At Zeshu Financial we realize that trying to find the right home loan can be difficult and that finding the right company to help you get your loan can be even more confusing. With literally thousands of lenders to choose from it can be a confusing process. However when you choose to work with ZFG Mortgage, it will not be a confusing process.
At Zeshu Financial Group our mission is to set the standard in the Tulsa mortgage industry by exceeding our customers’ expectations, one transaction at a time. At ZFG we are committed to offering phenomenal customer service to all of our customers. If you have grown frustrated with the loan-pre-approval process by the endless unreturned voicemails, the long on-hold times, and the overall lack of a “personal touch” that you have experienced thus far in the loan securing process, rest assured ZFG Mortgage is different and ZFG Mortgage is the best. Quickly connecting you to multiple sources of potential funding to help you achieve your dreams is what we do. Take advantage of our expertise in the residential lending industry by calling us now (or shortly after now), or by applying online today. You will find that the skill, professionalism, and consideration we give to each of our clients will make getting your loan a successful endeavor.
Give us a call today at 1-877-205-7266 for a free, personalized consultation. You can also apply online. It is fast, secure, and easy.
Why wait? Let us go to work for you!
Home Loans F.A.Q.s (Frequently Asked Questions)
What Documents Will I Need for My Loan Application?
When preparing a loan, the lender will ask for substantial documentation. Here’s a list of what is usually required.
Personal Information
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Address and telephone numbers of each borrower
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Previous address(es) over the last seven years
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Social Security number(s) of inquirers
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Age of inquirer(s) and dependent(s)
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Name and address of landlord(s) or lender(s) for the past two years and proof of payment
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Current housing expense details (rent, mortgage payments, taxes, insurance)
Employment/Income
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Name and address of employer(s) for the past two years
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Pay stubs for the past 30 days · W-2 forms for the past two years
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A written explanation of any employment gaps
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If you’re self-employed you’ll need:
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Complete, signed Federal Income Tax Returns for the past two years (personal and corporate) ·
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Year-to-date Profit and Loss Statement and Balance Sheet
Other Income
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If you receive Social Security, a pension, disability or VA benefits you’ll need:
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A copy of your awards letter (or tax returns for the past two years)
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A copy of your most recent check
Child Support
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If you pay child support you’ll need:
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A copy of the divorce or separation agreement
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Evidence of payment for the last 6-12 months (cancelled checks of pay history from the courts)
Rental Income
If you receive rental income you’ll need:
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A copy of the lease
Debt Disclosure – Credit Cards, Loans and/or Current Mortgages
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Name and address of each creditor
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Account number, monthly payment and outstanding balance for each
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Proof of recent payment or current statement for each
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Documentation of alimony or child support you are required to pay
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Written explanation of any past credit problems
Loan Application for Home Purchase
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A complete, signed copy of sales contract · Mailing address and property description (if it’s not in the contract)
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A copy of your cancelled earnest money check Loan Application for Refinance
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A copy of the deed
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A copy of your hazard insurance policy
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A copy of the property survey
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Proof that your home has passed a termite inspection
Evidence of Funds for Downpayment
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If the downpayment is a gift you’ll need a signed gift letter, the giver’s bank statement showing sufficient funds, a copy of the check and a deposit slip
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If you have any recent large deposits or new accounts you’ll need to show documentation
Other
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If your loan is for new construction the lender will need to see plans and specifications
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If there’s a bankruptcy in your financial history you’ll need complete documentation
What should I know before buying a home?
Plan ahead. Establish good credit and save as much as you can for the down payment and closing costs and get pre-approved before you start shopping for your new home. If you do not get pre-approved you will find that most real estate agents will not be willing to help you find your new home. Not only do real estate agents prefer working with pre-qualified buyers, but you will find yourself having more negotiating power and an edge over homebuyers who are not pre-approved.
Set a budget and stick to it. Realtors get paid a % of your total sales price, and some of them will pressure to spend the full extent of your budget and if you do not know what this budget is, you will definately spend more than you should. Know what you really want in a home. How long will you live there? Is your family growing? What are the schools like? How long is your commute? Do you want to live Home Owners Association? Consider every angle before diving in.
Make a reasonable offer. To determine a fair value on the prospective home that you are looking into buying, ask your real estate agent for a “comparative market analysis” listing of all of the sales prices of other houses in the neighborhood.
Choose your loan (and your lender) carefully. For some tips, see the question in this section about comparing loans.
Consult with your lender before paying off debts. You may qualify even with your existing debt, especially if it frees up more cash for a down payment. Keep your day job. If there is a career move in your future, make the move after your loan is approved. Lenders tend to favor a stable employment history. Do not shift money around. A lender needs to verify all sources of funds. By leaving everything where it is, the process is a lot easier on everyone involved. Do not add to your debt. If you increase your debt by financing a new car, a refrigerator, a sports performance boat, a large sod purchase furniture or other large purchase, it could prevent you from qualifying.Timing is everything. If you already own a home, you may need to sell your current home to qualify for a new one. If you are renting, simply time the move until the end of the lease. Bottom line, you want to have as much “cash on hand” as possible before you apply for your new home loan.
