money for
closing costs either. </span><span style="font-family: Calibri, sans-serif; font-size: 14pt;">There
are gift programs available for closing costs as well. Another great option is
the 100% USDA mortgage. A USDA Loan is a mortgage loan that is insured by
the US Department of Agriculture and available to qualified individuals who are
purchasing a home in an area that is not considered a major metropolitan area
by USDA. In most city many suburban areas are considered rural so many buyers use this loan if they
do not have a down payments.</span><br />
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<span style="font-family: Calibri, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;">Will
I qualify for a home mortgage loan?</span></strong><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><o:p></o:p></span></div>
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<b><span style="font-family: Calibri, sans-serif; font-size: 14pt;"><br />
</span></b><span style="font-family: Calibri, sans-serif; font-size: 14pt;">The only way to determine the answer is to do some
research. You need to have some important figures handy. You need to know your
annual income, your annual or monthly debt payments, and an idea about what
your credit score is. (You can obtain a free copy of your credit report once a
year from any of the three credit reporting agencies.) Lenders are able to work
with a variety of financial situations, but they will definitely want to see
that you have income sufficient to afford a monthly mortgage payment and that
your current debt will not be so big of a burden that it keeps you from making
those payments. They will also expect that you have a credit score between a
certain range. There are lenders who will loan you money no matter what your
score is, but basically, the better your score, the better the loan and interest
rate you will receive.<o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 14pt;">Your
approval for a loan may also largely depend on the price of the home you are
buying. You may be able to qualify for funding, but just not for the amount you
are seeking. You may have to start with a smaller or cheaper home to get a
loan.<o:p></o:p></span></div>
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<span style="font-family: Calibri, sans-serif; font-size: 14pt;">There
are many, many more questions involved in making your first home purchase, but
answering these basics will help point you in the right direction. Be sure to
counsel with your financial advisor or a mortgage professional to determine all
the specifics for your situation.<o:p></o:p></span></div>
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<span lang="RO" style="font-family: Calibri, sans-serif; font-size: 14pt;">ZFG
Mortgage headquarter in Tulsa, Oklahoma is the #1 rated mortgage lender in
Oklahoma.At ZFG Mortgage we pride our selves in offering the lowest mortgage
rates at the lowest closing costs. We have & A+ Rated rating with the
Better Business Bureau & have been nominated & won numerous awards like
the BBB Torch awards and the BBB Honor Roll for NO complaints in the last 3
years! If you are need of a Home loan in Oklahoma, then go with the lender you
can trust. <a href="http://www.zfgmortgage.com/apply.php">Apply online</a> or call for Free Rate quote or Pre-Approval.<o:p></o:p></span><br />
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<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">ZFG Mortgage</span></span><br />
<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">6670 S Lewis Ave #200</span></span><br />
<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">Tulsa, OK 74136</span></span><br />
<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">(P) 918-459-6530</span></span><br />
<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">(F) 918-459-6535</span></span><br />
<span style="font-family: Calibri, sans-serif;"><span style="font-size: 19px;">(Toll Free) 1-877-205-7266</span></span><br />
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Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com06670 South Lewis Avenue #200, Tulsa, OK 74136, USA36.06608 -95.95838800000001436.06603 -95.958467000000013 36.06613 -95.958309000000014tag:blogger.com,1999:blog-3628349007371487599.post-27236516413408282432013-09-18T12:55:00.000-05:002013-09-18T12:55:30.896-05:00Basic Mortgage Terms Every First Time Home Buyer Should Know.<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRX9e_3QiuhYusbquYS-jw_Gv_ApWq17j6cKqzgsGcX-457O_sMtCHcDfYoEyIZiVuNb7CrQsQiqw4-WO-APp2AhoUbRu5IrAu1LMgh68xpaHooZyXjB3dEV0tHzGhzRDWIQ3My-Im2itL/s1600/images+(18).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRX9e_3QiuhYusbquYS-jw_Gv_ApWq17j6cKqzgsGcX-457O_sMtCHcDfYoEyIZiVuNb7CrQsQiqw4-WO-APp2AhoUbRu5IrAu1LMgh68xpaHooZyXjB3dEV0tHzGhzRDWIQ3My-Im2itL/s1600/images+(18).jpg" /></a></div>
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<span style="font-family: Trebuchet MS, sans-serif;">If it is your first time applying for a mortgage, there are a number of terms you should know. Educating yourself on the various mortgage terms you will run into will help you make better decisions when deciding which home you want to purchase. When you sign a mortgage contract, your home is used for collateral and it is your responsibility to make sure your payments are made on time each month.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">The first term you should know is <b>principal</b>. The principal is basically defined as the amount of money you borrow for your home. Before the principal is provided you will need to make a down payment. A <b>down payment</b> is the percentage you will put towards the principal. The amount of the down payment will often depend on the cost of the home. Once you pay off the principal, the home is yours.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">The next term you will need to know is interest. <b>Interest</b> is a percentage that you are charged to borrow a certain amount of money. Along with the interest rate, lenders may also charge you points. A <b>point</b> is a portion of the total funds financed. The principal and interest makes up the majority of your monthly payments, and this is a method that is called amortization. <b>Amortization</b> is the method by which your loan is reduced over a given period of time. Your payments for the first few years will cover the interest, while payments made later will be applied towards the principal.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">A portion of your <a href="http://www.zfgmortgage.com/glossary.php">mortgage</a> payments can be placed in an escrow account in order to go towards insurance, taxes, or other expenses. The next term you will hear a lot is taxes. <b>Taxes</b> are the amount of money that you have to pay to your state or government. When it comes to your home, these are known as property taxes. These taxes are used to build roads, schools, and other public projects. All homeowners must pay property taxes. </span><br />
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<span style="font-family: Trebuchet MS, sans-serif;"><b>Insurance</b> is another important term that you will hear in the real estate community. You will not be allowed to close on your mortgage if you don't have insurance for your home. Home insurance covers your home against floods, fire, theft, or other problems. Unless you can afford to repair your home if it is damaged, it is usually a good idea to get insurance for your home. If your home is located within a zone that is known for having floods, federal laws may require you to have flood insurance.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">If the down payment you put towards your home is less than 20% of the total value, you will often be charged & additional insurance by the lender Called Mortgage Insurance. <b>Mortgage insurance</b> is not Home Insurance, It is called Principle Mortgage Insurance or PMI. This is a insurance added to the loan to protect the lender in the event that you default on your loans and fail to make payments. Without Mortgage Insurance , many people would not be able to afford a house. Once you have paid off about 78% of the home, the lender will stop charging you insurance premiums in most cases.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">These are just a few of the basic terms you will need to know before your purchase a home. Understanding these terms will allow you to avoid many of the pitfalls that exist when purchasing a home by obtaining a mortgage. You want an interest rate that is low, and you should always try to get a fixed interest rate. This will allow you to focus your income on making payments towards the principal, and this will help you pay off the loan faster. A mortgage is the most important part of your financial situation, and you should always make sure you pick a home that you know you can afford. If you fail to make your payments, you may lose your house and worst of all ruin your credit which can take years to recover.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">If you are interested in obtaining a <a href="http://www.zfgmortgage.com/">home loan</a> in Oklahoma, Please give us a call today.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;"><b><a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a></b></span><br />
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<br />Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0Tulsa, OK, USA36.1539816 -95.99277535.7437026 -96.638222 36.564260600000004 -95.34732799999999tag:blogger.com,1999:blog-3628349007371487599.post-38574579468588766642013-08-29T16:50:00.000-05:002013-08-29T16:50:05.243-05:00How Getting Pre-Approved for a Home Loan First Makes Buying Easy?<div class="separator" style="clear: both; text-align: center;">
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Many people make the mistake of going house hunting without knowing exactly how a large a mortgage they can get. This leads to incredible frustration when a dream home is found, but you can’t get a loan. For some shoppers, the frustration and stress leads them to throw their arms in the air and give up on the process. While an understandable reaction, the stress and frustration can be greatly reduced by getting pre-approved for a mortgage loan.<br />
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Getting pre-approved by a lender involves going through the full mortgage application process. You are going to fill out all the forms, provide tax returns or salary verification, have your credit run and so on. The bank will do a full analysis regarding whether you are mortgage worthy. It will also lay out the specific requirements it expects you to meet including the down payment amount and the specifications your potential home must meet. To this end, the pre-approval process is always contingent on the appraised price of the prospective home and any defects found in the home inspection.<br />
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Once a lender approves you for a loan, a magical thing happens. The lender will issue a pre-approval letter. The lender letter indicates the bank has approved you for a loan, the specific amount of the loan and often how long the pre-approval will last.<br />
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The pre-approval letter is the golden egg in the home purchasing process. It gives you a significant advantage over other people bidding on the same home. Imagine you are a seller who receives to bids within a few thousand dollars of each other. One bid has a pre-approval letter from the lender and the other does not. Which are you going to choose?<br />
