Mortgage Nausea Update

Fears in the mortgage market and housing sectors have been front page news for the past two and one-half months. It has seemed as if the turmoil in the financial marketplace has become like a global virus. There are fears of an even more urgent contagion surfacing, and it seems as if the fear may impede people's buying and selling decisions.
Tulsa area real estate expert Darryl Baskin and Jeff Sargent, president of ONB Residential Mortgage continue telling folks around the area that calm is what is needed in our market. When people watch the national news, their stomachs begin to churn and fear can take over unless the voice of reason can be heard. Yes, there have been problems in the mortgage industry. Yes, there are less products offered to assist people in buying homes. Yes, there are still plenty of programs available for qualified homebuyers. The Tulsa area has not been damaged as other regions in our nation have. Our area is one of financial diversity, as Tulsa businesses invested in other industries after the oil bust in the early 1980s in an effort to keep our local economy stable and maintain future growth. So far, their forsight has proved very effective in maintaining our current lifestyle and growth.
The loans created by greedy sub-prime investors were meant to fail, and many people fell prey to unscrupulous mortgage brokers and were duped into taking loans that folks eventually could not afford. These companies and those products are dropping like flies. It was this greed that is causing the financial fears felt by all Americans. As we are in the second most stable market in the U.S., we should not hesitate when considering buying a home. Consider dealing with local lenders and make sure that you are an informed buyer. Make sure to ask your lender if they fund their own closings (meaning they bring their own check to your closing). Ask for total disclosure of costs, which is a copy of a Good Faith Estimate, Truth In Lending Disclosure, copy of your loan application (Form 1003), and don't forget to ask what your 3 credit scores are and make sure that you are given a booklet that will inform you about purchasing a home. These are all items that a reputable lender will give you when you apply for a loan. There are many other things to be aware of when considering a lender. You can contact real estate expert Darryl Baskin of The Baskin Team @ 918.258.2600 for any real estate questions or Jeff Sargent, president of ONB Residential Mortgage @ 918.481.6833 for any mortgage lending questions.