Posts Tagged ‘mortgage rates Tulsa’

ZFG Mortgage – 918-459-6530 – Tulsa Mortgage Lenders

April 8, 2009

www.zfgmortgage.com

918-459-6530 & 1-877-205-7266

THERE HAS NEVER BEEN A BETTER TIME TO BUY…AND IT JUST KEEPS GETTING BETTER.

(The home must be closed between April 9th, 2008 and July 1st, 2009).

February 15th 2009 Update

First-time buyers get $8,000 tax credit in stimulus bill:

Although many prospective home buyers had hoped for a $15,000 tax credit to buy a new home (as promised by the Senate), the $8,000 tax credit for new home buyers provided in the newest stimulus bill is unprecedented and incredible. A proposed $35 billion credit to support first time buyer home sales was jettisoned in favor of a more conservative $2 – $3 billion provision.

The proposal eliminates the repayment requirement in an existing tax credit for first-time home buyers, and raises the credit to $8,000 from $7,500. Essentially the Federal Government is giving $7,500 to  $8,000 to first time home buyers to help stimulate the economy.

Clarification about the 2009 $8,000 first time home buyer tax credit:

  • This is not a deduction, it is an actual $8000 reduction on your next tax bill.
  • This bill was designed to help motivate renters (that have been sitting on the fence about home ownership) to become first-time home buyers for the greater good (benefit) of the United States economy (and not the apartment industry).
  • The credit program is designed to cover qualifying home purchases between April 9, 2008 and April 1, 2009.
  • Some of the details we are waiting for include income restrictions and possible re-payment plans. 

To qualify, you must satisfy these conditions:

  • The home much be purchased as a primary residence (you cannot buy your first home for the purposes of renting your new property to Cousin Eddie).
  • You must not have owned a primary residence in the last three years.
  • For couples, both individuals must not have owned a primary residence in the last three years.
  • Vacation homes and rental properties don’t affect this (you aren’t disqualified if you have a vacation home or rental property).
  • Must not be a non-resident alien as defined by the IRS in Publication 519.
  • Individuals must have a modified adjusted gross income of less than $75,000 annually and couples MAGI of less than $150,000 to qualify for the full amount.
  • The home must be closed between April 9th, 2008 and July 1st, 2009.
  • The Bill does not provide mention of a credit score or history requirement (but more-than-likely you will need at least a 580 credit score or above).

How the “tax credit” works:

  • The tax credit is 10% of the home’s sale price with a maximum of $7500.
  • You must claim the credit on taxes filed in 2008 or 2009.
  • It’s a credit and not a deduction (difference between tax credit and tax deduction).
  • “Tax credit” is a misnomer because it’s really a zero percent loan with some qualifications.

What else in the Bill is “for business”:
Most economists feel as though the massive government spending outlined in this most recent “economic stimulus plan” will have only modest results for the economy as a whole, but here are the quick highlights of the governments most recent attempts to artificially create growth by reducing rates, and printing money:

  • Companies that build bridges, make concrete, manufacture wind turbines and assemble backhoes for construction will benefit greatly from this $150 billion of new infrastructure spending under the stimulus.
  • The package alots $50 billion for energy efficiency and renewable-energy programs.
  • Large hospices will receive $134 million — from cuts in what Medicare pays them to care for dying patients.
  • The nucleur energy industry will receive around $50 billion worth of federal loan guarantees for technologies that use little or no carbon.
  • The defeense industry – The bill provides billion dollars for construction at military facilities.
  • Home buyers credit – 10 percent of the value of a home, up to $8,000 was estimated to cost the government $6.6 billion and was allocated in this bill. This provision was designed to help home builders who have witnessed their worst year in new home sales since 1982 (Eye of the Tiger was the #1 Hit That Year).

To help our great customers to connect to our incredible products and services call ZFG mortgage today at:

www.zfgmortgage.com

918-459-6530 & 1-877-205-7266

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Your FICO score is computed and tracked by the three major credit bureaus: Trans Union, Equifax and Experian. Your score is updated quarterly and is negatively affected by such things as: late or missed loan payments, filing for bankruptcy, having too much debt compared to your income, and credit card balances being too close to their limits.

