According to an article found on CNNMoney.com, George Graham, former director of Fortress, a hedge fund, partnered up with one of the auction houses that works closely with Sotheby's International Realty and several other auction houses to sell Luxury Real Estate. Concierge Auctions was formed.
Concierge Auctions' goal appears to be to take advantage of the failing real estate market and auction off luxury real estate. They tell luxury homeowners that their home won't sell via a traditional real estate market for years so it is better to auction off their home and make something off of it instead of ending up in foreclosure. They are also hoping to get in with banks all across the country. Since many luxury homeowners are unable to handle the mortgage, the property is entering foreclosure. The lenders are then stuck with homes that they are often unable to sell for market value. By getting in with the lenders, Concierge hopes to auction off these homes and make a cut of the final sales price. (To read the complete article, "Luxury Real Estate Vultures" (9-18-09), by Katie Benner, click here.)
For information on luxury real estate in the Tulsa, OK area or to sell or buy a luxury home, contact Peter McGraw of the Tulsa Luxury Property Group of McGraw Realtors at 918-592-6000 or www.tulsaluxurypropertygroup.com.
Thursday, December 31, 2009
Wednesday, December 16, 2009
Land Surveys
When a land surveyor is hired to perform a survey, he will do several things. One of the first things he will do is research, through several sources including the County Clerk’s office, in order to gather information about anything that affects the property and its boundaries. The surveyor will then perform a field survey of the property. He will find any physical evidence that will affect the boundaries as well as note any improvements made. After all this has been done, the surveyor will determine where the property lines are based on his research and data. He will then put the data into the computer to verify and draw a plat.
There are various types of surveys that can be performed.
A boundary survey is simply for the purpose of locating the boundaries and corners of a piece of land.
A topographical survey is used to locate elevations, land contours, streams, fences, etc.
A subdivision survey divides the land into smaller pieces with their boundaries.
A mortgage location survey must meed the requirements for title insurance.
For more information about surveys required to purchase a home in Oklahoma contact JJ Pierce of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.
There are various types of surveys that can be performed.
A boundary survey is simply for the purpose of locating the boundaries and corners of a piece of land.
A topographical survey is used to locate elevations, land contours, streams, fences, etc.
A subdivision survey divides the land into smaller pieces with their boundaries.
A mortgage location survey must meed the requirements for title insurance.
For more information about surveys required to purchase a home in Oklahoma contact JJ Pierce of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.
Monday, December 14, 2009
Tax Credits for First Time and Move Up Buyers
Good news for potential home buyers from Uncle Sam! In an attempt to further stimulate the housing market Congress has extended the First Time Home Buyer Tax Credit and created what some are calling the Move Up Buyer Tax Credit. This is a great incentive if you are on the hunt for a new house. Some information about the tax credits:
Move-Up Buyer Tax Credit
Qualified Move-up or repeat home buyers purchasing any kind of home are eligible to claim the $6,500 tax credit.
A move-up buyer is a home owner who has owned and resided in a home for at least 5 consecutive years of the eight years prior to the purchase date. If married both spouses homeownership are tested.
The tax credit is equal to 10% of the home’s purchase price up to a MAX of $6,500.
The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.
The previous tax credits applied only to first-time home buyers and were for different amounts of money.
The tax credit is claimed on the federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 7 of the 1040 income tax form for 2009 returns.
Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single family detached homes, attached homes like townhouses and condominiums, manufactured homes, and houseboats.
The tax credit is refundable. This means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. This usually means the government will send the taxpayer a check for a portion of even the entire amount of the refundable tax credit.
A residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house.
The tax credit can be combined with an MRB (bond money) home buyer program.
Anyone who is not a nonresidential alien and who has owned and resided in a principal residence in the US for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits.
Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.
The law allows taxpayers to elect to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on Dec. 31st, 2008 (or if in 2010, Dec. 31st, 2009). This means that the previous year’s income limit applies and the election accelerates when the credit can be claimed.
First Time Home Buyer $8000 Tax Credit Questions and IRS Answers
1. Can you take the credit if you buy a house in 2009, and file an extension to October 15th.
Yes IR-2009-27 http://www.irs.gov/newsroom/article/0,,id=205416,00.html March 18, 2009 states: Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. The filing options to consider are: file an extension; file now, amend later; amend the 2008 tax; claim the credit in 2009 rather than 2008.
2. Can you take the credit on a mobile home with no land?
The Form 5405 does state that a main home is the one you live in most of the time. It can be a house, houseboat, house-trailer, cooperative apartment, condominium or other type of residence. It does not go into specifically if you have to own the land on which it is sitting.
3. If you have owned a mobile with no land in the last 3 years, does that exclude you from the credit?
The Form 5405 does state that a main home is the one you live in most of the time. It can be a house, houseboat, house-trailer, cooperative apartment, condominium or other type of residence. It does not go into specifically if you have to own the land on which it is sitting.
3. If you have owned a mobile with no land in the last 3 years, does that exclude you from the credit?
See question above.
4. What is the definition of a first time home buyer, i.e. how do you document you have not owned a home, is it not having taken any mortgage tax deduction on your last 3 years tax returns or what?
A first time home buyer is any individual (and spouse if married) who had no present ownership interest in a qualifying principal residence during the 3-year period ending on the date of purchase of the principal residence for which a first-time homebuyer credit is being claimed.
5. Is there anyway a child buying a house from a parent could get the tax credit?
No per the instructions on the Form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf it states:
Who Cannot Claim the Credit
No per the instructions on the Form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf it states:
Who Cannot Claim the Credit
A. Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).
C. You home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a home purchased in 2009.
D. You are a nonresident alien.
E. Your home is located outside of the United States
F. You sell the home, or it ceases to be your main home before the end of 2008.
G. You acquired your home by gift or inheritance.
H. You acquired your home from a related person. A related person includes:
1. Your spouse, ancestors (parents, grandparents, etc), or lineal descendants (children, grandchildren, etc.).
2. A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
3. A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
F. You sell the home, or it ceases to be your main home before the end of 2008.
G. You acquired your home by gift or inheritance.
H. You acquired your home from a related person. A related person includes:
1. Your spouse, ancestors (parents, grandparents, etc), or lineal descendants (children, grandchildren, etc.).
2. A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
3. A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
6. Does the 5405 address these questions or what is the best web source with FAQ’s for us to refer our clients to?
The Form 5405 answers most questions but you can also check out our website www.irs.gov for the latest information on any issues concerning "First Time Home Buyers" by putting what you are wanting to search for in quotation marks it will limit the our search engine to that particular subject. Here is the link to our information center for both of the First Time Homebuyers credits with some FAQ's. http://www.irs.gov/newsroom/article/0,,id=187935,00.html
7. What form we use to report abuses of the $8000 tax credit.
The Form is 3949A http://www.irs.gov/pub/irs-pdf/f3949a.pdf 7. What form we use to report abuses of the $8000 tax credit.