How Much House Can I Afford?
How much house you can afford depends on how much cash you can put down and how much a creditor will lend you. There are two rules of thumb:
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You can afford a home that’s up to 2 1/2 times your annual gross income.
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Your monthly payments (principal and interest) should be 1/4 of your gross pay, or 1/3 of your take-home pay.
Why Should I Refinance?
If you have a low, 30-year fixed interest rate you’re in good shape. But if any of these Five Reasons applies to your situation, you may want to look into refinancing.
1. Decrease monthly payments.
If you can get a fixed rate that’s lower than the one you currently have, you can lower your monthly payments.
2. Get cash out of your equity.
If you have enough equity you can get cash out by refinancing. Just decide how much you want to take out and increase the new loan by that amount. It’s one way to release money for major expenditures like home improvements and college tuition.
3. Switch from an adjustable to a fixed rate.
If interest rates are increasing and you want the security of a fixed rate, or, if interest rates have fallen below your current rate you can refinance your adjustable loan to get the fixed rate you’re looking for.
4. Consolidate debt.
You can refinance your mortgage to pay off debt, too. Simply increase the new loan amount by the amount you need and the lender will give you that cash to pay off creditors. You’ll still owe the lender but at a much lower interest rate – and that interest is tax-deductible.
5. Pay off your mortgage sooner.
If you switch to a shorter term or a bi-weekly payment plan, you can pay off your home earlier and save in interest. And if your current interest rate is higher than the new rate, the difference in monthly payments may not be as big as you’d expect.
The downpayment and closing costs – how much cash will you need?
Generally speaking, the more money you put down, the lower your mortgage. You can put as little as 3% down, depending on the loan, but you’ll have a higher interest rate. Furthermore, anything less than 20% down will require you to pay Private Mortgage Insurance (PMI) which protects the lender if you can’t make the payments. Also, expect to pay 3% to 6% of the loan amount in closing costs. These are fees required to close the loan including points, insurance, inspections and title fees. To save on closing costs you may ask the seller to pay some of them, in which case the lender simply adds that amount to the price of the house and you finance them with the mortgage. A lender may also ask you to have two months’ mortgage payments in savings when applying for a loan. The mortgage – how much can you borrow? A lender will look at your income and your existing debt when evaluating your loan application. They use two ratios as guidelines:
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Housing expense ratio. Your monthly PITI payment (Principal, Interest, Taxes and Insurance) should not exceed 28% of your monthly gross income.
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Debt-to-income ratio. Your long-term debt (any debt that will take over 10 months to pay off – mortgages, car loans, student loans, alimony, child support, credit cards) shouldn’t exceed 36% of your monthly gross income.
Lenders aren’t inflexible, however. These are just guidelines. If you can make a large downpayment or if you’ve been paying rent that’s close to the same amount as your proposed mortgage, the lender may bend a little. Use our calculator to see how you fit into these guidelines and to find out how much home you can afford.
Why Should I Refinance?
If you have a low, 30-year fixed interest rate you’re in good shape. But if any of these Five Reasons applies to your situation, you may want to look into refinancing.
1. Decrease monthly payments.
If you can get a fixed rate that’s lower than the one you currently have, you can lower your monthly payments.2. Get cash out of your equity.
If you have enough equity you can get cash out by refinancing. Just decide how much you want to take out and increase the new loan by that amount. It’s one way to release money for major expenditures like home improvements and college tuition.3. Switch from an adjustable to a fixed rate.
If interest rates are increasing and you want the security of a fixed rate, or, if interest rates have fallen below your current rate you can refinance your adjustable loan to get the fixed rate you’re looking for.4. Consolidate debt.
You can refinance your mortgage to pay off debt, too. Simply increase the new loan amount by the amount you need and the lender will give you that cash to pay off creditors. You’ll still owe the lender but at a much lower interest rate – and that interest is tax-deductible.5. Pay off your mortgage sooner.
If you switch to a shorter term or a bi-weekly payment plan, you can pay off your home earlier and save in interest. And if your current interest rate is higher than the new rate, the difference in monthly payments may not be as big as you’d expect.
Is refinancing worth it?
Refinancing costs money. Like buying a new home, there are points and fees to consider. Usually it takes at least three years to recoup the costs of refinancing your loan, so if you don’t plan to stay that long it isn’t worth the money. But if your interest rate is high it may be smart to refinance to a lower interest rate, even if it is for the short term. If your mortgage has a prepayment penalty, this is another cost you will incur if you refinance.