Fixing Bad Credit:
If you are a homeowner and you are looking into mortgage refinancing then you are on the right track toward improving your financial situation. However we have put together the following list of financial future improvement ideas to help you even further on the journey to becoming financially debt free and eventually financial independent. Credit card discipline is very important. There are no wealthy people with large credit card debts. Thus, you must work diligently to reduce the number of cards that you are using on a daily basis. And if you use the money wisely, you can get out of credit trouble and raise your FICO score. This will qualify you for better rates in the future

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 | New York | North Carolina | Ohio | Oklahoma | Oregon | South Carolina | Texas | Utah

Related Yahoo! Services:
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ZFG mortgage helps you gain extra cash and lock in a fixed payment today. If you want to lower your payment and increase your positive cash flow today by paying off high interest debt you need to call ZFG mortgage. ZFG mortgage offers options that are generally available to anywhere else in the financial market place. Zeshu Financial is the most reasonable and honest refinancing company in Tulsa. ZFG Mortgage Tulsa is tailored to fit your specific lending needs with our customized lending options now available through our wholesale credit, affiliate credit and coorespondant lines of credit (including Countrywide, Bank of America, Chase, Wells Fargo, and many other leading financial institutions).

When refinancing your home loan it is important that you fully understand the long-term financial benefits and potential ramifications of each financial decision that you make today. Call ZFG Mortgage Tulsa to speak to one of our expert mortgage lending experts today.

Refinancing has never been easier and rates have never been lower, thus call ZFG Mortgage today at 918-459-6530.

www.zfgmortgage.com

 

 

ZFG  Mortgages: Financing your home purchase

 

Buying a home is a large financial commitment and for many it’s their biggest investment. Research tells us that the average home buyer lives in the home they purchase for about five to seven years. Therefore, serious consideration should be given to mortgage arrangements so that you’re sure you’re committing to the best financial terms available.

 

Fixed Rate Mortgages are usually the most desirable type of loan. The reason for this is that the interest rate is set at the time of origination and remains the same for the entire length of the mortgage.  Changes in the economy will not affect the amount of your monthly payment for the full term of the loan.  The most common term is 30 years, but some banks and lending institutions also offer 10, 15, 20 and even 40 year mortgages.

 

Another type of loan is the Adjustable Rate Mortgage or ARM which has become more popular over the past few years.  The initial monthly payments are lower than a fixed rate loan but can adjust after a period of time.  That initial period usually lasts anywhere from 6 months to 5 years.  After that period the monthly payments and the rate of interest are regularly adjusted based upon the interest rates of the market.  It is therefore important for borrowers committing to an ARM to be sure they understand the exact terms for which they are liable.  Adjustable rate mortgage loans have earned a bad reputation in recent times due to lenders using them to get people into houses they could not afford.  There are some legitimate reasons to use an ARM.  Perhaps you know up front that you will only be in a property for 3 years before a job transfer will take you to a new city.  You might opt for an ARM with a lower payment for the first three years since you will be selling after that.  In that case a 30 year fixed rate loan may not make as much sense.

 

Our mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home’s sale price, the term of the loan desired, buyer’s down payment percentage, and the loan’s interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.

 

 

Contact an Agent!

Contact a ZFG Mortgages Agent today!

 

Buying a home is a large financial commitment and for many it’s their biggest investment. Research tells us that the average home buyer lives in the home they purchase for about five to seven years. Therefore, serious consideration should be given to mortgage arrangements so that you’re sure you’re committing to the best financial terms available.

Fixed Rate Mortgages are usually the most desirable type of loan and for many years were the most common kind of Tulsa mortgage. The reason for this is that the interest rate is set at the time of origination and remains the same for the entire length of the mortgage.  Changes in the economy will not affect the amount of your monthly payment for the full term of the loan.  The most common term is 30 years, but some banks and lending institutions also offer 10, 15, 20 and even 40 year mortgages.