Do you qualify for either of these credits? To find out if you qualify contact Steve Currington at 918-394-5626 or on the web at www.curringtonmortgage.com. You can email Steve at stevec@21dayclose.com
Interested in talking to a Realtor about listing your house? Contact Darryl Baskin with McGraw Realtors at 918-258-2600 or darryl@darrylbaskin.com
Sunday, December 13, 2009
Protect Your Home Value During Tough Economic Times
During today's tough economic times, we constantly hear abour the suffering housing market. Keep the following tips in mind to help protect the value of your home.
For estimates for residential repairs in the Tulsa, Oklahoma area, contact Jonathon Knapp of Residential Repair Inc at 918-621-1020 or www.residentialrepairinc.com.
To check your Tulsa, Oklahoma home for termite damage or wood rot, contact Duane Montgomery of Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.
- Mow your yard.
- Mow your neighbor's yard.
- Keep your house painted.
- Support your homeowner's association. This is not the time to be quibbling over inconsequential matters.
- Watch your entry to the neighborhood. Keep it well maintained.
- Exterior matters most- many owners will be facing difficulty finding the funds to maintain their home as they have in the past. Don't put home maintenance issues off or you might find a bigger problem with a bigger bill later. Hire home professionals if necessary.
- Don't flood the market if you are not a necessary seller. Your presence as a home for sale (if it competes with another house in the neighborhood) could cause a seller who is desperate to sell to become more desperate and drop their price further to compete.
- Variety of selection is important.
- Talk up the neighborhood! What you say to your friends is as important as any house advertisement.
- Never say "They will never get that!" to anyone...EVER! You should HOPE AND PRAY they DO!
For estimates for residential repairs in the Tulsa, Oklahoma area, contact Jonathon Knapp of Residential Repair Inc at 918-621-1020 or www.residentialrepairinc.com.
To check your Tulsa, Oklahoma home for termite damage or wood rot, contact Duane Montgomery of Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.
Friday, December 11, 2009
New Info on Buyer Tax Credit!
Many first-time home buyers that took advantage of the $8000 tax credit a year ago are still waiting for their refund. Most of these buyers amended their 2008 tax returns. The IRS says that all amended returns are reviewed by hand, therefore it is taking longer than normal.
The IRS has also clarified the guidelines for co-borrowers seeking the tax credit. For more information about taking advantage of the buyer's tax credit in the Tulsa, OK. area, contact Steve Currington, Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.
To buy or sell property in the Tulsa, OK. area contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.
The IRS has also clarified the guidelines for co-borrowers seeking the tax credit. For more information about taking advantage of the buyer's tax credit in the Tulsa, OK. area, contact Steve Currington, Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.
To buy or sell property in the Tulsa, OK. area contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.
Saturday, December 5, 2009
Tax Credit Extension Q & A
The Tax Credit Extension Should Boost Sales For Many Homebuyers - A Real Positive For Our Tulsa Economy
Dec 5, 2009
The federal first-time homebuyer's tax credit has really helped our Tulsa market remain robust in recent months. It's time for people with hopefully more money in their pockets to get the same deal, although not quite as big a break as the first-time buyers.
When President Obama signed the extension of the tax credit on November 6th, real estate experts felt that momentum would build in the market for more expensive homes. Although the cap on the first-time credit remains at $8,000, the income limits for first-time buyers were increased and a new tax credit of $6,500 was created for home-owners who have lived in their current residence for at least five years, but owned the home for a total of 8.
The new income limits for both kinds of credits are now $125,000 for individual buyers and $225,000 for couples. Anyone making more than those limits can claim diminishing credits.
Tulsa has some folks that are young and affluent and our city has an abundance of wealthy buyers for their age group, and for those fortunate buyers, this is a wonderful gift.
The "step-up" credit, available for the purchase of principal homes costing $800,000 or less, is well timed. We are finally seeing some larger homes selling that have been on the market for a while. As a result, home sales in the upper brackets have been among the most depressed over the past year, simply due to the economic winds shifting with each day.
Many banks really want to make home loans, so what you hear and read in the press about the total credit freeze is simply untrue, even on homes where the mortgage would exceed the current $417,000 ceiling under the high-cost market purchase limit for Fannie Mae and Freddie Mac.
We have seen a continuing steady market, which can partly be attributed to the rush to beat the November 30th home sale/closing deadline under the original tax credit program. Now, with the new law, the buyer’s clock has been re-set to get homes under contract by April 30, 2010 and closed by June 30, 2010.
That could move up the traditional buying season as higher-income buyers rush in to take advantage of the tax credit.
I would say that our typical winter slow-down in the Tulsa area from December through March will be anything but typical. There is a now a true sense of urgency, and we can all hope that the cold winter months will seem more like a normal spring market, which is ordinarily the busy time in the real estate industry.
It would have been nice if the administration and lawmakers would have simply opened up the tax credit to everyone, as it would have allowed a much larger participation in the home marketplace, and would have been a quicker, larger boost to our economy. The new law allows a homebuyer to claim the $6,500 credit without selling their existing home. This will allow homeowners to benefit from the program while renting out their soon to be primary residences, whether they are having trouble selling or just want to keep an income-producing property -- as long as they buy something new.
Here’s The Meat & Potatoes Of The Matter:
Who can receive, and how much can they claim? Most first-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The bill creates a new credit of up to $6,500 for homeowners who have lived in their homes for five years; that provision went into effect on 12/01/2009.
How long will it last? The tax credits will expire on April 30, 2010, but home buyers under contract by April 30 will be able to qualify as long as they complete the sale within 60 days. Please remember, this will be the third iteration of a home buyer tax credit that has been in place since mid-2008.
Will the tax credit do anything for the high-end of the market? It may help a bit, but you should remember that there are income limitations associated with the credit. Also, homes that cost more than $800,000 aren’t eligible for the credit. To be blunt, many well-paid people will take advantage of it, although it won’t make a huge difference. A household earning around $150,000 is likely to buy a home of $300,000 to $600,000, so a $6,500 credit won’t be much of a factor in pushing these households out into the market, but if they are like most of us, every little bit helps and it will definitely assist the economic recovery.