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Getting pre-approved also has additional benefits. As you go through the process, the bank may alert you to problems. You can then go ahead and take the necessary steps to fix the loans. Compare this to trying to get a loan while in escrow. You are under a lot of pressure to get the loan in a thirty or sixty day period. If you fail to get the loan, you lose your good faith deposit, which is often thousands of dollars. Obviously, that is a disaster.<br />
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Whenever possible, get pre-approved for a mortgage before shopping for a home. It will save untold amounts of stress and make the buying process much easier.<br />
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Call us today to start the mortgage pre-approval process<br />
ZFG Mortgage<br />
918-459-6530<br />
Toll Free: 1-877-205-7266<br />
<a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a><br />
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<br />Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0200 South Lewis Avenue, Tulsa, OK 74104, USA36.157542200000009 -95.95815219999997236.157492200000007 -95.958231199999972 36.157592200000011 -95.958073199999973tag:blogger.com,1999:blog-3628349007371487599.post-50531644262554517642013-04-24T13:42:00.003-05:002013-08-29T16:59:52.329-05:00The Cost Of Refinancing - What Costs To Expect When You Refinance Your Home Mortgage Loan<br />
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<span style="font-family: Trebuchet MS, sans-serif;"><a href="http://www.zfgmortgage.com/">Refinancing</a> can save you thousands, especially if you have several years left on your mortgage. However, you can also choose to refinance simply to tap into your home’s equity or reduce your monthly payments.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">“How much will it cost?” is a common question for homeowners considering refinancing their mortgage. While costs vary between lenders and loan amounts, the following will give you some guidelines to help you compare financing companies and their offers.</span><br />
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<b><span style="font-family: Trebuchet MS, sans-serif;">New Home Loan Fees</span></b><br />
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<span style="font-family: Trebuchet MS, sans-serif;">When you refinance, you are getting a new loan and paying for all those fees again. Fees, including application fee, appraisal fee, survey costs, attorney review fee, title search, and home inspection, will usually add up to around $1000 and $2000. That is in addition to the loan origination fee, usually 1%, and any additional points.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">Some lenders offer zero point loans and low refinancing costs but with higher interest rates. These types of financing packages make sense if you are concerned about initial costs and are willing to spend more over the course of your loan.</span><br />
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<b><span style="font-family: Trebuchet MS, sans-serif;">Loan Points</span></b><br />
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<span style="font-family: Trebuchet MS, sans-serif;">Each point equals 1% of the loan, which is due at the loan’s signing. So a point on a $100,000 loan would be $1,000. Besides the loan’s origination fee of 1% or more, you can also purchase lower interest rates with points. If you plan to stay in your home for over seven years, then you can probably save money with lower interest payments.</span><br />
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<b><span style="font-family: Trebuchet MS, sans-serif;">Locate Lower Costs</span></b><br />
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<span style="font-family: Trebuchet MS, sans-serif;">You can also sometimes locate a lower cost for your mortgage by comparing companies. The easiest way to do this is to request quotes online to compare interest rates and fees.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">You can also sometimes negotiate a lower interest rate or closing cost with your original mortgage company. It helps if you can tell them that you have found a better offer with another lender. But sometimes other lenders will have the better deal.</span><br />
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<b><span style="font-family: Trebuchet MS, sans-serif;">Different Loan Terms</span></b><br />
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<span style="font-family: Trebuchet MS, sans-serif;">A shorter loan term or a fixed rate mortgage can also save on long term interest costs. By picking a 15 year term loan, you can nearly cut your interest costs in half. You can also protect yourself from rising interest rates with an adjustable rate mortgage by converting to a fixed rate mortgage.</span><br />
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<span style="font-family: Trebuchet MS, sans-serif;">To apply for mortgage refinance in Oklahoma with the #1 rated mortgage lender in the state the last 4 years, log on to our site <a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a> or call 918-459-6530</span><br />
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<br />Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-72865271503991267332012-07-26T14:32:00.000-05:002013-08-29T16:59:21.952-05:00Mortgage rates for 30-year fixed loan hit new record low: 3.49 percent!!<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIZOyFygA-5xRs66i4r-TDGaf1Yyg1ESwHO7yL9GWswQOzn2lwQIapnhK7uSyiwR_D8A3nGgHSLU80cV2Tr2FFpw7JXNtjlNCLAPbieY-qHPYkghc-64T529IVu-M_srM1q25b3wnG3uyd/s1600/boston-mortgage-rates.png" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" height="300" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIZOyFygA-5xRs66i4r-TDGaf1Yyg1ESwHO7yL9GWswQOzn2lwQIapnhK7uSyiwR_D8A3nGgHSLU80cV2Tr2FFpw7JXNtjlNCLAPbieY-qHPYkghc-64T529IVu-M_srM1q25b3wnG3uyd/s320/boston-mortgage-rates.png" width="309" /></a></div>
Based on an article in the Washington post from 07-26-2012. The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.49 percent. That's down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That's below last week's previous record of 2.83 percent..The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks. Cheaper mortgages have helped drive a modest but uneven housing recovery this year.
Sales of new and previously occupied homes fell in June but were higher than the same month last year. Home prices have started to stabilize in many large markets. And builders are more confident and are putting up more houses than they have in nearly four years.
Fewer Americans signed contracts to buy homes in June, the National Association of Realtors said in a separate report Thursday. The group's index of sales agreements fell to 99.3, down from May's reading of 100.7.A reading of 100 is considered healthy. The index is 9.5 percent higher than it was a year ago. There's generally a one- to two-month lag between a signed contract and a completed deal.
Low mortgage rates could also provide some help to the economy if more people refinance. When people refinance at lower rates, they pay less interest on their loans and have more money to spend. Many homeowners use the savings on renovations, furniture, appliances and other improvements, which help drive growth.Still, the pace of home sales remains well below healthy levels. Many people are still having difficulty qualifying for home loans or can't afford larger down payments required by banks.The sluggish job market could deter some from making a purchase this year.U.S. employers added only 80,000 jobs in June, a third straight month of weak hiring. The unemployment rate was unchanged at 8.2 percent, the government reported last week. Slower job creation has caused consumers to pull back on spending.
Mortgage rates have been dropping because they tend to track the yield on the 10-year Treasury note. A weaker U.S. economy and uncertainty about how Europe will resolve its debt crisis have led investors to buy more Treasury securities, which are considered safe investments. As demand for Treasurys increase, the yield falls. To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.7 point, unchanged from last week. The fee for 15-year loans rose to 0.7 point from 0.6 the previous week.The average rate on one-year adjustable rate mortgages rose to 2.71 percent from 2.69 percent. The fee for one-year adjustable rate loans edged up to 0.5 point from 0.4 point.The average rate on five-year adjustable rate mortgages jumped to 2.74 percent from 2.69 percent last week. The fee was unchanged at 0.6 point.To find out the rates on a Oklahoma Mortgage Today. Log on to <a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a> or call ZFG Mortgage at 1-877-205-7266Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com06670 S Lewis Ave, Tulsa, OK 74136, USA36.0659126 -95.958063436.0643081 -95.9605309 36.067517099999996 -95.9555959tag:blogger.com,1999:blog-3628349007371487599.post-79801800450826327952012-05-04T13:15:00.001-05:002013-08-29T17:13:53.763-05:00Record Low Mortgage Rates: What to do nowAccording to a CBS Money Watch article from 05-04-2012 Mortgage interest rates have hit record lows. That's according to the most recent Freddie Mac survey of conforming mortgage rates released this week.<br />
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Rates on the 30-year fixed-rate mortgage averaged 3.84%, down from 3.88% last week and 4.71% a year ago. Fifteen-year fixed-rate mortgages averaged 3.07%, down from 3.89% a year ago and rates on 5-year Treasury-indexed adjustable-rate mortgages averaged 2.85%, which is down from 3.47% a year ago. You can get a survey and track mortgage rates at HSH.com.<br />
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Homebuyers who have applied for a mortgage should probably lock in their mortgage rate now. Homeowners who have a mortgage should consider their refinancing options, while mortgage rates are this low. Here are a few things for refinancers to consider:<br />
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Folks who can reduce their mortgage interest rate by at least one percent should look into their refinancing options. Also, if you have an adjustable rate mortgage, you should still think about this opportunity to lock in the certainty of a low fixed rate, even if your current adjustable rate is lower than the fixed rate.<br />
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If the lower payment of your new mortgage recoups the closing costs in 24 months or less and you plan to keep the home for at least that long, then refinancing can be worth it. If you refinanced in the last year or two, just be sure to consider any closing costs from your last refinance that have not yet been recovered.<br />
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Homeowners with larger mortgages should definitely look at refinancing again, even if they refinanced in the last year or two. The monthly savings from lower interest rates for larger mortgages are greater and can recover the costs of a refinancing more quickly.<br />
