Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Toll Free 1-877-205-7266 | Fax: 918-459-6535
Tulsans Can Take Advantage Of Home Tax Credit
http://www.newson6.com/global/story.asp?s=9886544
Posted: Feb 22, 2009 05:18 PM
Updated: Feb 23, 2009 12:15 AM
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| Lenders like Clay Clark of ZFG Mortgage say it’s the best time in 30 years to buy a home. |
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| Realtors say homebuyers have the chance to consolidate debt into a new mortgage. |
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By Jeffrey Smith, The News on 6
TULSA, OK — The stimulus package is mostly about infrastructure and employment, but there are a lot of opportunities for people in the Tulsa area.
The economic stimulus offers homebuyers an $8,000 tax credit. Those who haven’t bought a house in the past three years can take advantage of it.
Lenders like Clay Clark of ZFG Mortgage say it’s the best time in 30 years to buy a home.
“It’s a sweet deal,” Clark said. “I’m saying, I guess, it’s a great deal short-term for people.”
The credit is meant to shore up the mortgage crisis in states like California. But because Oklahoma’s housing bubble hasn’t burst, folks can save a lot of money.
“They go, ‘Do I have to pay this back?’ You don’t have to pay it back,” Clark said. “Then they go, ‘Can I use this for a rental home?’ You can’t do it! It has to be a primary residence.”
But like a late-night infomercial, you have to act now. Clark says at the end of the year, the feed will dramatically raise the 5 percent interest rate.
“Government’s pouring more water in the currency Kool-Aid, so to speak,” he said. “So we’re diluting it over time, which would cause pretty rapid inflation.”
Realtors say homebuyers have the chance to consolidate debt into a new mortgage.
“We’ve got the stimulus package going on,” Jenks realtor Eva Aldridge said. “Interest rates are really low. Houses are just now coming up on the market. There’s a lot to choose from.”
Mortgage lenders also say if you live in an apartment, and pay less than $900 a month in rent, you can move into a new house for the same price.
“And if you’re prepared to move to Owasso or Claremore or Coweta, areas that qualify for rural development loans, you can get 100 percent financing at a 5 percent rate,” Clark said. “So for less than you’re paying for your apartment each month, move into a new house — a brand new house, new construction.”
He says now’s the time to put your foot down on a new Oklahoma home.
Clark says it’s also a great time to refinance your home because an average homeowner in the Tulsa market can save tens of thousands of dollars.
For more information, call ZFG at 459-6530.
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Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Toll Free 1-877-205-7266 | Fax: 918-459-6535
It’s easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.
The links to the right are articles aimed at helping you better understand FHA loans. With this information you can make a more informed decision on whether these government insured loans are right for you and your family.
New Changes in FHA Loans
In response to the growing housing situation in the United States the loan limits for FHA Loans has been temporarily raised. Depending on where you live you might find it even easier to qualify for a FHA loan.
As Loan specialists we can help you understand any new changes to the FHA loan program. We’re here to create a customized solution that works best for you and your family. To learn more call us at 918-812-9374 or contact us via email by clicking here.
Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Toll Free 1-877-205-7266 | Fax: 918-459-6535
In our attempt to get our products and services in front of your with ever-increasing frequency, we have put together the following list of words that our customers have indicated that they often use when searching the internet to find tulsa mortgage lenders.
Tulsa mortgage lenders and lending institutions, broken arrow and tulsa based mortgage lenders Tulsa, oklahoma mortgage lenders, tulsa mortgage lending companies, mortgage lending companies providing services for the tulsa market, tulsa commercial lending services in the area, tulsa mortgage and tulsa real estate investment lenders, tulsa commercial real estate investors network, tulsa commercial real estate and banking companies, tulsa retails properties available for purchase in the 74135 area, tulsa executive investment firms, tulsa properties available for lease, tulsa business opportunities, tulsa lending services, tulsa loan capitalization, tulsa funding programs and processes, industrial property, industrial properties, retail property, retail properties, vacant land, Tulsa, tulsa lending service property, tulsa bridge loans, tulsa loans repair kits, tulsa real estate sale, real estate broker, real estate brokers, investment property investment properties, zfg mortgage tulsa, tulsa mortgage lenders, tulsa mortgage companies, tulsa business services, tulsa’s most trusted name in the mortgage lending service industry, tulsans who love noodeling, tulsa area trust funds, tulsa wealth creation services.
www.youtube.com/zfgfinancial.com
http://tulsamortgagelender.wordpress.com/
Zeshu Financial Group: (Fax: 918-459-6535),
1-877-205-7266
5807 S Garnett Rd Suite I Tulsa, Oklahoma 74146
We offer the most competitive rates for loan programs in the Tulsa area. If you don’t see a rate you’re looking for, you can use our Rate Tracker service to request that we notify you when rates reach a certain level.
How lenders set rates
Generally speaking, the most commonly asked question in the mortgage industry is this, “How do lenders set mortgage rates?” And the answer is simple, “Lenders do no set mortgage rates?”
Well, if lenders don’t set the rates, who does?
And here is how it works my friends. Your mortgage lender will determine whether they will approve you or not for a loan and on what terms your loan will be approved (based on your credit score, reputation etc…), however the actual mortgage rates and interest rates are determined based on a variety of market factors on the secondary market (and fun place where mortgages are bought and sold).
As disturbing as this may sound, the Federal government setup 2 incredibly infamous organizations (as of 2008) known as Fannie Mae and Freddie Mac (I don’t know why they didn’t name on them Bernie Mac). Fannie and Freddie were created many moons (decades) ago to help really stimulate the lending process through increased government efficiency (which is a contradiction in terms). Fannie and Freddie and a few other major Wall Street Mortgage Investment companies would then actually go around buying up the loans that your lender has made to people like you and me. These mortgages and loans were then bundled together into this exciting things called “tranches.” These tranches were then either held as part of an investment portfolio orthey were sold to Wall Street, mutual funds, and other financial investment organizations where they were then traded just like Treasury bonds and securities.
Are you following me here?
- Government set up Freddie Mac and Fannie Mae to increase the efficiency of the private mortgage industry (government and efficiency just don’t mix well together)
- Freddie and Fannie then bought these mortgages, bundled them together and sold them to Wall Street where they were bought up my mutual funds and various other investment groups. Thus when foreclosures began happening, Mutual Funds nose-dived. When scared investors began pulling their cash out of the Mutual Funds the other companies’ stock held by these Mutual Funds nose-dived as well resulting in “real” people get layed off from “real” jobs as their companies became cash strapped without their investor’s capital.
Back to the story…
Thus my reader friends, interest rates go up and down based on those exciting fluctuations of the secondary market, not based on the lender’s emotions or feelings on any given particular day. Essentially when the economy is going down (and is tanking like a “Sherman”) rates will drop to get people like you and me motivated to refinance our homes, and to buy things with this “cheap money.” When the economy is bullish (and is moving upward like Lebron James jumping up for a monster dunk) the investors and various other humans who stand to benefit from this bullish economy will raise their rates to maximize their investor’s profitability during an economic upswing.
Basically patterns for interest rates almost always follow the economic cycles that we have all grown accustomed to. When the market doing well, rates go up. When the market is doing poorly rates go down. Thus, the best time to get the best rate is when the market is down (which just happens to coincide with the best time to buy the most property for the least amount of money).
Written by Clay Clark
SBA Entrepreneur of the Year and Founder of DJ Connection
To help you connect with Tulsa’s premier mortgage lenders with greater ease we have put together the following list of related phrases that people such as yourself tend to use to search for people like us on the information super highway (better known as Al Gore’s Internet):
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