So will the expanded tax credit help sales? That’s a point of debate among housing analysts and economists. The expanding of the tax credit to people who already own homes does not really greatly impact the supply of housing on the market, but it will help get some of the inventory off the books of builders and banks that are stuck holding inventory they do not want or need. If these new buyers who already own a home and sell it to finance the new one, then it has not put a big dent in the amount of homes for sale.
What we have right now are some of the best interest rates we’ve seen since May, 2009combined with the extension of the tax credit. It is a time to be optimistic and every person now considering buying a home, shouldn't procrastinate, but get pre-approved and begin the house hunting process to beat this new deadline. It will keep our Tulsa economy strong and we’ll see more job growth if homes continue to sell. Get in the game! Act now and contact a residential lender here at ONB for pre-approval and then contact Darryl Baskin or any member of his team to find and negotiate the deal for your home purchase.
Jeff Sargent
President
Residential Lending Division
ONB Bank & Trust Co
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
Dec 5, 2009
The federal first-time homebuyer's tax credit has really helped our Tulsa market remain robust in recent months. It's time for people with hopefully more money in their pockets to get the same deal, although not quite as big a break as the first-time buyers.
When President Obama signed the extension of the tax credit on November 6th, real estate experts felt that momentum would build in the market for more expensive homes. Although the cap on the first-time credit remains at $8,000, the income limits for first-time buyers were increased and a new tax credit of $6,500 was created for home-owners who have lived in their current residence for at least five years, but owned the home for a total of 8.
The new income limits for both kinds of credits are now $125,000 for individual buyers and $225,000 for couples. Anyone making more than those limits can claim diminishing credits.
Tulsa has some folks that are young and affluent and our city has an abundance of wealthy buyers for their age group, and for those fortunate buyers, this is a wonderful gift.
The "step-up" credit, available for the purchase of principal homes costing $800,000 or less, is well timed. We are finally seeing some larger homes selling that have been on the market for a while. As a result, home sales in the upper brackets have been among the most depressed over the past year, simply due to the economic winds shifting with each day.
Many banks really want to make home loans, so what you hear and read in the press about the total credit freeze is simply untrue, even on homes where the mortgage would exceed the current $417,000 ceiling under the high-cost market purchase limit for Fannie Mae and Freddie Mac.
We have seen a continuing steady market, which can partly be attributed to the rush to beat the November 30th home sale/closing deadline under the original tax credit program. Now, with the new law, the buyer’s clock has been re-set to get homes under contract by April 30, 2010 and closed by June 30, 2010.
That could move up the traditional buying season as higher-income buyers rush in to take advantage of the tax credit.
I would say that our typical winter slow-down in the Tulsa area from December through March will be anything but typical. There is a now a true sense of urgency, and we can all hope that the cold winter months will seem more like a normal spring market, which is ordinarily the busy time in the real estate industry.
It would have been nice if the administration and lawmakers would have simply opened up the tax credit to everyone, as it would have allowed a much larger participation in the home marketplace, and would have been a quicker, larger boost to our economy. The new law allows a homebuyer to claim the $6,500 credit without selling their existing home. This will allow homeowners to benefit from the program while renting out their soon to be primary residences, whether they are having trouble selling or just want to keep an income-producing property -- as long as they buy something new.
Here’s The Meat & Potatoes Of The Matter:
Who can receive, and how much can they claim? Most first-time home buyers are eligible for up to $8,000 on the tax credit, which is the same as the current credit. The bill creates a new credit of up to $6,500 for homeowners who have lived in their homes for five years; that provision went into effect on 12/01/2009.
How long will it last? The tax credits will expire on April 30, 2010, but home buyers under contract by April 30 will be able to qualify as long as they complete the sale within 60 days. Please remember, this will be the third iteration of a home buyer tax credit that has been in place since mid-2008.
Will the tax credit do anything for the high-end of the market? It may help a bit, but you should remember that there are income limitations associated with the credit. Also, homes that cost more than $800,000 aren’t eligible for the credit. To be blunt, many well-paid people will take advantage of it, although it won’t make a huge difference. A household earning around $150,000 is likely to buy a home of $300,000 to $600,000, so a $6,500 credit won’t be much of a factor in pushing these households out into the market, but if they are like most of us, every little bit helps and it will definitely assist the economic recovery.
So will the expanded tax credit help sales? That’s a point of debate among housing analysts and economists. The expanding of the tax credit to people who already own homes does not really greatly impact the supply of housing on the market, but it will help get some of the inventory off the books of builders and banks that are stuck holding inventory they do not want or need. If these new buyers who already own a home and sell it to finance the new one, then it has not put a big dent in the amount of homes for sale.
What we have right now are some of the best interest rates we’ve seen since May, 2009combined with the extension of the tax credit. It is a time to be optimistic and every person now considering buying a home, shouldn't procrastinate, but get pre-approved and begin the house hunting process to beat this new deadline. It will keep our Tulsa economy strong and we’ll see more job growth if homes continue to sell. Get in the game! Act now and contact a residential lender here at ONB for pre-approval and then contact Darryl Baskin or any member of his team to find and negotiate the deal for your home purchase.
Jeff Sargent
President
Residential Lending Division
ONB Bank & Trust Co
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
Sunday, November 29, 2009
Big Mortgage Bank versus Small Mortgage Bank?
Many people often ask what the difference is between using a big bank for their mortgage and using a smaller company. Many big banks offer competitive rates, low fees and have a large presence and reputation in the market. These are all things you want to look for when shopping for the right company. As an owner of a small mortgage company myself I can offer some insight into the difference between the "big guys" and companies like mine.
Can a small company offer competitive rates and low fees? Absolutely! Many smaller companies do not have the overhead that the "big guys" have and may specialize in mortgage only versus just offering mortgages. When you work with a company that specializes in just mortgages you get the experience and expertise of a company that focuses every day on just that, mortgage!
Can I get the same service from a smaller company? Yes, in fact smaller companies many times offer a more personable and hands on experience than you get with the big banks.
Top 5 things to look for when shopping for a mortgage.
1. Local Office
2. Local Underwriting
3. Prompt attention to you (answering calls and returning messages).
4. Good reputation (do your homework, search online, ask for a recent customer survey).
5. Must be willing to provide a good faith estimate and meet with you in person.
Steve Currington is a mortgage banker with Currington Mortgage in Tulsa, Oklahoma. CMC helps customers with cost effective and hassle free home financing. CMC specializes in working with first time home buyers and those with low or no down payment. For more information please contact Steve at 918-394-5626, stevec@21dayclose.com or www.curringtonmortgage.com
Can a small company offer competitive rates and low fees? Absolutely! Many smaller companies do not have the overhead that the "big guys" have and may specialize in mortgage only versus just offering mortgages. When you work with a company that specializes in just mortgages you get the experience and expertise of a company that focuses every day on just that, mortgage!