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Today's mortgage refinancing reality is that for folks who are unable to prove their income and assets with verifiable documentation will struggle to find any reasonable refinancing options. Expect to provide full documentation of income and assets with your mortgage application. This includes pay statements from the past three pay periods, three months of bank statements and tax returns for the past two years. Requirements may also include having cash in reserve equal to six to 12 months of mortgage, insurance and tax payments. In most cases, 70 percent of retirement account balances count towards this requirement.<br />
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If you can provide documentation of the income and assets required, your credit score is 700 or higher, have no late payments, your mortgage loan amount is less than 80 percent of the homes appraised value, and the loan is at the conforming limit (not more than $417,000 and up to $625,500 in designated High Cost Areas) then you'll have plenty of lenders offering attractive refinancing options.<br />
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Some borrowers will not be able to refinance: For folks who are working but are making a lot less than they were, or who are unemployed, refinancing is generally not an available option.<br />
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Don't wait to catch the bottom in mortgage rates: If your financial condition unexpectedly takes a turn for the worse (you lose your job, etc) while you wait, you may not qualify to refinance and could miss out on what could be the lowest mortgage interest rates you'll ever see.<br />
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If you would like a "FREE" Mortgage Check-Up, Log-on to our website or give us a call today! Act now before the rates to go back to normal levels!!<br />
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ZFG Mortgage<br />
918-459-6530<br />
<a href="http://www.zfgmortgage.com/">http://www.ZFGMortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-42026126826933293042012-02-02T13:51:00.001-06:002012-02-02T13:51:00.673-06:00Oklahoma Mortgage rates hit a new low: 30-year fixed at 3.87%According to a CNN Money Article from 2-2-2012<br />Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.<br /><br />The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.<br /><br />Frank Nothaft, vice president and chief economist at Freddie Mac said the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.<br /><br />The new record rates were "fortuitously timed" for the Obama administration to announce its latest refinancing proposal, said Greg McBride, senior financial analyst at Bankrate.com.<br /><br />The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration<br /><br />To Apply for a mortgage Refinance or Purchase and take advantage of the low rates today, log on to our website <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-71852653456021251012012-01-25T14:45:00.001-06:002012-01-25T14:45:47.513-06:00Oklahoma Mortgage Tips for the New YearThere is no time like the present to make changes to your Oklahoma mortgage loan, changes that could save you hundreds of dollars this year. You may already realize that you can save a lot in interest by refinancing your loan into one with a lower rate, due to the historically low current mortgage rates. You may also know that if you have paid down your home balance and acquired 20% equity in your property, you can save hundreds by canceling your private mortgage insurance policy ”PMI”. If you have an adjustable rate mortgage (ARM) that will be resetting this year, you may also know that refinancing into a fixed rate loan could save you from the impending “payment shock.” Even knowing all this, depending on your situation, there may be other valuable tips that can help you have a more productive mortgage this year. <br /><br />If you do not have a fixed rate mortgage or a traditional ARM, you may have an option ARM loan that is not a very common loan in today’s mortgage market. This type of a loan allows you to decide between four different payment amounts each month for a certain amount of time. It may be tempting to stick with the lowest payment option, but if you can at all afford it, try to make the monthly payment that would allow you to pay off your mortgage in 30 years. If you can’t make that payment every time this year, at least try to make the interest-only payment during those months that you cannot make the 30-year payment option. If you consistently make the minimum payment option, not only will you be making no contribution to your loan’s principal, but you will not be covering the monthly interest charges and the negative balance gets added to your loan total. This means your loan balance is actually increases, instead of decreasing each time you make the minimum payment! With today’s real estate property values decreasing due to the high amount of foreclosures & un-employment, If you are planning on staying in your home for many more years you should consider simply refinancing into a 30 or 15 year fixed rate mortgage loan to avoid the temptation to make the minimum payment. <br /><br />No matter what type of Oklahoma mortgage loan you have, it is often a good idea to make at least one extra payment to principle to further pay down the balance on your home loan. In fact, if you can consistently make one extra payment a year towards the principle balance on your loan, you will be able to pay off a 30-year mortgage loan in only 25 years, and in the process you will save yourself thousands in interest charges over the life of the loan. <br /><br />Another tip is to consider the lifestyle changes you expect this year. If you are adding a new family member to your household this year, whether it be a new baby or an aging relative, you may need to get a cash-out refinance or a home equity loan in order to add on that new room or make necessary repairs or remodeling. If you have a child leaving for college this year or simply moving out, you may want to make a financial plan to throw more money toward your mortgage than you could have realistically done before. Another common reason that home owners obtain a cash-out mortgage refinance is to do some debt-consolidation mortgage.<br />These types of mortgages help homeowners lower their monthly bills by taking all of their current loans and rolling them into one. This means that multiple loans are replaced with a single loan and that single loan usually becomes due over a longer period of time at a lower interest rate, therefore lowering the amount due per month drastically. This also makes it easier for homeowners to keep track of their bills with one easy payment. If you have credit cards, a car loan, and a student loan, it can become difficult to keep track of due dates. After consolidating your loans you no longer have to worry about keeping track of multiple due dates as well. <br /><br />Every homeowner’s mortgage situation is unique, but regardless of your particular home loan type, you should take some time to sit down and evaluate how your mortgage is working for you. Making some small changes may net you hundreds in savings this year!!<br /><br />Call or Apply online if you would like more details on any of the loans discussed in this article.<br />918-459-6530<br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-22533514693881236152011-12-12T14:14:00.001-06:002011-12-12T14:14:46.848-06:00Should you Choose a 15 Year Fixed Rate Mortgage in OklahomaIf you have been looking into buying a home or refinancing your current Mortgage in Oklahoma, you may have heard the term “15-year Mortgage” thrown around. While most Home Loans in Oklahoma are paid back over the course of 30 years, for those with the financial ability and budgeting skills, a 15-year fixed rate mortgage may be a much better option in the long run. <br /><br />A 15-year loan is just what it sounds like: a home loan that must be repaid back within a 15 year period. It has a interest rate that is fixed throughout the course of the loan. Because it has to be repaid twice as fast as a 30-year mortgage, the monthly payments will be greater on a 15-year loan. <br /><br />While this may sound too expensive for you to afford, you should realize that because the loan is shorter, you will be able to obtain a lower interest rate on the 15-year mortgage than you would on a 30-year mortgage in Oklahoma. This means you will pay less interest over the life of the loan since the term is shorter and because of the lower rate. This lower rate may help offset the higher monthly mortgage cost, but in most cases even with the rate decrees the monthly payment on the 15 years is higher. <br /><br />For example, let’s compare the difference in payments and interest between a 30-year $100,000 fixed rate loan at 4.5% and a 15-year $100,000 fixed rate loan at 3.875%. For the 30-year loan, your monthly payment would be $506.94. You would pay $733.44 a month with a 15-year loan. In terms of interest over the course of the loan, with the 30-year loan you would end up paying $82,404, whereas you would only pay $32,192 in interest with a 15-year loan. That is a savings of $50,212! <br /><br />Plus you would own your home free and clear at the end of those 15 years. Can you imagine the freedom? What would it be like to have no more monthly mortgage payments? For some, the savings benefit is definitely worth the higher monthly payment. <br /><br />Consider another benefit: With a fifteen-year Oklahoma mortgage loan you will be building the home equity much quicker than you would with a 30-year loan. This is because your initial payments go mostly to interest, but because the interest on a 15-year loan is so much lower and the payments you are making are greater, more of your money goes toward paying down the principal balance thus increasing your equity. If you decide to sell the house before your fifteen years are up, you will have more equity to put towards your next purchase. <br /><br />Perhaps you might think that you could do just as well by taking out a 30-year mortgage and making an additional $225 payment to principle each month. This is an option to consider for borrowers that don’t want to be obligated to make a higher payment each month. While this option won’t give you the ability to pay off the loan in exactly 15 years it will get you close, in most cases the home would be paid off in 17 to18 years if you followed the extra payment schedule for the life of the loan. But doing it this will not get you a lower interest rate, and the savings won’t be as significant over the life of the loan.<br /><br />If you think this Oklahoma mortgage program sounds like a good fit for your needs, talk with a mortgage professional to discuss your options. For as much as you would save, it is definitely worth exploring!<br /><br />Call or Apply online Today <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a><br />918-459-6530Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-13611976017580892322011-06-29T11:49:00.001-05:002011-06-29T11:49:37.927-05:00What?s a Reasonable Down Payment On A Home Purchase ?According to a recent New York Times article from 06-29-2011 pretty much everyone agrees it’s a good idea for home buyers to put some of their own money down when borrowing to buy a house. Having a stake in the property, the thinking goes, encourages homeowners to keep making payments on the mortgage.<br />But how much of a down payment is reasonable? Ten percent? Twenty? Five?<br /> <br />That question is part of a debate in Congress and among a cluster of federal regulatory agencies as they try to craft new rules for mortgage lenders following the housing debacle.