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

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.

Remember, if you don't have the time or skill, hire a professional to do needed improvements and repairs. A poor repair job won't attract buyers when you decide to sell. Check our the professionals listed below or visit www.tulsahomemaintenance.com for a complete list of professionals.

• 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.

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!

This Friday @ 7:00pm (CST) 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: The secrets to finding foreclosed properties Creative funding strategies in order to purchase foreclosed properties. How to prevent or avoid a foreclosure of your own property And much more! Join us for this free webinar this Friday evening at 7:00pm (Central Standard Time.) It is free, but you must register today! This Webinar is a two-part presentation and will be held on two consecutive Friday evenings: Nov. 13, 2009 and Nov. 20, 2009 7:00 PM - 8:30 PM CST Register Now at: https://www2.gotomeeting.com/register/389283763 Once registered you will receive an email confirming your registration with information you need to join the Webinar. System Requirements PC-based attendees Required: Windows® 2000, XP Home, XP Pro, 2003 Server, Vista Macintosh®-based attendees Required: Mac OS® X 10.4 (Tiger®) or newer

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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.

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.