Can I get the same service from a smaller company? Yes, in fact smaller companies many times offer a more personable and hands on experience than you get with the big banks.
Top 5 things to look for when shopping for a mortgage.
1. Local Office
2. Local Underwriting
3. Prompt attention to you (answering calls and returning messages).
4. Good reputation (do your homework, search online, ask for a recent customer survey).
5. Must be willing to provide a good faith estimate and meet with you in person.
Steve Currington is a mortgage banker with Currington Mortgage in Tulsa, Oklahoma. CMC helps customers with cost effective and hassle free home financing. CMC specializes in working with first time home buyers and those with low or no down payment. For more information please contact Steve at 918-394-5626, stevec@21dayclose.com or www.curringtonmortgage.com
Monday, November 23, 2009
Improve Your Home or Move?
Right now, during these difficult economic times, many homeowners are choosing to improve their home rather than move. By doing so, when the economy changes they will have increased the value of their home and will be able to sell it at that point. There are many ways to improve your home and add value, including: repairing and replacing your roof, repainting the interior and exterior of your home, installing energy efficient products, providing curb appeal through landscaping, upgrading fixtures, and doing basic maintenance and pest control.
- Repairing or Replacing Your Roof- Make sure that you keep your roof in good repair and when needed, replace it. Check with your roofing professional to see if you need a new roof, have venting problems, have loose shingles, or have any other roofing issues that are in need of repair.
- Repainting- repainting your home not only helps maintain the property but it is also appealing to buyers when you decide to sell. Keep neutral colors in mind, however, so that it will be appealing to a large number of buyers.
- Installing Energy Efficient Products- replace old windows, appliances, hot water heaters, and heating and a/c units with newer energy star rated ones. This will help decrease your energy bills and will be attractive to buyers.
- Providing Curb Appeal through Landscaping- make sure that your landscaping is attractive to buyers. An attractive exterior can help ensure that buyers will at least take a peak inside. Also remember to provide landscaping that will look good in every season.
- Upgrading Fixtures- this is an easy and often inexpensive way to improve your home. Replace doorknobs, cabinet pulls, light fixtures, and plumbing fixtures for newer ones.
- Doing Basic Maintenance and Pest Control- this is one of the best ways to improve your property and prevent buyers from walking out the door. Many buyers simply don't want a "fixer upper" or problems with pests. They want it move in ready. Simple home maintenance and pest control will keep buyers interested and will help prevent more expensive repairs later.
- For information on how to improve your home by repairing or replacing your roof, contact Judy Smith of Abest Roofing at 918-587-1426 or www.abestroofing.com.
- For information on pest control in the Tulsa, Oklahoma area contact Duane Montgomery, Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.
- To have a estimate on property repairs contact Jonathon Knapp of Residential Repairs at 918-621-1020 or www.residentialrepairinc.com.
- For heating and air conditioning repair and replacement contact Stephen Taylor at Air Assurance at 918-258-HEAT or www.airassurance.com.
- For information on how to improve your home or on buying or selling a home contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.
100% Mortgage Financing Still Available?
Many of you may think that 100% financing is a thing of the past, but I am here to tell you it is not. In Northeast Oklahoma buyers are able to get into homes with little or no money down with several different programs. The real estate market is strong in Oklahoma and with tax incentives for first time and move up buyers there is not a better time to purchase a home. Get information on how you can qualify for a no down payment mortgage loan at www.curringtonmortgage.com or call Steve Currington at 918-394-5626(LOAN) or 918-810-0092.
P.S. Remember no money down, up to $8000 tax credit and we guarantee a 21 day closing.
P.S. Remember no money down, up to $8000 tax credit and we guarantee a 21 day closing.
Wednesday, November 18, 2009
Beware a mortgage-rate spike this spring
Beware a mortgage-rate spike this spring
Posted by Carla Fried
November 16, 2009 11:31 am
A looming shift in Federal Reserve policy could send the 30-year fixed mortgage to 6% or higher, up from Monday's rock-bottom rate of 5.02%. For all the hullaballoo about the stimulative impact of last week's decision to extend the $8,000 First-Time Home Buyer Tax Credit and create a $6,500 credit for current homeowners, a sharp rise in the bellwether mortgage rate could muck up a housing recovery.
For the past year the Federal Reserve's voracious $1.25-trillion purchase program of mortgage-backed securities has effectively pushed the 30-year conforming fixed-rate mortgage lower than it would normally be. Typically the conforming FRM is about 25 basis points lower than the rate on a jumbo mortgage. According to Bankrate's latest weekly survey, the difference is more than one percentage point (6.24% vs. 5.19% as of Nov. 10).
But the Federal Reserve has signaled that it intends to wind down its purchase program by the end of the first quarter of 2010. Analyst Meredith Whitney recently dubbed the Fed's "Great Exit" the biggest risk for banks and the markets over the next four months. And consumers.
Absent another big buyer (or set of buyers) stepping up and taking the Fed's place, rates would likely rise. If the jumbo/conforming spread reverts to its historic norm, we're looking at a 30-year fixed rate mortgage closer to 6% based on today's levels. That could translate into a decline of 10% or so in home buyers' purchasing power. A $300,000 mortgage at 5.02%, for example, works out to about $1,614 a month. At 6% you'd need to drop the mortgage amount to less than $270,000 to keep the monthly payment at $1,614. As Amanda Gengler points out in her 2010 Housing Outlook, prospective buyers and refinancers should look to lock in a rate sooner rather than later.
Explosive Profits in Foreclosures FREE WEBINAR - This Friday - Must Register!
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Explosive Profits in Foreclosures: Part 2 Click here to learn more about this topic November 13 & 20, 2009 This Friday Evening @ 7:00pm (CST)   Register today to attend this FREE webinar. Join Jerry Robinson and JRMI Advisory Team Member/Real Estate Specialist, Darryl Baskin, as they discuss the basics of the foreclosure market. In this informative 90 minute webinar, you will learn: Join us for this free webinar this Friday evening at 7:00pm (Central Standard Time.) This Webinar is a two-part presentation and will be held on two consecutive Friday evenings: Register Now at: Once registered you will receive an email confirming your registration with information you need to join the Webinar. System Requirements Macintosh®-based attendees Required: Mac OS® X 10.4 (Tiger®) or newer   |
Wednesday, November 11, 2009
Homebuyer's Tax Credit Extended
The $8000 tax credit for first time home buyer's has been extended. Originally, the tax credit was only offered until November 30, 2009. The new tax credit extension enables home buyers under contract by April 30, 2010 to use the tax credit. The extension also allows for a $6500 tax credit for home buyers who have owned a home and lived in it for 5 years. In addition, home buyers have an additional 60 days to close the sale. For more information on the tax credit extension, contact Jeff Sargent at ONB Mortgage at 918-392-6572 or jeff_sargent@onbbank.com.
