New Rules for Lenders in 2010 are GOOD NEWS for Consumers

Buying a home?  Need to refinance?  There has never been a better time than now.  Interest rates are at an all time low and there are still tax credits available to first time home buyers and "move up buyers."  Another great reason to get on the "mortgage bandwagon" is the protection you now have from the government.  Uncle Sam is making it virtually impossible for a consumer to be duped by a rogue loan officer or lender.  In fact, the new GFE (Good Faith Estimate) which was launched January 1, 2010 has had lenders scrambling to make sure they are in compliance with new regulations.  This new GFE along with the other regulations enhanced in 2009 make it safer than ever for consumers to obtain financing.  The federal government is drawing a line in the sand and taking no prisoners with the new GFE and Truth-in-Lending rules.  The new rules protect consumers from predatory lending practices by preventing a lender or broker from changing ANYTHING in the loan application without documenting it to the consumer.  Have you heard stories of people going to the closing table and finding out the interest rate they thought they had is 1% higher or the closing costs on their loan increased dramatically?  The new GFE makes this impossible with new re-disclosure rules requiring your lender or broker to let you know of any changes in your loan and giving you time to consider whether you will complete the loan with them.  Important things like the interest rate, origination charges, underwriting fees, appraisal fees cannot change at the whim of your lender or loan officer.  Only qualified items are allowed to change and only if it is a true and documented "change of circumstance."  You loan officer simply forgetting to disclose something to you does not qualify as a "change of circumstance."  If a charge is not disclosed to you it cannot be added after the fact.  Items that qualify as a "change of circumstance" include, but are not limited to,  appraisal review fees, repairs required by your lender, property address changing, purchase price or contract changes.

Now is the best time to enjoy a hassle free purchase or refinance with no surprises at the closing table.

For information on how you might qualify to purchase or refinance a home contact Steve Currington with Currington Mortgage Company.  Currington Mortgage is located in Tulsa, Oklahoma and is happy to provide local processing, local underwriting and local funding.

Call Steve today at 918-394-5626 (LOAN) or visit www.curringtonmortgage.com and find out how you can Own Your Doorbell. 

What is a Title Company?

When buying or selling a home, you will encounter many different types of companies that, together, help you complete your real estate transaction. One of these companies is the title company. The title company will carefully examine the title or abstract on the property being purchased and gather information from buyers and sellers as well as all land and court records. They will verify that the information in it is correct, check for judgments or liens against the property, and correct any problems that arise. When closing comes, they will take care of any funds disbursements, transfer property ownership, and take care of title insurance.

For a reputable title company in the Tulsa, OK area, contact JJ Pierce, Closings of Tulsa, at 918-493-2241 or www.closingsoftulsa.com.

Building Industry Shows Signs of Improvement

Despite the economy and the constant news that the housing market is failing, Tulsa, Broken Arrow, and the Tulsa metro area are doing quite well. Tulsa and Broken Arrow both had 32 housing starts (new residential building projects started) for the month of December. Broken Arrow, however, had 375 housing starts for the year of 2009, where Tulsa had 353. 190 building permits were issued in the Tulsa metro area in December. That is a 14.5% increase over November of 2009 and an 81% increase over December of 2008. Tulsa's housing starts for the year of 2008 were only 9.5% behind that of totals from last year at the same time. While that may not sound positive, the beginning of the year housing starts were 50% behind those of last years.


That news causes many to believe that the building industry is improving. While there is no one factor that could cause this improvement, there are several that may have helped with it: the first time buyers tax credit and new legislation in Oklahoma that would require builders to carry worker's compensation insurance.


To build a new home in the Tulsa, OK or Broken Arrow, OK area call Bruce Gardner of Gardner Construction at 918-481-1377 or gcc1946@aol.com.


To buy or sell a home in the Tulsa, OK or Broken Arrow, OK area, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

For more information on the first time home buyer tax credit contact:

Steve Currington 
Currington Mortgage  918-394-5626(LOAN)  stevec@curringtonmortgage.com

Recent Mortgage Modifications Fail!

President Obama's plan to help mortgage borrowers who are in trouble is failing for many. Almost 1 million borrowers applied for the mortgage modification program, however only 65,000 or 7 percent have completed the modification. Approximately 50,000 borrowers dropped out because they didn't qualify and the rest of those that applied are still waiting.

For more information on the mortgage modification program or to apply for a mortgage loan or refinance, contact Steve Currington of Currington Mortgage at 918-394-LOAN or www.curringtonmortgage.com.

Important Questions to Ask When Choosing a Realtor

Are you choosing a realtor to represent you for the purchase of a home?  Are you interested in listing your current home for sale?  Getting the RIGHT realtor should be your #1 priority.  You have many options as a consumer and the Tulsa Real Estate market is no different.  There are more than 3500 Realtors in the Tulsa Metro area.  Just about everyone has a friend or family member that is a Realtor or has been a Realtor at some point in their career.  So, how do you choose?  I am going to give you some tips to help you in the decision making process.  These are the things I recommend to all of my clients. 

