Tuesday, December 21, 2010

Your Initial Meeting With a Mortgage Professional at ZFG

The 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.

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.

To complete the 1003 Mortgage Application, you will need to gather:

• A purchase contract for the house (if you have one)

• Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months

• Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification

• 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

• Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards

• Balance sheets and tax returns, if you are self-employed

• 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.

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.

If you would like more information regarding the loan process or would like to get Pre-Approved
Log-On to our website at http://www.zfgmortgage.com
or call 1-877-205-7266

Monday, December 20, 2010

How To Improve Your Credit

If 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.

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.

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.

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.

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.

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.
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.
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.
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.
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.
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.

Call or Apply Online Today!
Toll Free 1-877-205-7266

Mortgage Rates Improve at the start of New Week 12/20/10

December 20, 2010

After last week’s fluctuations in mortgage rates, this week has started on a good note with mortgage rates seeing overall improvements in pricing.

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.

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.

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%.

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%.

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.

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.

For more info log on to

Thursday, December 16, 2010

Mortgage 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.
“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.
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.
Fifteen-year fixed-rate mortgages averaged 4.17%, up from 3.96% last week. The mortgage averaged 4.38% a year ago.
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.
And 1-year Treasury-indexed ARMs averaged 3.35%, up from 3.27% last week. The ARM averaged 4.34% a year ago.
To obtain the rates, all mortgages required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“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.
“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.
Housing starts also showed a modest rebound in November, the Commerce Dept. said Thursday. See Economic Report on housing starts.
And foreclosure activity took its biggest drop in nearly six years and filings fell under 300,000 in November, RealtyTrac said Thursday
Reversing course?
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.
“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.”
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.
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.
“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.
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.

For a “Free Pre Approval or Mortgage Check-up” Log on to
Oklahoma Mortgage Specialist

Monday, November 29, 2010

F.H.A. Rule Changes for Mortgage Borrowers

According 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.

More Mortgages Columns
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.

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.

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.

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.”

“Everyone is really living paycheck to paycheck,” he said.

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.

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.

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.

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.

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.

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.

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.)

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.

A version of this article appeared in print on November 28, 2010, on In The New York Times

To Apply for a Oklahoma FHA Mortgage log on to http://www.zfgmortgage.com

Wednesday, October 27, 2010

Mortgage Bankers See Rates Rising.. ACT NOW!!

According to a Wall Street Journal Article from 10-27-2010 Mortgage rates may be as low as they will go, with the average 30-year fixed-rate home loan on course to rise after hovering for months at historically low levels.

The Mortgage Bankers Association predicts rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, increasing to a 4.7% average in the first quarter of 2011, and climbing to 5.1% by the end of next year. That is barring any "blockbuster" announcement from the Federal Reserve next month, said Jay Brinkmann, chief economist of the MBA, at the group's annual convention here

The Fed has said it could take more policy actions to stimulate growth, and Mr. Brinkmann said that is likely to come in the form of an additional purchase of Treasury securities. But the market has already anticipated that, and the move has already been priced into current rates, he added.

Mr. Brinkmann said he expects a pickup in purchase originations next year, but 2011 volume for mortgages to buy a home will still only be roughly at its 2009 level. Refinance business, however, is expected to drop next year, as mortgage rates begin their rise from record lows.

Still, potential home-loan customers needn't jump too fast. While the industry group predicts a steady rise from 4.25% on a 30-year fixed-rate loan, the second lowest level it has ever recorded, even a rate of 5.1% on a 30-year fixed-rate loan is historically low.

At the conference, many mortgage bankers commented that business right now is doing well, due mainly to high refinance volume in the low-mortgage-rate environment. A large concern for them, however, has been what happens when all the refinance business dries up.

"If [interest rates] do bump up a bit, it's a big concern on the refinance side," said E. Todd Chamberlain, executive vice president for Regions Financial Corp., speaking on a panel at the convention. Those who have recently refinanced may be in the same homes—with the same loans—for a long time, unwilling to give up their very low rates by moving or refinancing, he said.

Total mortgage volume is expected to be nearly $1 trillion in 2011, down from an anticipated $1.4 trillion this year and nearly $2 trillion in 2009.

The industry is expected to originate an annual $480 billion in purchase mortgages by the end of this year and $626 billion next year; it is expected to originate $921 billion in refinance mortgages by the end of this year, which is expected to shrink to $370 billion next year.

The MBA forecast predicts home sales will rise slightly next year, after dropping in 2010 from 2009 levels. Sales of existing homes will finish 2010 about 8% lower than last year, but sales should rise 2% next year and 16% in 2012. And sales of new homes will finish this year 13% lower than 2009, but sales should rise from that low base by 20% next year and 40% in 2012.

"We also see some upward indication on prices" in many markets, Mr. Brinkmann said. Nationally, prices are expected to decline 1% next year, but that decline is heavily weighed down by severely troubled housing markets, including those in Florida and parts of California, he said.

Mr. Brinkmann said that there has been a large decline in household formation throughout the country, with many adults who would rather live on their own sharing a roof with parents or roommates due to financial reasons. Others might be marking time in crowded apartments, though their families are increasing in size and they would rather move to a larger space, he said.

Those people might relocate as soon as the economy improves and more jobs are created: "There is tremendous pent-up demand that is going to respond quickly to job growth," he said.