For your Tulsa, OK. real estate needs, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.
For your Tulsa, OK. real estate needs, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.
Tuesday, November 3, 2009
Why Do I Need a Survey When I Build a New Home or Addition?
When you decide to build an addition or a new home, you will need a survey. A survey shows where the property lines are as well as any buildings, easements, driveways, or encroachments on the property, such as a neighbor's driveway. You might say, "I don't need a survey. I have a plat map". A plat map only shows the property boundaries. It doesn't show easements or encroachments which can cause a problem with a legal title. A survey will ensure that anything you are building is not on someoone else's property or easement. It will also help if you have acreage and decide to sell some of it later.
For more information on land surveys, titles, and the closing process, contact JJ Pierce at Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.
If you are interested in building a new home or addition, contact Bruce Gardner of Gardner Construction at 918-481-1377 or gcc1946@aol.com.
For real estate needs in the Tulsa, Oklahoma area contact Darryl Baskin, McGraw Realtors, at 918-258-2600 or www.darrylbaskin.com.
For more information on land surveys, titles, and the closing process, contact JJ Pierce at Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.
If you are interested in building a new home or addition, contact Bruce Gardner of Gardner Construction at 918-481-1377 or gcc1946@aol.com.
For real estate needs in the Tulsa, Oklahoma area contact Darryl Baskin, McGraw Realtors, at 918-258-2600 or www.darrylbaskin.com.
Monday, October 19, 2009
Tulsa Historical Society
The Tulsa Historical Society presents:
For more information on these FREE events visit their website or their facebook event page.
2nd Annual Music on the Lawn
Sunday, October 25th
3:00PM to 6:00PM
Confessions of a Pioneer Woman
Lecture and Book Signing by Ree Drummond
Tuesday, October 27th
7:00PM
Sunday, October 25th
3:00PM to 6:00PM
Confessions of a Pioneer Woman
Lecture and Book Signing by Ree Drummond
Tuesday, October 27th
7:00PM
For more information on these FREE events visit their website or their facebook event page.
Thursday, October 15, 2009
Tips for a Smooth Closing
Buying and Selling a home can be a stressful process, but when the closing process doesn't happen smoothly, it can add even more stress. Here are a few tips to de-stress the closing process. First, listen to the professionals. If your real estate agent or mortgage broker gives you suggestions for the closing and moving process, heed their advice. They see problems regularly and can help you avoid some of the most common problems. Second, pack and move out of the house as early in the day, or even the night before, as possible and schedule closing for the afternoon. For buyers, schedule the final walk through earlier in the day as well. This added time should help with any unplanned delays. Third, consider adding a little extra expense to your budget in case there is a delay in closing and storage or hotel costs are needed or you need to hire a professional for an unexpected home repair. Finally, ask for a final settlement statement a day or two in advance of closing so that last minute surprises are kept to a minimum.
For more information on the closing process or if you are in need of closing services, contact JJ Pierce, Closings of Tulsa, 918-493-2241.
For all your mortgage needs, contact Karen Heston, Bank of Oklahoma, 918-488-7353 or kheston@bokf.com.
For all your Tulsa, Oklahoma area real estate needs, contact, Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.
For more information on the closing process or if you are in need of closing services, contact JJ Pierce, Closings of Tulsa, 918-493-2241.
For all your mortgage needs, contact Karen Heston, Bank of Oklahoma, 918-488-7353 or kheston@bokf.com.
For all your Tulsa, Oklahoma area real estate needs, contact, Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.
Friday, October 9, 2009
Pre-nuptial Agreements
Quite often, pre-nuptial agreements are thought of as negative. In some cases, however, a pre-nuptial agreement can be very helpful and even create peace of mind. A pre-nuptial agreement (also called a pre-marital agreement or pre-nup) defines to whom property belongs and can prevent legal arguments should a divorce or death occur. The agreement covers three areas: during marriage, upon divorce, and upon death of a spouse. It is very important that all parties involved have independent counsel. It is also important that everyone is honest and provides full disclosure of their assets. If these don't occur, the agreement may be invalid. You might benefit from a pre-nup if you are engaged and either own a business, have children or someone needing special care, or have many assets.
To discuss a pre-nuptial agreement or other legal issues, contact Richardson Law Firm, at 918-492-7674 or www.richardsonlawfirmpc.com.
For all your real estate needs in the Tulsa, Oklahoma area, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.
To discuss a pre-nuptial agreement or other legal issues, contact Richardson Law Firm, at 918-492-7674 or www.richardsonlawfirmpc.com.
For all your real estate needs in the Tulsa, Oklahoma area, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.
Tuesday, June 16, 2009
Update on Loan Options,Tax Deductions & Rates
There are many mortgage and home financing options available, even with the many changes we have seen in the economy and lending industry over the past 19 months. Many government programs are still available, such as VA, FHA and USDA/Rural Development. Oklahoma still pushes for bond issues, although the assistance from the bond programs seems to "dry up" quickly due to high demand. There are still combination mortgages that can be utilized to achieve a low down payment, meaning a first mortgage and second mortgage, which are both tax deductible. There are still many conventional loan programs and everyone knows that home- buyers have a desire to save as much money as possible, especially with the present state of the economy. With private mortgage insurance, clients can still get quick approvals and benefit by deducting the premiums from their income taxes. The PMI can be canceled once there is a 20% proven equity position in the home, which can be verified with an appraisal ordered through the homeowner's lender once they feel they have achieved their goal of 80% loan to value ratio. It also automatically drops off once it reaches 78% of original appraised value.
Here are a few helpful details regarding the tax deductibility for private mortgage insurance (PMI) which was provided by RMIC this afternoon, one of the nation's largest private mortgage insurance providers:
"The home purchase or refinance loan must close between January 1, 2007 and December 31, 2010;
Household income must be at or below $100,000 for a full deduction of premium;
The premium deduction is reduced 10% for each $1,000 of income over $100,000;
The premium deduction is prorated in the first year based in the month the loan closes;
Applies to primary residence and one other residence purchased for personal use by the taxpayer;
Monthly, annual, and single MI premiums are eligible. Financed premium deductions should be taken over a seven year period."