 

Another type of loan is the Adjustable Rate Mortgage or ARM which has become more popular over the past few years.  The initial monthly payments are lower than a fixed rate loan but can adjust after a period of time.  That initial period usually lasts anywhere from 6 months to 5 years.  After that period the monthly payments and the rate of interest are regularly adjusted based upon the interest rates of the market.  It is therefore important for borrowers committing to an ARM to be sure they understand the exact terms for which they are liable.  Adjustable rate mortgage loans have earned a bad reputation in recent times due to lenders using them to get people into houses they could not afford.  There are some legitimate reasons to use an ARM.  Perhaps you know up front that you will only be in a property for 3 years before a job transfer will take you to a new city.  You might opt for an ARM with a lower payment for the first three years since you will be selling after that.  In that case a 30 year fixed rate loan may not make as much sense.

 

 

The Right Team…

New Home Mortgages, Refinancing, Home Equity Loans

 

Significant life milestones such as buying a home, refinancing a mortgage, or even tapping into your home equity are important decisions, requiring much consideration on your part.  Team McClellan understands the serious commitment such decisions include, and what is often considered to be a monumental undertaking, fraught with frustration and concern.

 

You can rest assured that with our agents working closely with you every step of the way, you will walk away from the process with a better understanding of all the ins-and-outs of the intricacies involved in this process, and with a sense of comfort knowing that you are trusting your most important decisions to caring, dedicated pros who have put decades of experience with thousands of every type of real estate and mortgage transaction into ensuring your best interests  and knowledge and comfort throughout the process.

 

Our goal is to assist our clients in thoroughly educating themselves about the changing market and real estate climate, so that you may better help yourself when it comes time to make important decisions about mortgage transactions. The ever-changing mortgage and real estate market is an exciting opportunity for education; therefore, we continually offer numerous opportunities for you to become an educated consumer, in every sense of the word.

 

It’s not just your mortgage; it’s your life, and we believe that you deserve as much information as possible when making critical decisions.  We believe in making clients for life, and making sure that those important life milestones are transacted in a well-educated and thought out manner.

           

Welcome to ZFG Mortgages! Online Mortgage Quotes and Rates

           

 

 

    * Lock in low home equity rates

 

    * Current Tulsa Home Equity Loan rates

    * Up to 80% of your equity

    * Less than perfect credit

 

Apply Now – Home Equity Loan

Debt Consolidation

 

    * Borrow up to 80% of your home’s value

    * Lower your monthly payments

 

Apply Now – Debt Consolidation Loan

Home Purchase

 

    * Dedicated ZFG loan consultants

    * No hassle loan process

 

Apply Now – Tulsa Home Loan

Tulsa Refinance

 

    * Lock in a low rate

    * Refinance up to 80% of your equity

    * Lower your home loan payment

    * More on Tulsa Mortgage Refinance

 

 

ZFG Mortgages covers all of the greater Tulsa area,

 

With ZFG Mortgages you get low rates and fees through a technology and large mortgage broker company network. We employ experienced and knowledgeable mortgage bankers, trained to offer expert advice and excellent customer service. All loans are originated, underwritten, and processed. Our customers can feel comfortable knowing their loan officer will be involved throughout the entire process. We use the most advanced technology available to close loans quickly, at a low cost. By combining the use of the Internet along with advanced processing software and automated underwriting systems we have taken all of the guess work out of finding the perfect match for your Tulsa mortgage loan needs.

 

ZFG Mortgages are now fast and easy. Let ZFG Mortgages help simplify your Tulsa mortgage loan process and find the right lender for your specific lending needs. With an automated loan application process we are able to match our customers to lenders that best fit their financing needs.

           

Whether you are actively or passively searching for Tulsa property, make sure to take a look at their premium MLS search of Homes for sale in Tulsa, Oklahoma and surrounding areas.

 

Please contact one of our friendly mortgage brokers today for free home loan consultation. Call us or visit us online today!

 

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Articles for your interest:

 

http://www.tulsaworld.com/business/article.aspx?subjectid=32&articleid=20090403_46_E2_Rateso993956

Mortgage rates hit record low

The interest on a 30-year fixed note falls to 4.78 percent.