<br /><br />As part of the financial reforms mandated last year by the Dodd-Frank law, the agencies, including the Federal Reserve, the Federal Deposit Insurance Commission, the Department of Housing and Urban Development and the Federal Housing Finance Agency, among others, must set criteria for what constitutes a reasonably safe, plain-vanilla mortgage.<br /><br />Lenders issuing such mortgages — what are to be called “qualified residential mortgages” — will be able to sell them to investors and avoid retaining any of the risk associated with a default of the loan on their own books. Loans that don’t meet the new standards won’t be considered qualified and will be considered riskier so the lender will have to retain 5 percent ownership. The goal is to encourage banks to thoroughly vet a borrower’s ability to repay the loan. In other words, the banks must have “skin in the game” for loans that don’t meet the standards by setting aside extra capital for possible defaults.<br /><br />The agencies proposed requiring qualified mortgages to have a down payment of 20 percent, but that idea provoked a firestorm of opposition from an unusual alliance of banks, real estate agents and consumer housing advocates. The Center for Responsible Lending, which has been vociferous in urging financial reforms to protect borrowers, argued that 20 percent down, or even 10 percent down, would price many homeowners out of the mortgage market. Many creditworthy borrowers would find it difficult to meet the down payment rule and would end up paying more for their loans because lenders would boost interest rates on their loans to cover their extra costs, the center argued.<br /><br />The group’s Web site has a chart showing the length of time it would take borrowers of different occupations to save enough for a 10 percent down payment. A public school teacher at the median salary of $33,530, for instance, would take 14 years to save enough cash to buy a $173,000 home.<br />Kathleen Day, spokeswoman for the center, said a borrower’s ability to repay a loan should be determined by thorough underwriting, that is, an assessment of risk through examining a borrower’s credit history, income and debt, by the lender.<br />“We’re not advocating for zero percent down,” says Kathleen Day, spokeswoman for the center. “We think down payments are good. But we think the market should set them, based on the underwriting.”<br />(Loans insured by the Federal Housing Agency, which can be obtained with small down payments, are exempt from the qualified mortgage mandates.)<br />Due to an outpouring of concern from the industry and consumer groups, as well as members of Congress, the regulatory agencies have extended the public comment period on the change to Aug. 1.<br /><br />What do you think? Is it reasonable to set a minimum down payment for home loans?<br /><br />If you would like to Apply for a mortgage in Oklahoma, Log on to our website at <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-9706504376973632872011-05-20T18:51:00.001-05:002011-05-20T18:51:07.592-05:00The 5 Most Important Facts Most Home Buyers Don?t KnowFor many things, people assume to know more than they actually do. This is especially dangerous in the home buying process. Recent Oklahoma Mortgage marketplace survey indicates that there are several aspects of the home buying process that continue to elude prospective home buyers. Here are some surprising results of our findings, along with five things most home buyers don’t know, but should:<br /><br />1. FHA loans & 100% USDA Loans are available to all buyers<br /><br />More than two in five (42 percent) prospective home buyers think that only first-time buyers qualify for an FHA & USDA loan, a mortgage insured by the Federal House Administration or by the United States Department of Agriculture. This is not the case. In fact, these loans are available to all buyers who meet eligibility requirements. Among the key attractions of FHA loan: a minimal or even no down payment in some cases, relaxed credit score requirements, low cost, and low interest rates. Key attractions of 100% USDA Loan zero down payment, relaxed credit score requirements, low cost, and low interest rates.<br /><br />2. Mortgage rates vary daily<br /><br />Fifty-five percent of prospective home buyers don’t realize that mortgage rates, which are determined by a slew of factors, can—and do—change daily (and sometimes more than once a day if certain economic reports are released). Just by monitoring rates, you could save yourself money. For example, a rate change of 0.125 percent to 0.25 percent could mean thousands of dollars in savings each year. To get the best rates, monitor them. The best indicator is the movement of the 10-year Treasury bond. And, don’t stop at the first rate you see—shop around.<br /><br />3. Lender fees change and are negotiable<br /><br />When you apply for a loan, the bottom line is that you’re going to have to pay lender fees. These fees—from origination fees to credit report fees to appraisal fees and more—can add up quickly. The good news, and what 34 percent of prospective home buyers don’t know, is that fees not only vary from one lender to the next, but that they’re negotiable. This is all the more reason to shop around for different mortgage rates from various lenders.<br /><br />4. Interest rates on ARMs don’t always reset higher<br /><br />While rates on adjustable rate mortgages (ARMs) do often increase after five years, they can also decrease. Prospective home buyers may not realize this because many people (57 percent) simply don’t know how adjustable rate mortgages work. The interest rate on an ARM is made up of two parts: the margin, which is a fixed percentage and the index, which goes both up and down with the general movement of interest rates. If you’re planning on living in a home only for a few years, an ARM could be a good loan option.<br /><br />5. Pre-qualified doesn’t mean much, Loan-Approved Does!<br /><br />Just because you have a “pre-qualification” for a home loan doesn’t mean you’ve secured financing, yet 37 percent of prospective home buyers believe it does. Most of the time when you’re “pre-qualified,” a lender has figured out approximately how much you can afford, but they haven’t run your credit or requested any sort of documentation to support/verify the information you provide. That is why it is so important to make sure your lender has fully approved your potential loan before you go out house hunting. <br /><br />To Apply online and get a “FREE” Full-Mortgage Approval, Log on to <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a><br />918-459-6530 or 1-866-205-7266Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-38838333664960245932011-05-05T23:56:00.001-05:002011-05-05T23:56:51.267-05:00Oklahoma Mortgage Rate Declines To Its Lowest Since JanuaryAccording to a Wall Street Journal article on 5-5-2011 the average rate on the 30-year mortgage matched its lowest level since mid-January this week, according to Freddie Mac's weekly survey released Thursday.<br /><br />The mortgage averaged 4.71% for the week ending May 5, down from 4.78% last week and 5% a year ago, according to the survey.<br /><br />Meanwhile, the 15-year fixed-rate mortgage averaged 3.89% this week, the lowest since the beginning of the year. It averaged 3.97% last week and 4.36% a year ago.<br /><br />Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.47% this week, down from 3.51% last week and 3.97% a year ago.<br /><br />And 1-year Treasury-indexed ARMs averaged 3.14%, down from 3.15% last week and 4.07% a year ago.<br /><br />To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the five-year ARM required an average 0.6 point and the 1-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.<br /><br />"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release. "For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April."<br /><br />But reports on the housing market were a bit more uplifting, he added.<br /><br />"The National Association of Realtors reported pending home sales rose in March for the second month in a row to the highest index reading since <br />November 2010," Mr. Nothaft said. "Also, the Federal Reserve reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening."<br /><br />Take advantage of the low mortgage rates, Apply online for a "FREE" Pre-Approval before its to late.<br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-50039237334965142352011-04-19T13:55:00.001-05:002013-08-29T17:14:41.760-05:00The Ultimate Spring 2011 Home Buyers' GuideAccording to recent USnews article uncertainty remains in the market, but experts say purchasing a home is still a good long-term investment<br />
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Traditionally, spring is when prospective home buyers come out of hibernation and begin the hunt for their next residence. But with the economy still in flux, budget battles raging in Washington, and a housing market on shaky ground, many house hunters are wondering whether it's the right time to buy.<br />
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The wild card remains home prices, which are still down 31 percent from their pre-recession peak in July 2006, according to the S&P/Case-Shiller Home Price Index. While some experts see another wave of foreclosures further depressing home values regionally, others say the worst of the housing slump is over. "I'm hopeful the spring will be better because the job market is improving," says Celia Chen, senior director at Moody's Analytics, who expects housing prices to bottom nationally by the third quarter.<br />
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Despite the uncertainty surrounding the housing market, experts say for Americans poised to plant roots, the market climate can't get much better. "Confidence is building, prices are down, interest rates are wonderful for a 30-year fixed rate mortgage. It's a good time to borrow money," says Dorcas Helfant-Browning, managing partner at Coldwell Banker Professional Realtors.<br />
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To help consumers sort through the pros and cons of buying this spring, U.S. News gathered house-hunting advice from the experts:<br />
Get qualified and determine your budget. Interest rates on 30-year fixed-rate mortgages are at historic lows—about 4.69 percent, on average, nationally—but experts concede that qualifying for a mortgage this spring might be more challenging than it has been in the past. "The big constraint on [housing] demand this year is going to be the availability of mortgages," says Chen. "Lenders are still being very cautious."<br />
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Although there are signs that the credit markets may be loosening a bit, even some of the most credit-worthy consumers may still be unable to snag the best interest rates on mortgages. Consumers with lower credit scores could also face higher down payment requirements, says Keith Gumbinger, vice president of mortgage information website HSH.com. "You'll need good credit to get the best pricing," he says. "We're talking about a FICO 740 or above for the best possible pricing."<br />
Would-be home buyers must jump through additional hoops, as lenders are demanding more financial documentation from applicants. "You need to be able to fully document your income and all your assets," Gumbinger says. "Your debt loads relative to your income need to be pretty low. You can't have the leverage you used to be allowed several years ago."<br />