RMIC's scenarie/example:
Assumptions:
Loan closed in July 2009 to purchase a primary residence
$80,000 per year household income
$200,000 loan amount
0.62% annualized MI premium rate
28% income tax rate
Conclusions:
Borrower is eligible for the tax deduction based on closing date, occupancy, and income
Annual MI premium is $1,240 ($200,000 x .0062)
Borrower would deduct $620 in 2009 (prorated based on closing month)
Borrower would deduct $1,240 each year thereafter until MI is canceled
Tax Deduction Savings:
The borrower's savings is $347 per year ($29 per month)
Note: Tax deductibility currently is approved through December 31, 2010. RMIC does not provide tax advice. Borrowers should consult their tax advisor to determine eligibility for this deduction. This information was published on June 16, 2009 by RMIC.
Just to give you an update, we are seeing rates begin to decline once again. On May 26th and over the following days, rates increased from 4.875% to a high of 6% on a 30 year fixed conventional loan term. Today (06/16/09) rates decreased to 5.625% (no points or origination fee with pristine credit - 740+ on purchase) and we expect them to decline again tomorrow based on the market's closing data. The federal government came in and purchased US debts, which it had promised to do periodically in an effort to reduce interest rates on mortgages to stimulate our nation's economy. There is still approximately $137 billion remaining in government funds to continue these periodic debt purchases. New home starts were much greater than predicted for May, which was good news for everyone. Let's hope the trend continues...
The Tulsa Parade of Homes will begin this Saturday, June 20th and pamphlets with listings, addresses and home information will be available at many locations beginning Friday, June 19th. Just remember, there are many opportunities to purchase and finance your home right now and you can't get in the game unless you check your options.
Have a wonderful week and enjoy our fine city and all its amenities and know that you live in the best city in the US, Tulsa.
Jeff Sargent
President
Residential Lending Division
ONB Bank & Trust Co
918.392.6572
Here are a few helpful details regarding the tax deductibility for private mortgage insurance (PMI) which was provided by RMIC this afternoon, one of the nation's largest private mortgage insurance providers:
"The home purchase or refinance loan must close between January 1, 2007 and December 31, 2010;
Household income must be at or below $100,000 for a full deduction of premium;
The premium deduction is reduced 10% for each $1,000 of income over $100,000;
The premium deduction is prorated in the first year based in the month the loan closes;
Applies to primary residence and one other residence purchased for personal use by the taxpayer;
Monthly, annual, and single MI premiums are eligible. Financed premium deductions should be taken over a seven year period."
RMIC's scenarie/example:
Assumptions:
Loan closed in July 2009 to purchase a primary residence
$80,000 per year household income
$200,000 loan amount
0.62% annualized MI premium rate
28% income tax rate
Conclusions:
Borrower is eligible for the tax deduction based on closing date, occupancy, and income
Annual MI premium is $1,240 ($200,000 x .0062)
Borrower would deduct $620 in 2009 (prorated based on closing month)
Borrower would deduct $1,240 each year thereafter until MI is canceled
Tax Deduction Savings:
The borrower's savings is $347 per year ($29 per month)
Note: Tax deductibility currently is approved through December 31, 2010. RMIC does not provide tax advice. Borrowers should consult their tax advisor to determine eligibility for this deduction. This information was published on June 16, 2009 by RMIC.
Just to give you an update, we are seeing rates begin to decline once again. On May 26th and over the following days, rates increased from 4.875% to a high of 6% on a 30 year fixed conventional loan term. Today (06/16/09) rates decreased to 5.625% (no points or origination fee with pristine credit - 740+ on purchase) and we expect them to decline again tomorrow based on the market's closing data. The federal government came in and purchased US debts, which it had promised to do periodically in an effort to reduce interest rates on mortgages to stimulate our nation's economy. There is still approximately $137 billion remaining in government funds to continue these periodic debt purchases. New home starts were much greater than predicted for May, which was good news for everyone. Let's hope the trend continues...
The Tulsa Parade of Homes will begin this Saturday, June 20th and pamphlets with listings, addresses and home information will be available at many locations beginning Friday, June 19th. Just remember, there are many opportunities to purchase and finance your home right now and you can't get in the game unless you check your options.
Have a wonderful week and enjoy our fine city and all its amenities and know that you live in the best city in the US, Tulsa.
Jeff Sargent
President
Residential Lending Division
ONB Bank & Trust Co
918.392.6572
Monday, March 23, 2009
What Will Shape Mortgage Rates This Week?
MORTGAGE / ECON UPDATE: Mar 23 – Mar 27, 2009
“A lack of money is the root of all evil.” – More Maxims of Mark, Johnson 1927
Last week, Mr. Bernanke and the Fed saw their regularly scheduled meeting as a window of opportunity to make a blockbuster announcement.
On March 18th, the Fed announced that during 2009 they will purchase an additional $750BB of Mortgage Backed Securities (MBS), and an additional $300 Billion in long-term Treasuries with the main intent to help shore up the housing market and keep home loan rates low. On the announcement, Bonds exploded higher, leaving Bond prices just a few shaves short of the best levels ever. Mortgage rates bounced down that afternoon, but didn’t hold as long as the markets wished for.
However, it's important to understand that while their actions may keep rates from moving higher, at the same time they may not cause them to move dramatically lower as everyone keeps wanting. Also, I must caution that due to many understaffed lenders and investors currently working at maximum capacity, we could once again see that improvements in Bond pricing may not all be passed through to our rate sheets. What we have seen in the recent past is that our investors cannot keep up with the demand for lower rates, and often the “low rate window” closes just when our appetite wants more.
Also, please keep in mind that another item impacting whether Bonds and rates realize significant improvement going forward are concerns of future inflation - the enemy of Bonds and home loan rates - brought on by all the recent aggressive moves by the Fed. While we know we feel very little inflationary pressure right now, any inkling of future inflation could negatively impact Bonds and home loan rates, or at least stifle any improvements.
The media continues to spin it differently, but this is not a time to continue sitting on the fence as so many of our customers are at the moment, hoping and waiting for lower rates. Home mortgage rates remain are so close to all-time historic lows, but may not actually slide significantly lower based on this purchasing plan; waiting is a very risky move.
There was more good news last week, as Housing Starts for February came in better than expected and truly increased for the first time in eight months. More good news came when Fed Chairman Bernanke stated the recession should end in 2009. He also mentioned that he is confident of the long-term outlook for the US economy.