Use the reasons above as a guideline and determine whether or not refinancing is the right thing to do. You can also use our refinance analysis calculator to help you decide.
What Are the Costs of Refinancing?
Here’s what you can expect to pay when you refinance:
The 3-6 Percent Rule
Plan to pay between 3% and 6% of the amount of the new loan amount (if want cash-out, the loan amount will be larger). Yet some lenders offer no-cost refinancing in exchange for a higher rate.
Getting to the Points
Points play a big part in how much it’ll cost to refinance – the more points you pay, the lower your interest rate. Points are a good idea if you’re planning to stay in your home for a while, but if you’ll be moving soon you should try to avoid paying points altogether.
What is an Adjustable Rate Mortgage?
With Adjustable-Rate Mortgages (ARMs) interest rates are tied directly to the economy so your monthly payment could rise or fall. Because you’re essentially sharing the market risks with the lender, you are compensated with an introductory rate that is lower than the going fixed rate.
Convertible ARMs:
Some adjustable-rate mortgages allow you to convert to a fixed rate at certain specified times. This mitigates some of the risk of fluctuating interest rates, but there will be a substantial fee to do it. And your new fixed rate may be higher than the going fixed rate.
Two-Step Mortgages:
This is an ARM that only adjusts once at five or seven years, then remains fixed for the duration of the loan. Not only will you benefit from a lower rate for the first few years, but the new fixed rate cannot increase by more than 6%. It may even be lower, depending on market conditions. Then again, you also run the risk of adjusting to a much higher rate.
Convertible Loans:
Another ARM choice, the convertible loan offers a fixed rate for the first three, five or seven years, then switches to a traditional ARM that fluctuates with the market. If you strongly believe that interest rates will fall a convertible loan might be a smart move.
Balloon Mortgages:
These short-term loans begin with low, fixed payments. Then, in five, seven or ten years a single large payment (balloon) for all remaining principal is due. While this saves money up front, coming up with a large payment at the end of the loan may be difficult. Some lenders will allow you to refinance that payment, but some won’t, so be sure you know what you’re getting into.
Graduated Payment Mortgage (GPM)
With a GPM you pay smaller payments that gradually increase and level off after about five years. Lower payments can make it possible for you to afford a bigger home, but they’ll be interest-only payments, adding nothing to the principal. This could put you in a negative amortization situation.
How often does the interest rate change?
That depends on the loan. Changes can occur every six months, annually, once every three years or whenever the mortgage dictates.
How much can my rate change?
Your ARM will stipulate a percentage cap for each adjustment period, which means your interest may not increase beyond that percentage point. If the market holds steady, there may be no increase at all. You may even see your payment decrease if interest rates fall.
How Can I save on a Fixed Rate Mortgage?
Short Term Mortgages
You don’t have to finance your home for 30 years. Granted, the payments will be lower, but you’ll be paying them longer. You could, instead, opt for a period of 20, 15 or even 10 years, pay your home off sooner and save in interest.
Furthermore, lenders offer much more attractive interest rates with short-term loans, so your payments may not be as much as you’d think.
The table below shows you the interest savings on a $100,000 loan at 8.5% interest:
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Term
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Monthly Payment
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Total Interest Accrued
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30 yr
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$768.91
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$176,808.95
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20 yr
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$867.83
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$108,277.58
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15 yr
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$984.74
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$77,253.12
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By paying $215.83 more a month on a 15-year mortgage, you’d save $99,555.83 in interest over a 30-year loan – and own the house in half the time.
What is Private Mortgage Insurance?
Private Mortgage Insurance, or PMI, is insurance purchased by the buyer to protect the lender in case the buyer defaults on the loan. PMI is generally applied when you put down less than 20% of the home’s purchase price. The reason is this:
With 20% down, you are considered a low risk. Even if you default the lender will probably come out ahead because they’ve only loaned 80% of the home’s value and they can probably recoup at least that amount when they sell the foreclosed property.
But with 5% or 10% down, the lender has a lot more invested in the loan and if you default, they will almost surely lose money. This is why lenders require buyers to purchase PMI if they put down less than 20%. It’s insurance that, no matter what happens, the lender will recoup its investment.
How does PMI increase your buying power?
In simplest terms, PMI allows you to put less money down, and the benefits are as follows:
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If you have good credit but are short on cash for a downpayment you can put as little as 5% down.
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It doesn’t take as long to accumulate a 5% or 10% downpayment so you could buy a home much sooner than you anticipated.
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A smaller downpayment allows you to purchase a larger or nicer home.
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For repeat buyers, a smaller downpayment on the new home can free up cash from the sale of their previous home to use for other debts or expenses.
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Your interest will be higher if you put down less than 20%, but that interest is tax-deductible.
What does PMI cost?