 

 

Rates on 30-year mortgages fell to their lowest on record for the second consecutive week after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

 

The mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.78 percent this week, from 4.85 percent last week.

 

It was the lowest in the history of Freddie Mac’s survey, which dates to 1971. Rates are down by more than a full percentage point from a year ago.

 

“Mortgage rates followed other interest rates lower this week amid reports of slower economic growth” said Frank Nothaft, Freddie Mac’s vice president and chief economist.

 

Rates vary at Tulsa-area lenders. BOk Mortgage President Ben Cowen said the lender’s 30-year, fixed-rate mortgages were going for 4.78 percent.

 

Because rates have been low for some weeks, demand for new mortgages is picking up at his office, he added.

 

Low rates have sparked a surge in refinancing. The Mortgage Bankers Association said Wednesday that its weekly application index climbed 3 percent for the week ending March 27, on top of a 30 percent increase a week earlier. Nearly 80 percent of applications came from borrowers seeking to refinance.

 

Mortgage rates fell dramatically over the winter and have fallen further after the Federal Reserve said last month it would buy $1.2 trillion in mortgage-backed securities and $300 billion in long-term government debt, which traditionally influences rates on

30-year home loans.

 

Lenders, however, have tightened their standards dramatically over the past year, so the best rates are available to those with solid credit.

 

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day.

 

The average rate on a 15-year fixed-rate mortgage dropped to 4.52 percent this week, from 4.58 percent last week, according to Freddie Mac.

 

Rates on five-year, adjustable-rate mortgages fell to 4.92 percent, compared with 4.96 percent last week. Rates on one-year, adjustable-rate mortgages fell to 4.75 percent, from 4.85 percent.

 

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point last week for all mortgages in Freddie Mac’s survey except for one-year adjustable mortgages, which had an average fee of 0.6 point.

 

 

http://www.journalrecord.com/article.cfm?recid=97400

Capital Assets pays $27.98M for four Tulsa apartment complexes

by Kirby Lee Davis

The Journal Record April 3, 2009

 

TULSA – Capital Assets paid $27.98 million for four Tulsa apartment complexes, with plans to spend $3.1 million renovating the Class B properties.

Adding those 984 units brings the company to 5,043 under management in Tulsa and Oklahoma City, eclipsing the mark Vice President Greg Wright targeted two years ago for optimum critical mass. But with the national recession and continued tight credit making mortgage refinancing far more difficult, president Royce Wright anticipates closing more bargain deals this year on potential distressed properties.

This one involved a two-month deadline that heightened the suspense, said Tooman Partners Principal Gary B. Krisman, who with Royce Wright represented Capital Assets in the deal.

“It was a miracle we got this one pulled off,” said Greg Wright. “We had four different properties that all had to close at the same time. To really do it in 60 days is phenomenal.”

The deal involves three 1970s-era properties and one built in 1982, their occupancies generally trailing the 93 percent averaged by others in the Capital Asset portfolio.

“We feel like these fit in rather nicely,” he said of the portfolio mix. “We will have property all across Tulsa, east, central and south.”

Under the name Sand Dollar on the River Apartments, Tulsa-based Capital Assets paid $7.47 million for the 10.3-acre Sand Dollar on the River complex, 910 E. 61st St. The firm will invest $1 million, adding fitness and business centers, upgrading the office, installing washer and dryers in some units, restoring some offline units and making overall cosmetic improvements.

The 27-year-old Sand Dollar gives Capital Assets a Riverside Drive product with great views of the Arkansas River. It also boasts an entryway pond and other water features.

“We see Sand Dollar as a property you can really reposition in the market,” said Greg Wright, their renovations intended to boost its occupancy rate above the low 80s level.

Apart from its 64 two-bedroom units at $568 a month, Sand Dollar’s 328 units target one-bedroom or studio customers, their rents ranging from $359 to $459.