As for an update on “Mark to Market” - the accounting rule which has had a devastating impact on the financial markets - which I have mentioned on more than one occasion. The Financial Accounting Standards Board (FASB) agreed that they will propose to allow companies to use more "leeway" in applying the accounting rules they use to value their assets, and planned a final vote for April 2, 2009. If this accounting rule change is approved, it could result in better first-quarter financial statements for companies that have been negatively impacted by this rule. Stocks have been bumping up lately on the hope that the “Mark to Market” will be fixed, and a resolution could help Stocks gain further ground.
MORTGAGE / ECON UPDATE / Events / WEEK OF Mar 23rd through Mar 27, 2009
We will see a lot of financial activity this week, from start to finish, starting with an opportunity to get a handle on the housing market with today’s Existing Home Sales Report and the New Home Sales Report that will be released on Wednesday. With rates near historic lows and the tax credits available for first-time home buyers we should see some real stimulus and hopefully many buyers will soon be ready to come off the benches and home purchases will pick up in the 2nd quarter. So many people have been waiting for signs of improvement, the first quarter was one of caution for many Tulsans, and maybe these new glimmers of hope will bring them into the game.
Another report to watch will be released Wednesday as the data for consumer and business consumption and buying behavior contained in the Durable Goods Report which gives us up to date information on non-disposable items, such as cars, furniture, appliances, games, cameras, business equipment, ( basically items built to last more than 3 years). Also, pay close attention to the Gross Domestic Product (GDP) Report Thursday, which is the broadest measure of economic activity, and on Friday the Core Personal Consumption Expenditure (PCE) Index, contained in the Personal Income report. The core Personal Consumption Expenditure Index is the one of the FOMC’s most awaited gauge of inflation reports. With all the recent talk of potential inflation ahead, it will be interesting to see what this data bears out.
Keep in mind – Weak economic news normally assists Bond and mortgage rates to improve, because investments flow out of stocks and into the Bond market. As you can see in the chart below, Bonds were propped up last week by the Fed's announcement regarding its Bond purchase program. Also remember that the improvements are not necessarily all making their way through to everyone’s rate sheets.
Helpful Outlook for You Regarding the Fed’s Latest Moves and How They Impact You
The Fed announced last week they are going to buy another $750BB in Mortgage Backed Securities (MBS), thus making their total commitment to $1.25 Trillion. How does this really impact home loan rates?
The Fed's actions provide a demand for Mortgage Backed Securities, which should help keep the ceiling on home loan rates from moving much higher in the foreseeable future. That's good news for homebuyers who are looking to purchase as well as for folks in the market to refinance their present debt, as they perceive that there may be bargains out there.
All this depends on which Bond Coupons the Fed purchases. If they buy the higher rate coupons - as they have been so far this year - their continued purchasing actions will likely keep rates low and stable, but may not necessarily push them a lot lower. Rates are so close right now to historic lows. My advice to you right now is to not hesitate and miss a great opportunity to purchase your dream home, or get more money back in your budget by doing an intelligent, well thought out refinance.
Please remember that this information is only an opinion and is provided by a 3rd party for informational purposes only. Please verify any facts before you make financial decisions as the market is a constantly changing environment and you should always consult with your financial professional prior to making any decision to make sure that your decision is based on up to date information.
Sincerely,
Jeff Sargent
President
Residential Mortgage Division
ONB Bank & Trust Co
918.392.6572
Equal Housing Lender, Member FDIC
“A lack of money is the root of all evil.” – More Maxims of Mark, Johnson 1927
Last week, Mr. Bernanke and the Fed saw their regularly scheduled meeting as a window of opportunity to make a blockbuster announcement.
On March 18th, the Fed announced that during 2009 they will purchase an additional $750BB of Mortgage Backed Securities (MBS), and an additional $300 Billion in long-term Treasuries with the main intent to help shore up the housing market and keep home loan rates low. On the announcement, Bonds exploded higher, leaving Bond prices just a few shaves short of the best levels ever. Mortgage rates bounced down that afternoon, but didn’t hold as long as the markets wished for.
However, it's important to understand that while their actions may keep rates from moving higher, at the same time they may not cause them to move dramatically lower as everyone keeps wanting. Also, I must caution that due to many understaffed lenders and investors currently working at maximum capacity, we could once again see that improvements in Bond pricing may not all be passed through to our rate sheets. What we have seen in the recent past is that our investors cannot keep up with the demand for lower rates, and often the “low rate window” closes just when our appetite wants more.
Also, please keep in mind that another item impacting whether Bonds and rates realize significant improvement going forward are concerns of future inflation - the enemy of Bonds and home loan rates - brought on by all the recent aggressive moves by the Fed. While we know we feel very little inflationary pressure right now, any inkling of future inflation could negatively impact Bonds and home loan rates, or at least stifle any improvements.
The media continues to spin it differently, but this is not a time to continue sitting on the fence as so many of our customers are at the moment, hoping and waiting for lower rates. Home mortgage rates remain are so close to all-time historic lows, but may not actually slide significantly lower based on this purchasing plan; waiting is a very risky move.
There was more good news last week, as Housing Starts for February came in better than expected and truly increased for the first time in eight months. More good news came when Fed Chairman Bernanke stated the recession should end in 2009. He also mentioned that he is confident of the long-term outlook for the US economy.
As for an update on “Mark to Market” - the accounting rule which has had a devastating impact on the financial markets - which I have mentioned on more than one occasion. The Financial Accounting Standards Board (FASB) agreed that they will propose to allow companies to use more "leeway" in applying the accounting rules they use to value their assets, and planned a final vote for April 2, 2009. If this accounting rule change is approved, it could result in better first-quarter financial statements for companies that have been negatively impacted by this rule. Stocks have been bumping up lately on the hope that the “Mark to Market” will be fixed, and a resolution could help Stocks gain further ground.
MORTGAGE / ECON UPDATE / Events / WEEK OF Mar 23rd through Mar 27, 2009
We will see a lot of financial activity this week, from start to finish, starting with an opportunity to get a handle on the housing market with today’s Existing Home Sales Report and the New Home Sales Report that will be released on Wednesday. With rates near historic lows and the tax credits available for first-time home buyers we should see some real stimulus and hopefully many buyers will soon be ready to come off the benches and home purchases will pick up in the 2nd quarter. So many people have been waiting for signs of improvement, the first quarter was one of caution for many Tulsans, and maybe these new glimmers of hope will bring them into the game.
Another report to watch will be released Wednesday as the data for consumer and business consumption and buying behavior contained in the Durable Goods Report which gives us up to date information on non-disposable items, such as cars, furniture, appliances, games, cameras, business equipment, ( basically items built to last more than 3 years). Also, pay close attention to the Gross Domestic Product (GDP) Report Thursday, which is the broadest measure of economic activity, and on Friday the Core Personal Consumption Expenditure (PCE) Index, contained in the Personal Income report. The core Personal Consumption Expenditure Index is the one of the FOMC’s most awaited gauge of inflation reports. With all the recent talk of potential inflation ahead, it will be interesting to see what this data bears out.