Despite these obstacles, qualifying for a mortgage is an essential step, says Diann Patton, Coldwell Banker Real Estate consumer specialist. "Too many people put the cart before the horse," Patton says. "It's so important to know exactly what you qualify for and have that pre-approval letter in hand before you even look at houses."<br />
Knowing how much you can borrow to finance a home purchase is important, but it shouldn't be the only consideration when looking at your budget. "Look at what you qualify for and then what you really want to have as excess capital," says Helfant-Browning. "Provide yourself a savings plan, an entertainment fund, and give yourself a little cushion. Don't buy at the top of what you qualify for, but what's comfortable, so you can do all the other things in life you wish to do."<br />
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Think local, not national. Don't let national headlines about plummeting home values or foreclosure trends spook you, says Patton. "Real estate is not global, it's local," she says. "I could sit and talk to people from Wisconsin or New York or Manhattan, [and] their market could be 180 degrees different from my own market."<br />
Over the next year, experts say the trajectory of home prices will vary widely from region to region, state to state, and even city to city. For example, home values in Minneapolis are expected to increase 21 percent by 2018, while prices in Austin, Texas, are projected to rise only 8 percent, according to Moody's Economy.com.<br />
Prospective home buyers should pay extra attention to the local economy and job market when thinking about purchasing a home. "You need to look at the long-term economic prospects for your area. Not even just the housing market—what does job growth look like projected out? What does the population growth look like?" says Tara-Nicholle Nelson, a consumer educator for Trulia.com.<br />
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In general, markets with a diverse and varied economy are more likely to see the job and population growth that fuels home-value appreciation over the long term. "Places where you see big companies moving and creating a lot of jobs, that's where you want to be. It maximizes the resale prospects for your home," she adds.<br />
Do your homework. With so many resources available for house hunters, it's easy to get overwhelmed by an avalanche of information. Start by using online research tools such as Zillow, Realtor.com, and Trulia to get a broad sense of your market. Consider hiring a real estate agent with expert knowledge of the local community, but don't be afraid to get your hands dirty.<br />
"People should get more assertive about the DIY research and preparation they want to do," Nelson says. "We're seeing regular home buyers with spreadsheets. It's not that they're not looking to their professionals for advice, they just want to make sure they feel comfortable with it on their own."<br />
After looking at the big picture, drill down to more specific metrics by neighborhood, such as how long a home has been on the market, list-price to sell-price ratios of comparable properties, and the percentage of listings in a given market with price reductions.<br />
Although it's advantageous to have a good feel for your housing market, the decision should correlate more with your personal goals than any national trends or local statistics. "You have to make your real estate decisions and decide on your strategy based on your personal life and family vision more than anything that's going on in the market," Nelson says.<br />
Plan to stay put. During the housing boom, homeowners were virtually guaranteed to make money or at least break even on their homes, regardless of how long they owned the property. But the luxury of rapid price appreciation is another casualty of the financial crisis and housing market collapse. These days, would-be home buyers should avoid purchasing a home unless they plan to stick around for at least five years.<br />
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"People need to buy today because they're buying the family home," says Helfant-Browning. "This is not buying an investment you're going to live in for a year and flip. People need to be in five, seven, or eight years to break even."<br />
That length of time could be even longer in particularly hard-hit markets, Nelson says. "It used to be you could count on whenever you bought [a home], you'd be able to turn it around at, or more than, what you paid for it," she says. "Now, the more hard-hit your market has been by the real estate recession, the longer you should be comfortable staying put. The most powerful thing you can do to avoid locking in losses on your home is to plan to stay in it a long time."<br />
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Home prices are expected to appreciate slower than they have in the past, so the direction of your career—and the location you think you'll ultimately end up—are important factors in deciding whether to buy. "We've seen a lot of people struggling with mobility concerns around careers right now," Nelson says. "You really want to know what your career path and trajectory is going to look like for the next five, seven, 10 years, and if you're feeling like you need to be able to move around the country for work, then buying now is not the right idea."<br />
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While the housing market might look gloomy 10,000 feet up, experts say the financial advantages of home ownership still remain. "If you're going to pay to live in something every month, why not own it?" Helfant-Browning says. "By getting a 30-year fixed-rate mortgage, 10 years from now when the rents in the community are usually going to be substantially higher, the only thing that will change for you is your home owner's insurance and your real estate tax."<br />
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For more information regarding a Oklahoma Mortgage or to Apply online for “Free” Pre-Approval <br />
Log on to our website <a href="http://www.zfgmortgage.com/">http://www.zfgmortgage.com</a><br />
Or Call 918-459-6530Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-54965624120088226772011-04-19T13:40:00.001-05:002011-04-19T13:40:09.048-05:005 Ways to Save When Mortgage ShoppingAccording to a recent Zillow article.<br /> <br />Did you know that borrowers spend twice as much time researching a car purchase than they do a home loan, even though the average home costs five times more than the average car? It’s true. In a survey commissioned last year by Zillow and Harris Interactive, it was learned that the typical borrower only spends five hours researching their home loan, while car shoppers spend 10 hours.<br />As a result, borrowers can lose thousands of dollars in mortgage costs due to lack of preparation. To avoid losing out on your hard-earned dollars, here are a few tips to help you take control of the mortgage shopping process:<br />1. Get your finances in order. Before you even start mortgage shopping, assess your finances. Determine what you can afford. As a rule of thumb, the total cost of your mortgage payment — including any taxes and insurance—should not exceed 30 percent of your take-home pay. You’ll also want to get a good ballpark estimate of your credit score. Your credit score impacts your interest rate as well as your eligibility to get a loan. Currently, one-third of Americans cannot get a home loan because their credit score is below 620.<br />2. Pick the mortgage type right for you. There two main types of mortgages: Adjustable-rate mortgages (ARM) and fixed-rate mortgages. Adjustable-rate mortgages have fixed rates for a short period (usually 3, 5 or 7 years) and then readjust. These loans are generally considered riskier because the interest rate and payments can increase when the loan adjusts. However, if you are only planning on living in your house for a shorter period, these loans may make sense for you, especially because you’re likely to obtain lower rates.<br />A fixed-rate mortgage is just that—the rate is fixed. Many people like this type of loan because the interest rate stays constant throughout the period of the loan. With both fixed and adjustable-rate loans you can select various repayment periods. The most common term is 30 years, but if you can afford the higher monthly payments of a 20- or 15-year term loan, you will save money with the lower rate and quicker payoff period. The most important factors in selecting your loan type is the length of time you plan on staying in your home and your risk tolerance.<br />3. Take advantage of your 30-day window. There is no such thing as too many loan quotes. Borrowers may shy away from getting multiple loan quotes, fearing their credit will be impacted when multiple parties check their credit within a short period of time. However, you have 30 consecutive days in which multiple pulls of your credit score, or “rate shopping,” won’t affect your credit. With that in mind, take advantage of the 30-day window and get as many loan quotes as possible to get the best rates and terms. Note that in order to compare quotes apples-to-apples, it is important to get quotes from lenders around the same time as rates can change daily. It is always wise to double-check the rate you get from a single broker or bank to make sure you really are getting a good rate and that you find a lender that you trust.<br />4. Compare quotes. Getting loan quotes from multiple sources and comparing those quotes to choose the best loan seems time-consuming. But it doesn’t have to be. Much like what Kayak.com does for travel, there are many websites that allow you to enter your loan request information once and get loan multiple quotes back from multiple lenders, all on one screen.<br />5. Check the reputation of lenders and brokers. Whether you have already received loan quotes or are researching lenders to contact, do your homework by checking their background. Have they been in the business a long time? If found online, are they accessible? Do they have any third-party reviews and ratings? Reviews and ratings can be an invaluable resource because you can get unbiased feedback from people who have worked directly with the lender.<br />Remember that shopping for a mortgage could save you thousands of dollars—and who wouldn’t want to do that?<br />For more information regarding a Oklahoma Mortgage or to Apply online for “Free” Pre-Approval <br />Log on to our website <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a><br />Or Call 918-459-6530Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-72580174304986949562011-04-19T01:40:00.001-05:002011-04-19T01:40:21.815-05:00What It Takes to Get a Home LoanAccording to recent Kiplinger article Lenders loosen their grip, but your credit history will decide whether you get a mortgage, car loan or credit card.<br /><br />When the financial crisis hit, many banks became tightfisted, and plenty of potential borrowers walked away empty-handed. But financial institutions have emerged from the recession stronger and ready to lend. "Credit is available. No question about it," says James Chessen, chief economist for the American Bankers Association. "Banks are being careful because the economy is still weak, but I don't know a bank out there that's not anxious to make a loan."