As Tulsa Four Hunters Creek LLC, Capital Assets paid $6.9 million for the 25.2-acre Hunters Creek Apartments and Duplexes, 1563 S. 79th East Ave. Capital Assets intends to spend $600,000 sprucing up the trim, woodwork and paint while adding a business center.

Opened in 1972, almost half of the 206 Hunters Creek units offer three bedrooms and two baths at $699 a month. Another 44 represent two-bedroom floor plans, their monthly rents ranging from $539 to $569.

“It’s just a beautiful setting, with a meandering creek that runs through the property,” Royce Wright said of the low-90s occupancy site. “It’s got these arbors with flowering vines. … It’s just lovely.”

Under the name Tulsa Four Lakewood Park LLC, the Wrights spent $4.56 million for the 6.27-acre Lakewood Park Apartments, 3625 S. Lakewood Ave. The firm allotted $400,000 to freshen up the complex, adding a fitness center while sprucing up the office and business center.

Greg Wright said Lakewood’s location makes that it attractive, sitting just behind Bishop Kelley High School, along Tulsa’s 41st Street retail corridor.

Like Sand Dollar, that 224-unit property focuses predominantly on one-bedroom units, now offered at $404 a month. The 93-percent occupied complex provides 56 two-bedroom units at $514 a month.

Capital Assets, as Tulsa Four Arbors LLC, paid $3.99 million for the Arbors of Southern Hills, an 11.9-acre complex at 6630 S. Zunis Ave. The Wrights will pour $1.1 million into that 1972 complex near Oral Roberts University, returning some units to service, improving the fitness center, business center and office, and touching up the wood and paint.

With occupancy rates in the 70-percent range, the Arbors offers 120 two-bedroom apartments at $622 a month, 88 one-bedroom units at $422, and 18 three-bedroom units at $725.

The seller of all four properties was nonprofit multifamily investor NVHF, owning these properties under the names Hunters Creek Properties LLC, Sand Dollar on the River LLC, Arbors of Southern Hills Properties LLC, and Lakewood Park Properties LLC. An affiliate of NVHF also had invested in the Cambridge Landing Apartments in Oklahoma City.

To finance the purchase of Hunters Creek and Lakewood Park, Capital Assets worked with Evans Rector with Power One Financial, Todd McNeill with Metropolitan Capital Advisors, and Alliant Capital LLC.

For Sand Dollar and the Arbors, the Wrights used Rector and SpiritBank.

‘The most stressful three hours’

Balancing financing through several different lenders against the seller’s rigid closing deadline caused tremendous challenges, said Krisman.

“On Jan. 15, we had a verbal agreement,” said Greg Wright. “It wasn’t until Feb. 1 that we got a written copy of the contract. And we had to close it by March 31.”

A technical snafu heightened the pressure for Hendricks and Partners broker Aaron Hargrove, who with Tim McKay and John Clayton had offered the deal to Capital Assets.

“We had a hard date that it had to be closed by or the deal was off,” he said. “We were putting all our eggs in one basket. We had to be very confident that we had picked the right buyer.

“Literally we had a 12 o’clock Central Standard Time wire deadline on Tuesday the 31st,” said Hargrove. “I literally was on the phone between 9:40 and 12:15 constantly, on probably 100 different phone calls, and receiving last-minute signature page faxes. Now, our fax machine, anytime I receive a fax, comes straight into my Inbox on Outlook. At 11:30 we’re waiting for the last signatures to come in and our national server goes down.

“I’m not kidding,” he stressed. “People were freaking out.

“I knew it would get done,” he said. “I never was sweating it wouldn’t get done, but I was sweating taking calls from the buyer and seller and closing agent that it wouldn’t get done.

“It was the most stressful three hours I’ve ever been a part of in a business transaction,” said Hargrove. “It was exciting.”

 

Welcome to ZFG Mortgages home

Thanks for visiting us.

We specialize in creating a stress-free experience for people wishing to buy a home in Tulsa or refinancing the one they have.

We do so by offering individualized advice and by looking at your specific financial situation and goals.

By doing so, we can get you the best home loan available for you.