A Good Faith Estimate will be provided to you within a few days after we received your loan application. This disclosure will provide you with an estimate of your monthly PMI premium as well as the initial premium you’ll need to pay at closing. Additionally, we will be providing you a disclosure on your rights (if applicable) to cancel the PMI.
How are the changes determined?
Every ARM loan is tied to a financial market index, such as CDs, T-Bills or LIBOR rates. Your rate is determined by adding an additional percentage (known as a margin) to that index’s rate. When the index rises or falls, your rate rises or falls with it.
What will my closing costs be?
At closing, you’ll be required to pay a number of fees such as transfer of title, origination and appraisal, attorney services, credit report, title insurance and inspections. Your lender is required to provide an estimate of these costs within a few days after your application is received, but you can always ask for an estimate sooner.
Is there a limit to how much interest I’ll be charged?
Yes. It’s called a ceiling, or lifetime cap. This is a guarantee that your interest rate will never exceed a designated percentage. For instance, if your introductory rate was 5% and you have a lifetime rate cap of 6% (meaning that your interest rate can never increase more than 6% during the life of the loan) then your ceiling would be 11%.
Negative Amortization:
Administered by the Department of Veterans Affairs, these special loans make housing affordable for U.S. veterans. To qualify you must be a veteran, reservist, on active duty, or a surviving spouse of a veteran with 100% entitlement.
A VA loan is simply a fixed-rate mortgage with a very competitive interest rate. Qualified buyers can also use a VA loan to purchase a home with no money down, no cash reserves, no application fee and reduced closing costs. Some states allow a VA loan for refinancing as well.
Many lenders are approved to handle VA loans. Your VA regional office can tell you if you’re qualified.
What is a FHA Loan?
FHA loans are designed to make housing more affordable for first-time homebuyers and those with low to moderate income.
Both fixed- and adjustable-rate FHA loans are available, and in most states, an FHA loan can be used for refinancing. The difference is, they’re insured by the U.S. Department of Housing and Urban Development (HUD). With FHA Insurance, eligible buyers can put down as little as 3% of the FHA appraisal value or the purchase price, whichever is lower. Qualifying standards are not as strict and the rates are slightly better than with conventional loans.
What will my closing costs be?
At closing, you’ll be required to pay a number of fees such as transfer of title, origination and appraisal, attorney services, credit report, title insurance and inspections. Your lender is required to provide an estimate of these costs within a few days after your application is received, but you can always ask for an estimate sooner.
Will I be charged points?
Sometimes you’ll have to pay points (one point = 1% of the loan amount) in order to get the interest rate the lender has quoted you. Before proceeding with your loan application find out if there are any points attached to your loan.
What items must be prepaid?
Some expenses, such as first year’s property taxes and insurance, must be paid at closing. Your lender will let you know what’s required.
How long will I be guaranteed the quoted interest rate?
This is called “locking in” a rate and most lenders provide this service. When you apply for your loan, the lender will lock in the agreed interest rate for an agreed period of time. But there may be a fee for this, so ask.
How long will it take to get approval?
It varies, so make sure you get an estimate of how long approval will take, especially if you have a deadline for closing on a new home.
Does the loan have a pre-payment penalty?
If you even think there’s a possibility you may pay off your loan early (this includes refinancing) find out if there’s a penalty for doing so.
Is there a call option attached?
A call option allows the lender to require you to pay off your loan balance before it’s due. You don’t want this, so make sure it’s not in the contract.
What are the benefits of an ARM?
With a lower initial interest rate (usually 2% to 3% lower than fixed-rate mortgages), qualifying is easier and the payments are more manageable at first.
You may qualify for a larger loan than you would with a fixed-rate mortgage.
If you’re only planning to stay a short time the interest rate is likely to stay lower than that of a fixed-rate mortgage.
If you expect regular pay increases that would cover the increase in your interest, or if you believe interest rates will fall, an ARM might be the wiser choice.
Listed below you will find some of the cities in Oklahoma that we currently serve. If you area is not listed below call us for more information and to see if we can meet you lending needs.
Ada | Altus | Alva | Anadarko | Ardmore | Bartlesville | Bethany | Blackwell | Chickasha | Choctaw | Claremore | Clinton | Coweta | Cushing | Duncan | Durant | Edmond | El Reno | Enid | Grove | Guthrie | Guymon | Henryetta | Hugo | Idabel | Lawton | McAlester | Miami | Moore | Muskogee | Mustang | Norman | Oklahoma City | Okmulgee | Pauls Valley | Perry | Ponca City | Poteau | Purcell | Sallisaw | Sapulpa | Seminole | Shawnee | Stillwater | Tahlequah | Tecumseh | Vinita | Wagoner | Weatherford | Woodward | Yukon | More Oklahoma Cities
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Zeshu Financial: Your Tulsa Mortgage & Lending Resource 