<br /><br />More from Kiplinger.com <br /><br />• 12 New Rules for Your Money<br /><br />• Making Sense of Financial Reform<br /><br />• Quiz: Financial Truth or Bunk<br />Keep in mind that from mortgages to car loans, your credit history and score matter more than they did prior to the crunch. Rates are at rock-bottom levels for borrowers with top-tier credit -- generally credit scores above 720. Before you shop rates, get your credit reports at www.annualcreditreport.com and check for errors. And buy your credit score from Equifax for $7.95 (or get a free score that's similar to the ones that lenders use from CreditKarma.com or other sites like freecreditreport.com). That way you can see where you stand before you apply for a loan.<br /><br />Mortgages: Stricter Rules<br /><br />Mortgage lenders want to make loans now, and they may even bid against one another for your business. But lending standards remain tight, and you must be prepared to produce a mound of paperwork to document your income and assets.<br /><br />Rates are as low as they were in the 1950s, so going through the motions could pay off. In mid September, the average interest rate for a 30-year, fixed-rate conforming loan -- a mortgage of $417,000 or less -- was 4.5%, according to HSH Associates, a mortgage-tracking firm. The initial rate for a 5/1 adjustable-rate mortgage (a fixed rate for five years, followed by annual adjustments) was 3.6%.<br /><br />Fannie Mae, Freddie Mac and the Federal Housing Administration continue to dominate the mortgage market, setting the standards for the loans that lenders make and sell to investors. So lenders strive to dot every i and cross every t when they qualify you.<br /><br />If you're buying or refinancing the mortgage on your primary home, you'll need a minimum down payment of 5% to 10% for a conforming loan or 10% to 15% for a conforming jumbo loan (125% of a metro area's median home price, up to $729,750). With 20% or more down, you avoid private mortgage insurance, which typically costs 0.5% to 1.5% of your loan amount per year.<br /><br />Fannie Mae and Freddie Mac allow a minimum credit score of 620 if you have at least 25% equity in the property or a score of 660 with equity of less than 25%; you'll get the best rate if your score exceeds 720. The FHA will soon require a minimum credit score of 580 to qualify with a down payment of 3.5%, but FHA lenders often impose a higher minimum score of 670.<br /><br />In addition to your credit, lenders will also scrutinize your ability to pay, starting with your ratio of debt to income. Monthly housing expenses (principal, interest, taxes, hazard insurance, private mortgage insurance and association fees) shouldn't account for more than 28% of gross monthly income. Total debt shouldn't exceed 36% of gross income, but in some cases lenders stretch the maximum to 45%.<br /><br />Chris Bennett, a loan officer with HomeServices Lending, in Charlotte, N.C., says that he surprises borrowers "all the time" with preapproval of their loan when they aren't expecting it. Even people with lower credit scores may qualify if they have stable employment, a history of paying rent and credit lines on time, and money in the bank or in a retirement account.<br /><br />However, Bennett also counsels some borrowers to delay their home purchase long enough to improve their credit score, eliminate debt, get a raise and save more money. They might earn a better interest rate, improving their buying power. Plus, he says, "it's not good to lay out every bit of cash you have if you won't have money for a rainy day."<br /><br />Prove it. At a minimum, you must supply your pay stubs for the past 30 days and W-2 forms for the past two years. Lenders will want to see bank, retirement-account and investment statements for the past 60 days. Bennett says three types of borrowers will face additional requirements:<br /><br />If you're self-employed or if 25% or more of your income is from commissions or bonuses, you must provide two years of tax returns. Lenders will average your income over the past two years to figure your debt-to-income ratio. If you have pursued opportunities to reduce your taxable income, you may not have sufficient income to qualify even though you may have a lot of money in the bank. Community banks, credit unions and other lenders that typically keep their loans on their own books are the best bet for borrowers with low incomes and high assets, says Bennett.<br /><br />If you want to rent out your home and buy a new one, you must provide a signed lease for a minimum of 12 months. You can use only 75% of rental income to help qualify for the mortgage, and you must have at least 30% equity in your former home.<br /><br />If you and your spouse are relocating for work and your spouse doesn't have a job yet, you must qualify for the loan based on one income unless your spouse has a signed agreement with an employer to begin work within 45 days of closing the loan.<br /><br />Even if you qualify, you can throw a monkey wrench into the final loan approval if you take on new debt that could affect your credit score or your debt-to-income ratio. Some lenders pull another credit report just before closing. Another possible sticking point is the appraisal. Overly generous appraisals helped to fuel the housing bubble. Now, miserly ones may thwart your closing, says Guy Cecala, publisher of the newsletter Inside Mortgage Finance. Lenders will estimate the value of your home conservatively, and appraisers are generally following suit, especially if the local market is in flux.<br /><br />Home Equity: Lower Limits<br /><br />Several years ago, home values were rising so rapidly that you could build a pile of equity practically before the ink was dry on your settlement papers -- and then borrow against it to pay for everything from home repairs to college tuition. But as prices have tumbled, lenders have tightened their criteria for approving fixed-rate home-equity loans and variable-rate lines of credit.<br /><br />More from Kiplinger.com <br /><br />• 12 New Rules for Your Money<br /><br />• Making Sense of Financial Reform<br /><br />• Quiz: Financial Truth or Bunk<br />Now in most cities you'll be able to borrow no more than 80% of the appraised value, less the mortgage. In some cities you may get away with 90%, says Keith Gumbinger, of HSH Associates. But in areas where prices have plummeted, such as parts of Florida, Nevada and California, the loan-to-value ratio goes as low as 60%.<br /><br />You'll need a credit score of at least 720, as opposed to the 650 to 680 you could get away with a few years ago. And as with first mortgages, you'll have to document income and assets. Interest rates depend on the amount you borrow and your location. Recent rates averaged about 5.3% on home-equity lines of credit and 7.4% on loans, according to HSH.<br /><br />Car Loans: Better Rates<br /><br />When you need to borrow money to buy a new set of wheels, credit isn't the major stumbling block anymore. Loan approvals are up from last year in every credit category, according to CNW Research. "Most people have good enough credit to qualify," says Greg McBride, of Bankrate.com. "The down payment is what's problematic for people without a lot of savings." Lenders are looking for 10% down on a new car and 20% for used cars.<br /><br />The average rate from the manufacturers' finance companies was 4.5% in August, versus 6.9% in January 2009. Automakers and their finance companies, desperate to prop up sales, are aggressively promoting low-rate loans on new cars for top-tier borrowers. Expect to see 0% offers on 2010 models as dealers clear their lots for the 2011s. And even though the new model year is still fresh, rates as low as 1.9% and 2.9% for 60 months recently made up a sizable number of offers.<br /><br />Low rates aren't limited to new-car buyers. After welcoming their first child, Andrea Hewitt and her husband, Josh, decided "it was time to grow up." They traded in the 2004 Honda Accord coupe Andrea had bought when she was single for a more family-friendly 2008 Nissan Altima sedan. The dealer offered a loan at 5% for five years, which the Hewitts bargained down to 4.29%. If they had purchased the extended warranty, the dealer would have knocked the rate down to 0.9%. The trade-in took care of a chunk of the loan balance, and the Hewitts put down another $1,500 to keep their payments low. While the best financing deal is often at the dealer, make sure you have a backup plan in case you don't qualify for the lowest rates. At big banks, good credit will get you rates below 4% for five years on new cars and about 4% to 5% for used cars. Some credit unions are beating even those rates. If you don't belong to a credit union, you can probably find one for which you're eligible at www.creditunion.coop.<br /><br />Credit Cards: High Scores<br /><br />Despite fewer credit-card delinquencies, most large issuers have not relaxed their standards; they continue to require higher credit scores and offer lower credit limits than before the recession. If you have fair or poor credit, you'll have a tough time qualifying. Even if you have a credit score of 740 or 750, you would be approved for a credit card but might not qualify for the lowest rate, says Bill Hardekopf, of LowCards.com.<br /><br />If you have excellent credit, whether or not you qualify for the lowest rate, your mailbox has probably been peppered with credit-card solicitations. Mintel, a market-research firm, expects issuers to send out three to four billion offers this year, compared with two billion a year ago, most of which will be for rewards cards. A lot of rewards cards have attractive perks, but now you're more likely to be charged an annual fee (often waived for the first year). Teaser rates as low as 0% are also making a comeback, although balance-transfer fees at many banks have risen to 5%.<br /><br /><br />To qualify for the best offers, pay on time, even if it's just the minimum. You could receive a reminder -- and a spike in your interest rate -- if your payment arrives even one day after the due date. If your card issuer lowers your credit limit, you may receive a separate notice or see it announced in your monthly statement. Many issuers no longer charge over-limit fees, but with others, exceeding your limit can cost up to $29 in fees and will probably mean an increase in your interest rate.<br /><br />Hold your balances below 30% of your total credit limit. If your charges creep above that ratio, it's a red flag that lowers your credit score and could prompt the issuer to raise your rate (you must receive 45 days' notice). It's better not to close accounts because you increase the ratio of your outstanding balance to your available credit, which can hurt your credit score. Issuers can no longer charge inactivity fees, but if you are being charged an annual fee for a card you no longer use, it's worth it to close the account and take a small hit on your credit score.<br /><br />Log online to our website for more info regarding Oklahoma Mortgages<br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-72949844822710278152011-04-19T01:32:00.001-05:002011-04-19T01:32:24.582-05:009 Items Homebuyers Desire in 2011According to Yahoo Finance Article Today's homebuyers want it all.<br /><br />Some items on the shopping list: a home in great condition with rooms that can do double duty. Areas that mingle indoor and outdoor living -- patios, porches, decks and outdoor rooms -- are always a plus. And so are those features that offer a little luxury, like garden tubs, first-rate appliances and high-dollar countertops.<br /><br />More from Bankrate.com: <br /><br />• What Will $200,000 Buy?