Please take your time to look at our site and read some of the dozens of articles we have prepared for you. These articles cover all aspects of getting a Tulsa home mortgage.

If you have any questions, please don’t hesitate to get in touch with us. We are here to serve you and guide you in every way we can.

Company Profile

ZFG Mortgages has built a well-deserved reputation in the Tulsa area, founded upon innovation, fairness and an acute business sense.

What makes our Company superior is our people-oriented organization. We pride ourselves on personal contact and our dedication, providing up-to-the minute information and advice to our borrowers.

Today’s lending industry is a highly competitive and ever changing market. We recognize that borrowers need immediate direction and guidance. Our experienced team of skilled Loan Officers act with speed and efficiency, instantly gaining their trust and confidence. We know where to go, who to see, and how to eliminate the obstacles that cause frustration and disappointment in financing transactions.

We provide mortgage programs to suit our diverse and varied market; handle all negotiations with the highest level of quality control, personal attention, and operate as a team of highly committed, principled, and motivated professionals.

Since its inception, ZFG Mortgages has consistently and persistently endeavored to conduct business on one essential principal: this organization carries in every transaction the assurance of thorough understanding, absolute integrity and the utmost of service.

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8000 Stimulus Tax Credit – ZFG Mortgage – 918-459-6530

February 24, 2009

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

  • Address and telephone numbers of each borrower 
  • Previous address(es) over the last seven years
  • Social Security number(s) of inquirers
  • Age of inquirer(s) and dependent(s)
  • Name and address of landlord(s) or lender(s) for the past two years and proof of payment
  • Current housing expense details (rent, mortgage payments, taxes, insurance)

Employment/Income

  • Name and address of employer(s) for the past two years
  • Pay stubs for the past 30 days · W-2 forms for the past two years
  • A written explanation of any employment gaps
  • If you’re self-employed you’ll need:
  • Complete, signed Federal Income Tax Returns for the past two years (personal and corporate) ·
  • Year-to-date Profit and Loss Statement and Balance Sheet

Other Income

  • If you receive Social Security, a pension, disability or VA benefits you’ll need:
  • A copy of your awards letter (or tax returns for the past two years)
  • A copy of your most recent check

Child Support

  • If you pay child support you’ll need:
  • A copy of the divorce or separation agreement
  • 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:

  • A copy of the lease

Debt Disclosure – Credit Cards, Loans and/or Current Mortgages

  • Name and address of each creditor
  • Account number, monthly payment and outstanding balance for each
  • Proof of recent payment or current statement for each
  • Documentation of alimony or child support you are required to pay
  • Written explanation of any past credit problems

Loan Application for Home Purchase

  • A complete, signed copy of sales contract · Mailing address and property description (if it’s not in the contract)
  • A copy of your cancelled earnest money check Loan Application for Refinance
  • A copy of the deed
  • A copy of your hazard insurance policy
  • A copy of the property survey
  • Proof that your home has passed a termite inspection

Evidence of Funds for Downpayment

  • 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
  • If you have any recent large deposits or new accounts you’ll need to show documentation

Other

  • If your loan is for new construction the lender will need to see plans and specifications
  • 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:

  • You can afford a home that’s up to 2 1/2 times your annual gross income.
  • 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:

  • Housing expense ratio. Your monthly PITI payment (Principal, Interest, Taxes and Insurance) should not exceed 28% of your monthly gross income.

  • 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:

Term
Monthly Payment
Total Interest Accrued
30 yr
$768.91
$176,808.95
20 yr
$867.83
$108,277.58
15 yr
$984.74
$77,253.12

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:

  • If you have good credit but are short on cash for a downpayment you can put as little as 5% down.

  • It doesn’t take as long to accumulate a 5% or 10% downpayment so you could buy a home much sooner than you anticipated.

  • A smaller downpayment allows you to purchase a larger or nicer home.

  • 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.

  • 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.