Keep in mind – Weak economic news normally assists Bond and mortgage rates to improve, because investments flow out of stocks and into the Bond market. As you can see in the chart below, Bonds were propped up last week by the Fed's announcement regarding its Bond purchase program. Also remember that the improvements are not necessarily all making their way through to everyone’s rate sheets.
Helpful Outlook for You Regarding the Fed’s Latest Moves and How They Impact You
The Fed announced last week they are going to buy another $750BB in Mortgage Backed Securities (MBS), thus making their total commitment to $1.25 Trillion. How does this really impact home loan rates?
The Fed's actions provide a demand for Mortgage Backed Securities, which should help keep the ceiling on home loan rates from moving much higher in the foreseeable future. That's good news for homebuyers who are looking to purchase as well as for folks in the market to refinance their present debt, as they perceive that there may be bargains out there.
All this depends on which Bond Coupons the Fed purchases. If they buy the higher rate coupons - as they have been so far this year - their continued purchasing actions will likely keep rates low and stable, but may not necessarily push them a lot lower. Rates are so close right now to historic lows. My advice to you right now is to not hesitate and miss a great opportunity to purchase your dream home, or get more money back in your budget by doing an intelligent, well thought out refinance.
Please remember that this information is only an opinion and is provided by a 3rd party for informational purposes only. Please verify any facts before you make financial decisions as the market is a constantly changing environment and you should always consult with your financial professional prior to making any decision to make sure that your decision is based on up to date information.
Sincerely,
Jeff Sargent
President
Residential Mortgage Division
ONB Bank & Trust Co
918.392.6572
Equal Housing Lender, Member FDIC
Thursday, March 12, 2009
Change in FHA Mortgage loans
Appraiser, Bob Bryant, says that some expectations of appraisers have not changed such as noting peeling paint, wood rot, look into crawl space under houses, look into attic, obviious structural issues, windows must open in all bedrooms, apparent safe electrical wiring
The old days of a VC sheet (value conditions) where an appraiser also inspected the house while performing the appraisal, are gone but FHA still asks appraisers to give notice on the appriasal if serious issues exist. The VC sheet is what developed FHA's reputation of being difficult for home sellers and home buyers often mistakenly relied on the FHA appraiser instead of hiring their own home inspector.
Tuesday, March 10, 2009
Credit Score Requirements Change for Home Loans
Effective March 6, 2009, a minimum FICO credit score of 620 will be required for any FHA or VA loan funding. If anyone had received an FHA or VA pre-approval prior to this date but had not locked in an interest rate it would be too late.
Tuesday, February 3, 2009
New Loans are Refinance Records
In January, 2009, 70% of all loan applications were refinance loans according to Jeff Sargent of ONB Bank.
Friday, January 23, 2009
Tulsa Market & Mortgage Market Update "It's All Good!"
Yes, we all watch the daily news, read the newspaper and internet stories about how bad the nation's economy is. Darryl Baskin, myself and many others in the industry were at a lucheon recently, and there was a wonderful idea presented by the speaker. "Why doesn't everyone just kick back and take a news break?" That sounded like a great idea. I try to do it as often as possible on weekends, where I don't have to worry about markets and rates. It's relaxing and you should all give it a try!
On January 21, 2009, Forbes came out with a report that touted Tulsa as the 6th strongest housing market out of the top 25 in the nation! Now that's the kind of news we all need to hear! Tulsa has the top ranked Chamber of Commerce in the US, and the Tulsa Chamber recently won an award from the National Chamber for that honor. Tulsa continues to chug along, much like the tortoise from the children's folklore story "The Tortoise and the Hare." Remember who won the race?
As I have mentioned before, we have not seen the tremendous gains or declines in property values seen in other parts of the country. Tulsa continues to be a very stable city, and there are so many great things happening here, literally too many to name. Yes, Forbes predicted that the Tulsa MSA may lose an average of 1% or so during the remainder of 2009, but that certainly beats the national average decline in real estate values- already proven to be 15%. Also, keep in mind that it is only their estimate, and it will certainly not impact all areas around our city. Investing in a home in the Tulsa market is a solid one, and many say it is a better way to save money than mutual funds, stocks or bonds. The investment should remain fairly stable and it is indeed a tangible asset that you can maintain as you watch the equity grow and your mortgage balance shrinks through the years as you approach retirement.
As for mortgage rates, they are at historic lows and the continuance of the present levels looks very favorable indeed.
Should you have questions about rates, home financing or refinancing, please contact one of our residential mortgage officers to discuss your investment in Tulsa real estate; you can contact me any time-I'll be happy to help.
Have a wonderful week and by all means, take that occassional "news break!"
Jeff Sargent
President-Residential Mortgage Divison
ONB Bank & Trust Co, Equal Housing Lender, member FDIC
918.481.6833
On January 21, 2009, Forbes came out with a report that touted Tulsa as the 6th strongest housing market out of the top 25 in the nation! Now that's the kind of news we all need to hear! Tulsa has the top ranked Chamber of Commerce in the US, and the Tulsa Chamber recently won an award from the National Chamber for that honor. Tulsa continues to chug along, much like the tortoise from the children's folklore story "The Tortoise and the Hare." Remember who won the race?
As I have mentioned before, we have not seen the tremendous gains or declines in property values seen in other parts of the country. Tulsa continues to be a very stable city, and there are so many great things happening here, literally too many to name. Yes, Forbes predicted that the Tulsa MSA may lose an average of 1% or so during the remainder of 2009, but that certainly beats the national average decline in real estate values- already proven to be 15%. Also, keep in mind that it is only their estimate, and it will certainly not impact all areas around our city. Investing in a home in the Tulsa market is a solid one, and many say it is a better way to save money than mutual funds, stocks or bonds. The investment should remain fairly stable and it is indeed a tangible asset that you can maintain as you watch the equity grow and your mortgage balance shrinks through the years as you approach retirement.
As for mortgage rates, they are at historic lows and the continuance of the present levels looks very favorable indeed.
Should you have questions about rates, home financing or refinancing, please contact one of our residential mortgage officers to discuss your investment in Tulsa real estate; you can contact me any time-I'll be happy to help.
Have a wonderful week and by all means, take that occassional "news break!"
Jeff Sargent
President-Residential Mortgage Divison
ONB Bank & Trust Co, Equal Housing Lender, member FDIC
918.481.6833
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