<br /><br />• Use Your Capital Losses to Cut Taxes<br /><br />• 4 Questions to Ask Before Buying a Home<br />They're also going back to basics: searching for solid, well-maintained properties that will give them their money's worth.<br /><br />"I think this year they're buying properties that are in good mechanical condition that have inherent value," says Ron Phipps, president of the National Association of Realtors.<br /><br />But more than anything, buyers want to drive a hard bargain.<br /><br />[Click here to check home loan rates in your area.]<br /><br />They want "great deals," says Patricia Szot, president of the MetroTex Association of Realtors. "And no matter where a seller prices their property, they're looking to negotiate."<br /><br />Here are nine items popular with buyers this year:<br /><br /><br />Homes in Good Condition<br /><br />Buyers demand homes that are well maintained, Phipps says. "There's not a lot of flexibility in that." The attitude is: "I'd rather spend the money getting into the house" and not have to spend more money later, he says. Buyers don't want an unknown expense hanging over their heads.<br /><br />Pat Vredevoogd Combs agrees. "I'm not working with too many people who want a fixer-upper," says Combs, past president of the National Association of Realtors and vice president of Coldwell Banker AJS Schmidt in Grand Rapids, Mich.<br /><br />One big reason: With most transactions, "buyers have limited amounts of cash," Phipps says. "Even if they want to do a fixer-upper, they don't have the money to do it."<br /><br />"Buyers have enough money to buy," he says. "They don't have enough money to buy and improve. And the lenders make it really difficult."<br /><br />Rock-Bottom Bargains<br /><br />Buyers "are more focused on negotiating, drawing limits in their mind and focusing on the strategy," says Justin Knoll, president of the Denver Board of Realtors.<br /><br />Some of it is a point of pride, he says. "They want to tell their friends and family that they really got a smokin' deal."<br /><br />They "want value," says Alice Walker, president of the Greater Nashville Association of Realtors. "They are very picky. They're just a lot more critical. They are not going to settle because they know they don't have to."<br /><br />Her advice to sellers: Repair, update, clean and stage. "You have got to remove every obstacle possible for the buyers," Walker says.<br /><br />The more-for-less approach even holds when buyers consider bank-owned properties, says Joan Pratt, real estate broker, Re/Max Professionals in Castle Pines, Colo. "They want the short sales and the foreclosures and they want them to look like they're owner-occupied," she says. "They don't want to paint. They don't want to put carpet in. They don't want to clean."<br /><br />And they're surprised when they don't find it, Pratt says.<br /><br /><br />Outdoor Living Areas<br /><br />"The thing that we've seen over the past couple of years is more outdoor living areas," says Laurie Knudsen, president of the Charlotte Regional Realtor Association. Some popular features: Screen porches, outdoor kitchens, two-way fireplaces.<br /><br />"It's a selling point if a house already has it," she says. And "it's going to make it more competitive on the market."<br /><br />Incentives<br /><br />Call it "Rock-bottom deals, part two."<br /><br />Along with pricing, "it's all about incentives," says Mabel Guzman, president of the Chicago Association of Realtors. To pique buyer interest, sellers offer everything from gift cards for new furniture and paint to financial assistance at closing.<br /><br />Szot agrees, and laments that it's made the road more difficult for sellers.<br /><br />"Not only are (buyers) asking them to lower the price, but they are asking for a lot more," Szot says. "So negotiations are a lot more difficult now."<br /><br />Practical Green Features<br /><br />Call it "Yankee frugality," says Phipps. But what he sees on buyer shopping lists is a home that is easy on the planet because it's easy on the wallet.<br /><br />Buyers are looking for things like triple-glazed windows, high-efficiency boilers and energy-efficient appliances. "The buyer of today wants to make sure that the ongoing operating costs of the house are as controlled and economical as possible," he says.<br /><br />Another popular item: nontech green features. Buyers are looking at the sun exposure in relation to energy efficiency, he says. And that's something that will vary with the area and region, he says. "In some areas, you want larger overhangs to minimize the sun," Phipps says. "In my area (New England), lots of windows on the southern side to maximize the sun would be smart."<br /><br /><br />Open Kitchens<br /><br />"The wall between the kitchen and the family room is evaporating," Phipps says.<br /><br />"The kitchen is becoming part of the gathering space," he says. "And it's ironic -- it's the way it was 300 years ago. We've come full circle."<br /><br />Repurposed Materials<br /><br />Buyers like a material that looks or feels natural, even if it's not the genuine article, Phipps says. For example, "granite (for counters) is still popular, but it doesn't have to be granite," he says. "It can be stone, another natural material or something that looks like stone."<br /><br />"We're seeing lots of different materials and lots of reusable materials, which is interesting," he says. "Also a lot of unusual uses of hardwood -- like pine flooring (reclaimed and) reused for counters," or terra cotta slabs -- beautifully glazed -- used for countertops, he says.<br /><br />Smaller, Less-Formal Homes<br /><br />Buyers are buying smaller homes, but they want to be able to use and reuse every inch of space, Phipps says. "They are being much more strategic and efficient with how they use it."<br /><br />Formal spaces that might only be used three or four times per year are disappearing. "The slipcover rooms are gone," says Phipps.<br /><br />That's "led to a repurposing of space," he says. Formal living rooms have been added to great rooms or converted into home offices or entertainment rooms.<br /><br />"Three to five years ago, if they could get a loan that would get them into a McMansion with stone and tile and brick and more rooms than they needed, they would do it," says Jeff Wiren, president of the Portland Metropolitan Association of Realtors. "Now they're saying 'I don't know if I want to heat that place and clean it.' They're being much more realistic."<br /><br /><br />Touches of Luxury<br /><br />Buyers like luxury. And sometimes the amenities that convey that feeling of living large are relatively simple or inexpensive.<br /><br />One example: coffee bars in the master bedroom. "It's like a butler's pantry in your bedroom," Pratt says. "An area for your coffee pot and accoutrements and a little fridge."<br /><br />The feature has been popular, especially in high-end homes, for about five years, she says.<br /><br />Another luxury touch: high-dollar finishes in less-expensive homes, Knoll says. Granite counters and stainless steel appliances, marble tiles in the bathrooms and vessel or undermount sinks continue to impress, he says.<br /><br />Buyers also like "a living space where you can have barstools and do some entertaining," he says.<br /><br />Says Knoll, "There is a sex appeal about housing, and they do get excited about those kinds of things."<br /><br />To Apply for Oklahoma Home Loan log on to our website.<br /> <br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a> <br /><br /> "FREE" Pre-ApprovalAnonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-3051405165634647592010-12-21T13:12:00.001-06:002010-12-21T13:12:09.940-06:00Your Initial Meeting With a Mortgage Professional at ZFGThe loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You will need to send information to us to verify your income and long term debts. <br /><br />You may prefer to talk ZFG before house hunting to determine in advance how much you can afford and the mortgage amount for which you can qualify. This step is called pre-qualification and can save you time and trouble by making certain you are looking in the correct price range. <br /><br />To complete the 1003 Mortgage Application, you will need to gather: <br /><br />• A purchase contract for the house (if you have one) <br /><br />• Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months <br /><br />• Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification <br /><br />• Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt <br /><br />• Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards <br /><br />• Balance sheets and tax returns, if you are self-employed <br /><br />• Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid. <br /><br />Having these items on hand when you visit the mortgage company will help speed up the application process. Usually an appraisal fee will have to be paid when you submit the mortgage application. After you speak with us, you should have a general idea if you qualify for the size and type of loan you want. After the mortgage application, we will let you know if you qualify for the loan within a couple of days. <br /><br />If you would like more information regarding the loan process or would like to get Pre-Approved<br />Log-On to our website at <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a><br />or call 1-877-205-7266Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-74904911802402594462010-12-20T16:55:00.001-06:002010-12-20T16:55:23.828-06:00How To Improve Your CreditIf you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory. <br /><br />1. If you are currently in excess debt, there are four ways to control it: If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non-secured signature loan, obtaining a loan from a relative, selling your home and paying off your debts with the proceeds and then renting, cashing out your 401K/retirement benefits or selling family heirlooms, jewelry, etc. <br /><br />2. If your credit is already damaged or one of the above isn't an option, go through Consumer Credit Counseling Services (CCCS). Check your yellow pages for the local number. CCCS may be able to help you pay off your debts as if you were in a Chapter 13 bankruptcy, but you don't actually file for bankruptcy. <br /><br />3. If CCCS won't take you, you may want to consider bankruptcy. Claiming Chapter 13 bankruptcy takes longer than a Chapter 7, but your credit will end up in a little better standing. Chapter 13 bankruptcy gives you up to 5 years to pay off your debts. The disadvantage is that you're in bankruptcy for up to 5 years plus your credit report shows your bankruptcy for 7 more years after you have finished paying off your debts. <br /><br />4. If you are so far in debt that you can never repay it, then the best solution may be a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is the least desirable from a credit standpoint, but you are typically out of bankruptcy in 6 months and you don't have to repay any debt. The disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy. Creditors are starting to tighten their credit requirements, and you may have a tough time getting future financing. <br /><br />If you're debts are under control now, but want to improve your bad credit history, the most important factor is to make your monthly payments on time. Use pre-addressed envelopes enclosed with your statements to mail your payments and call the company if you don't receive your usual statement. Also send your payment as early as possible if you carry a balance. Most companies calculate interest on a daily basis, so the sooner they receive your payment, the less interest you'll pay. <br />Don't procrastinate. It's the day your payment is received that counts, not the postmark date. Give the post office sufficient time (five business days is a good guideline) to deliver your mail. Late payments may mean late fees, higher interest, and/or a negative mark on your credit report. <br />Never send cash. Open a checking account if you don't have one, or spring for a money order and keep your receipt. Finally don't forget to tell your creditors your new address when you move. <br />If you are worried about making payments, make a list of your debts and when the payments are due. Contact your lenders immediately if you think you will have trouble meeting the monthly payments to arrange a payment schedule. <br />Taking money from your retirement account or tapping the cash value of your life insurance policy to pay bills or living expenses may have serious implications you haven't considered, so try to get advice from an expert before you take any major financial actions. <br />Credit cards can be invaluable in a crisis, since they allow you to charge items and pay them off over time. But they can also be dangerous if you aren't careful and charge more than you can afford. If you do use credit cards, choose those with the lowest interest rates and pay them back as soon as you can to cut your costs. <br /><br />Call or Apply Online Today!