Offsetting that, however, are mobility trends. Homeowner mobility is down, partly because of diminished equity in homes and now also because of low interest rates—it is now going to be more difficult for people to move when it means they will be giving up a 4.5% interest rate on their mortgage, he said.

If you looking to Refinance your Oklahoma Mortgage Act now!! Apply Online today at http://www.zfgmortgage.com or Call 918-459-6530 Toll Free 1-877-205-7266

Mortgage Tulsa | Oklahoma Mortgage | Oklahoma Home Loans

Wednesday, August 25, 2010

Home Mortgage Rates Are As Low as 4.25% Fixed!! Refinance Today

Mortgage rates are incredible low right now, and for a limited time if you refinance with ZFG Mortgage you will also be able to skip your Next Two Months mortgage payments!! Call or Apply online for a "FREE" mortgage check-up today
918-459-6530 or http://www.zfgmortgage.com

Tuesday, June 8, 2010

Why Should You Refinance Your Mortgage!

There are a multitude of reasons why you might want to take advantage of mortgage refinance. Here are a few of the main reasons:

To secure a low, fixed rate. Since Interest rates have probably dropped since you took out your current mortgage, you can refinance to take advantage of current historic low rates in mid 4%'s range. A percent decrease in your rate can equal thousand if not hunderds of thousands of dollars in saved intrest expense.

To switch to another type of mortgage. Mortgage refinance enables you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or vice versa. Some homeowners take out an ARM only to discover that payment fluctuations are too stressful. You can refinance to switch to a fixed-rate mortgage easily.

To improve the terms of an ARM. Adjustable-rate mortgages come with features that you might improve upon with mortgage refinance. For example, ARMs have caps on how much payments can increase per year and over the life of the loan. If you are dissatisfied with your current caps, you can refinance for better features.

To lower monthly payments. You can use mortgage refinance to extend the repayment term of your mortgage or to lower your interest rates, and both options will substantially reduce your monthly payments.

To build equity in your home faster. Some homeowners use a mortgage refinance to take out a shorter-term mortgage to pay off the loan faster with less interest expense. If you choose this option, you will build equity in your home more quickly.

To convert home equity into cash. If your home has appreciated in value or if you are willing to take out a mortgage with a larger principal, you can take the difference in cash to cover your expenses.

Apply for a Free Mortgage Check Up Today at

Thursday, May 27, 2010

Tulsa named best place to live in the U.S. OKC #10

The secret is out. Relocate America has declared Tulsa the No. 1 place to live in America.

Relocate America's TOP 100 Places To Live! list is compiled using data regarding local economy, housing, education, employment, crime, parks and recreation, and other statistics used to make home-buying decisions.

Communities around the country are nominated by residents, and information is submitted about neighborhoods, the city's beauty, the quality of schools, recreational activities and economic growth. The TOP 100 Places to Live! list is published annually.

“This ranking corroborates exactly what the Chamber uses to sell the Tulsa region 365 days of the year,” said Mike Neal, president and CEO. “We are faring much better during the national recession than many of our peer cities because of our diversified industries, quality of life and cost of living.”

Tulsa has also been identified as the fifth best city in the nation to ride out the recession, according to Forbes.com.

"We have one of the strongest real estate markets in the country, and Tulsa is experiencing job growth other cities are not during this national recession," said Bob Ball, economist for the Chamber. "Additionally, our cost of living is 11.5 percent below the national average. When you consider all of this quality of life data, Tulsa is an attractive community to both businesses and relocating families."

To view the Top 100 Places to Live!, visit RelocateAmerica.com.

Top 10 Places to Live

Tulsa, Okla.
Dallas-Ft. Worth Texas
Pittsburgh, Penn.
Raleigh-Durham, N.C.
Huntsville, Ala.
Houston, Texas
Albuquerque, N.M.
Lexington, Ky.
Little Rock, Ark.
Oklahoma City, Okla.

Saturday, May 22, 2010



Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oklahoma families obtain financing for homes not only in rural areas, but also in cities such as Owasso, Bixby, Glenpool, Coweta, Catoosa, Wagoner, Parts of Broken Arrow, Norman, Noble, and Jenks including many other Oklahoma cities.

While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.

One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.

The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.

The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:

The Property must be within a qualified area. This is easy to determine based on a USDA online map on our website http://www.zfgmortgage.com.
The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.
The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted its funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.

There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA’s Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.

A modified version of the Rural Housing Preservation and Stabilization Act has been added to H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.

We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.

If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don’t have 20% down payment and you and your property qualify.

Apply online Today http://www.zfgmortgage.com

Friday, May 21, 2010

Monday, May 3, 2010

Homebuyer Tax credit extended for active duty military

Tax credit extended for active duty military U.S. servicemen out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.

The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.”

Should that be the case, however, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home. Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply.


Wednesday, April 28, 2010

Who determines the market value of a property ?

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

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

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

Overview of the Mortgage Loan Process

Organize your documents

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

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

Get Qualified

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

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

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

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

Shop loan programs and rates

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

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

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

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

Obtain Loan Approval

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

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

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

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

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

Close the Loan

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

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

What is an FHA Loan?

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

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

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

Wednesday, April 21, 2010

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

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