  • Tulsa Mortgages, Tulsa Mortgage Lenders, Tulsa Mortgage Companies

    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

     

     

    Zeshu financial of Tulsa offers mortgage quotes, the lowest Tulsa mortgage rates, tulsa home loan and local brokers, tulsa mortgage refinancing, tulsa home equity loans, Tulsa mortgage broker, Tulsa mortgage brokers, Tulsa Oklahoma mortgages,mortgage calculators, mls listings, realtors in Oklahoma, Tulsa low adjustable rate mortgages, tulsa real estate advice, referrals of quality tulsa realtors, tulsa home remodeling loans, tulsa business lending packages to accelerate your business growth, tulsa loan specialists, tulsa short-term loan specials, mortgage interest rate 30 year fixed refinancing options, homes for sale in Tulsa Oklahoma, home mortgage lenders, tulsa lending experts, tulsa mortgage refinancing systems, tulsa FHA loands and lending options, tulsa commercial loans, oklahoma home mortgage lenders, 100% financing home loans Oklahoma, bridge loans, tulsa commercial loans, tulsa based commercial lending packages, Oklahoma balloon mortgages.

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    Posted in refinance tulsa, tulsa mortgage business, tulsa mortgage businessses, tulsa mortgage companies, tulsa mortgage company, tulsa mortgage lender, tulsa mortgage lenders, tulsa mortgage refinance, tulsa refinance, Uncategorized | Leave a Comment »

    Tulsa Mortgage Lenders – Featured On Channel6New.com – 918-459-6530

    February 24, 2009

    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

    • Address and telephone numbers of each borrower 
    • Previous address(es) over the last seven years
    • Social Security number(s) of inquirers
    • Age of inquirer(s) and dependent(s)
    • Name and address of landlord(s) or lender(s) for the past two years and proof of payment
    • Current housing expense details (rent, mortgage payments, taxes, insurance)

    Employment/Income

    • Name and address of employer(s) for the past two years
    • Pay stubs for the past 30 days · W-2 forms for the past two years
    • A written explanation of any employment gaps
    • If you’re self-employed you’ll need:
    • Complete, signed Federal Income Tax Returns for the past two years (personal and corporate) ·
    • Year-to-date Profit and Loss Statement and Balance Sheet

    Other Income

    • If you receive Social Security, a pension, disability or VA benefits you’ll need:
    • A copy of your awards letter (or tax returns for the past two years)
    • A copy of your most recent check

    Child Support

    • If you pay child support you’ll need:
    • A copy of the divorce or separation agreement
    • 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:

    • A copy of the lease

    Debt Disclosure – Credit Cards, Loans and/or Current Mortgages

    • Name and address of each creditor
    • Account number, monthly payment and outstanding balance for each
    • Proof of recent payment or current statement for each
    • Documentation of alimony or child support you are required to pay
    • Written explanation of any past credit problems

    Loan Application for Home Purchase

    • A complete, signed copy of sales contract · Mailing address and property description (if it’s not in the contract)
    • A copy of your cancelled earnest money check Loan Application for Refinance
    • A copy of the deed
    • A copy of your hazard insurance policy
    • A copy of the property survey
    • Proof that your home has passed a termite inspection

    Evidence of Funds for Downpayment

    • 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
    • If you have any recent large deposits or new accounts you’ll need to show documentation

    Other

    • If your loan is for new construction the lender will need to see plans and specifications
    • 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:

    • You can afford a home that’s up to 2 1/2 times your annual gross income.
    • 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:

    • Housing expense ratio. Your monthly PITI payment (Principal, Interest, Taxes and Insurance) should not exceed 28% of your monthly gross income.

    • 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:

    Term
    Monthly Payment
    Total Interest Accrued
    30 yr
    $768.91
    $176,808.95
    20 yr
    $867.83
    $108,277.58
    15 yr
    $984.74
    $77,253.12

    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:

    • If you have good credit but are short on cash for a downpayment you can put as little as 5% down.

    • It doesn’t take as long to accumulate a 5% or 10% downpayment so you could buy a home much sooner than you anticipated.

    • A smaller downpayment allows you to purchase a larger or nicer home.

    • 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.

    • 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.

  • Tulsa Mortgages, Tulsa Mortgage Lenders, Tulsa Mortgage Companies

    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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