<br />918-459-6530<br />Toll Free 1-877-205-7266<br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-34247701012415505142010-12-20T14:27:00.001-06:002010-12-20T14:27:35.980-06:00Mortgage Rates Improve at the start of New Week 12/20/10December 20, 2010 <br /><br />After last week’s fluctuations in mortgage rates, this week has started on a good note with mortgage rates seeing overall improvements in pricing.<br /><br />All of the current conforming mortgage rates have dropped .125% from Friday. Today’s 30 year fixed mortgage rate is 4.750%, the 15 year fixed mortgage rate is 4.125% and the 5/1 ARM is 3.250%. These are the best mortgage rates available with 1% origination point to borrowers who have maintained excellent credit and approval status.<br /><br />Today’s FHA 30 year fixed mortgage rate is 4.500% which is .125% lower than last week and still slightly lower than the 30 year conforming mortgage rate. The 15 year FHA fixed mortgage rate is 4.000% and the FHA 5/1 ARM is 3.250%, both remaining the same from last week. FHA mortgages have higher closing cost (APR) due to applicable FHA fees and an upfront mortgage insurance premium charged at closing.<br /><br />Jumbo mortgage rates had mixed results today. Today’s 30 year jumbo mortgage rate is 5.250%, which is a decrease of .250%. The current 15 year jumbo mortgage rate remains the same at 5.000%. The jumbo 5/1 ARM is 4.125%, which is an increase of .125%.<br /><br />Today’s Well’s Fargo Oklahoma 30 year fixed mortgage rate also saw improvement and is currently 4.875% (5.065% APR) which is a decrease of .125%.<br /><br />MBS (mortgage backed securities) prices are up today +9/32 (FNMA 30 yr 4.5 at 102.11), approximately 28/32 higher than Friday. Mortgage rates are driven by MBS prices and move in the opposite direction. While the end of December is normally an unpredictable period, the first half of this month has already proved to be erratic with prices that have fluctuated in both directions.<br /><br />ZFG Mortgage surveys more than a dozen wholesale and direct Oklahoma lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 1 point origination. <br /><br />For more info log on to <br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-77571349727077693652010-12-16T14:30:00.001-06:002010-12-16T14:30:51.079-06:00Mortgage Rates Jump to 7-month high, Lock in before its to late!According to an article in the Wall Street Journal’s Market Watch on 12-16-2010— Mortgage rates jumped again this week, with rates on the 30-year fixed-rate mortgage reaching a seven-month high and the 15-year fixed-rate mortgage above 4% for the first time since the end of July, according to Freddie Mac’s weekly survey of conforming mortgage rates.<br />“Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields and mortgage rates have followed,” said Frank Nothaft, chief economist of Freddie Mac, in a news release.<br />Interest rates on the 30-year fixed-rate mortgage averaged 4.83% for the week ending Dec. 16, up from 4.61% last week. The mortgage averaged 4.94% a year ago.<br />Fifteen-year fixed-rate mortgages averaged 4.17%, up from 3.96% last week. The mortgage averaged 4.38% a year ago.<br />Adjustable-rate mortgages also rose, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.77%, up from 3.6% last week. The ARM averaged 4.37% a year ago.<br />And 1-year Treasury-indexed ARMs averaged 3.35%, up from 3.27% last week. The ARM averaged 4.34% a year ago.<br />To obtain the rates, all mortgages required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.<br />“The growth in retail sales excluding automobiles in November was twice that of the market consensus forecast. Industrial production showed the biggest gain in November since July, according to the Federal Reserve Board. And consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose to a six-month high in December,” Nothaft said.<br />“As a result, interest rates for 30-year fixed mortgages this week were the highest since the week of May 20 of this year,” he said.<br />Housing starts also showed a modest rebound in November, the Commerce Dept. said Thursday. See Economic Report on housing starts.<br />And foreclosure activity took its biggest drop in nearly six years and filings fell under 300,000 in November, RealtyTrac said Thursday<br />Reversing course?<br />But it’s possible that rates will head lower in the weeks ahead, said Paul Anastos, president of Mortgage Master, an independent mortgage lender based in Walpole, Mass.<br />“I don’t think we will hit the lows that we did hit, but I think the rates will bounce back,” Anastos said. “I don’t see enough good economic trends to say that the rates will stay high.”<br />Those in the market to buy a home shouldn’t change their approach as a result of higher rates, he said. More important to prospective buyers is whether they have a job, are confident they’ll keep it and are sure that the home is affordable for the long term, he added.<br />But for those in the market to refinance, act now if it will save you money or — if you also believe that rates could reverse course — get your paperwork in order before rates do drop so you’re ready to take action when it’s time, Anastos said.<br />“There are definitely a lot of people who missed the opportunity,” he said. When rates are near record lows for such a long stretch, “you almost get complacent that the rates will continue to stay low.<br />If you are looking to refinance or purchase a home, now is the time to act and lock in rates before they incress even more.<br /><br />For a “Free Pre Approval or Mortgage Check-up” Log on to <br /><a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a><br />Oklahoma Mortgage SpecialistAnonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0tag:blogger.com,1999:blog-3628349007371487599.post-7316307098276231772010-11-29T14:08:00.001-06:002010-11-29T14:08:12.364-06:00F.H.A. Rule Changes for Mortgage BorrowersAccording to article from the New York Times on 11-28-10 HOME buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration.<br />Related<br /><br />More Mortgages Columns<br />New rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the F.H.A., which is part of the Department of Housing and Urban Development.<br /><br />One change raises the annual insurance premium, paid monthly by the borrower, setting it at 0.85 percent to 0.9 percent of the loan balance, depending on the down payment or equity owned; the amount used to be 0.5 percent to 0.55 percent. The other change lowers the one-time upfront insurance premium that borrowers must pay, to 1 percent of the loan balance from 2.25 percent.<br /><br />The upfront premium is paid in a lump sum at closing or added to the loan balance, unlike the monthly premium, which is paid over the life of the loan in addition to the interest and principal.<br /><br />The decrease in the upfront premium, welcome though it might seem to some customers, does little to offset the effects of the monthly increase, which Andre Harriott, the president of the Access Mortgage Corporation in New Haven, Conn., called “really pretty hefty.”<br /><br />“Everyone is really living paycheck to paycheck,” he said.<br /><br />F.H.A. loans are usually taken out by buyers who cannot qualify under the stiffer down-payment requirements of Fannie Mae or Freddie Mac, the government-controlled buyers of loans. F.H.A. requires 3.5 percent, while Fannie Mae typically requires 5 to 15 percent or more, depending on the type of loan.<br /><br />The changes, under an example provided by the F.H.A., mean that a borrower who puts 3.5 percent down on a $154,000 house with a 30-year fixed-rate mortgage at 5 percent (such a consumer typically earns a gross annual income of $54,000, according to the agency) and who finances the upfront premium into the loan will see monthly mortgage payments, including taxes, interest and the two insurance premiums, rise to $1,238 from $1,205. The example is based on median data, including property taxes put at about 2.5 percent of home value. That increase includes the drop in the upfront mortgage insurance, to $1,486 from $3,344 — but also includes the rise in the monthly insurance premium, to $111 from $68.<br /><br />Last August, President Obama signed into law a bill authorizing the F.H.A. to increase premiums to shore up its insurance funds; the agency had been authorized to raise the annual premium to as much as 1.55 percent.<br /><br />Conventional loans, which conform to Fannie and Freddie underwriting guidelines, do not require upfront mortgage insurance. But some may require monthly private mortgage insurance, if the borrower puts less than 20 percent down toward the purchase, or has less than 20 percent equity in a refinancing.<br /><br />F.H.A. borrowers, meanwhile, can stop paying the monthly mortgage insurance only after five years and when their loan-to-value ratio reaches 78 percent, at which point they have 22 percent equity in their home.<br /><br />F.H.A. loans are typically offered by niche direct lenders, and because of the insurance, they often carry interest rates equal to or slightly below those of conventional loans.<br /><br />In October, the F.H.A. set a minimum FICO score of 500 for borrowers who want an F.H.A.-insured loan — the first time a minimum was set. It also introduced a new minimum down payment of 10 percent for borrowers with FICO scores below 580. (Those above 580 still pay a minimum 3.5 percent.)<br /><br />The issue for the F.H.A, Mr. Harriott said, is that the realm of borrowers has widened. “We see executives of little companies, teachers, people making $200,000 a year, doing an F.H.A. loan, because they’ve gotten into a financial situation,” he said, adding that F.H.A. loans are perceived as safe by investors because of the insurance.<br /><br />A version of this article appeared in print on November 28, 2010, on In The New York Times <br /><br />To Apply for a Oklahoma FHA Mortgage log on to <a href="http://www.zfgmortgage.com">http://www.zfgmortgage.com</a>Anonymoushttp://www.blogger.com/profile/04507299160979782245noreply@blogger.com0