1.    Are you a FULL-TIME Realtor?  This is a must.  Part-time Realtors can be very nice, helpful and knowledgeable, but when it comes to being available for you when you need them you may experience delays.  You are also going to be negotiating a contract that for most people can be the largest financial decision they will make and you need an experienced advocate on your side to help you.  Just because someone is your friend or family member does not mean they are qualified to help you negotiate a contract for thousands of dollars.  If the person you choose closes 1-4 transactions a year or has never closed a transaction you can expect problems will occur.  I personally do not want to be the “guinea pig” for someone’s first transaction.  There are many, many details that must be handled by your Realtor and it is only natural to expect that someone working another full-time job in addition to representing you on the purchase or listing of a home might miss a few things. 

2.   How long have you worked in the Tulsa Metro real estate market?  This question allows you to further judge the experience of the Realtor.  Although someone who has several years of experience in your respective market is good sign it does not mean that they will necessarily be the best fit for you.  You will want to probe deeper here by finding out about their experience….i.e. How many homes have you sold?...Do you have a resume prepared?...Do you have any past customer surveys or testimonials?  This should get you started on the right track to find out if the Realtor you are speaking to is the best fit for you.  A Realtor that can provide testimonials and customer surveys is doing so for the purpose of gaining customer feedback and tells me that they care about their customers and this is a very good sign.  Don’t be afraid to ask for a phone number for a past client that you can call to ask about their experience.  

3.   Are you up to date with the latest real estate technology?  There are many ways that your Realtor can use technology to make your home buying or selling experience better.  There are new technologies developed constantly just for the real estate market and your Realtor should be utilizing these technologies as much as possible.  Be an informed consumer and look up the latest and greatest ways that homes are being bought and sold across the nation. 

4.   What is different about you?  This is a question that you ask and then grab a pen and listen.  You want to listen for any guarantees they might offer (example: If I don’t sell your house I will buy it myself).  Also listen to see if they are really different.  What sets them apart from the next person?  Do they specialize in working with people that are like you (example: They specialize in working with first time home buyers or specialize in listings)?   If you are selling your house and the Realtor you are interviewing specializes in working with first time home buyers you should consider this. 

5.    When are you available to show me homes?  If listing a house, how will you advertise my home?  You want to be certain that you will have someone that is available when you need them so this is a very important question to ask.  If you are only available on Monday evenings for example and the Realtor cannot show you homes at that time it can prolong your search and make the process of buying more stressful.  How will your Realtor market your home?  What advertising mediums does he/she use?  Don’t be deceived by a Realtor that says they will put you in every homes magazine, online, on TV, etc.  You want someone that gets results so ask for statistics.  What is the average time on the market for your listings?  What is the average time on the market in my neighborhood?  This will tell you if he/she has done their homework and if they keep track of this important information.  This is another opportunity to ask for customer surveys and testimonials.  

There are many other things that you should consider when choosing a Realtor, but this should be a guide to get you started.  Remember you cannot ask too many questions.  The decision you make could save you or cost you thousands of dollars. 

For more information or to contact Steve Currington directly call 918-394-5626(LOAN),  email steve@curringtonmortgage.com or visit www.curringtonmortgage.com.  Steve is mortgage banker located in Tulsa, Oklahoma and specializes in FHA, VA, USDA Rural Development loans.  

For all of your real estate needs contact Darryl Baskin with McGraw Realtors at 918-258-2600 or darryl@darrylbaskin.com

FHA News

FHA-Insured Financing Opens To Newly Acquired REOs
in From The OrbBy MortgageOrb.com on Monday 18 January 2010comments: 0

U.S. Department of Housing and Urban Development (HUD) Secretary Shaun Donovan has announced a temporary policy that will expand access to Federal Housing Administration (FHA) mortgage insurance and allow for the quick resale of foreclosed properties.With certain exceptions, the FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver, which will be in effect for one year starting Feb. 1, will give FHA borrowers access to a broader array of recently foreclosed properties.The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties, or properties resold through private sales. This will allow homes to resell as quickly as possible, HUD says."As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential home buyers," Donovan says, adding that the policy change will be complemented by strict guidelines and conditions that prevent predatory practices.According to FHA research, the process of acquiring, rehabilitating and reselling foreclosed properties can take less than 90 days. Prohibiting the use of FHA mortgage insurance for a subsequent resale within 90 days of acquisition adversely impacts the willingness of sellers to allow contracts from potential FHA buyers, because they must consider holding costs and the risk of vandalism associated with allowing a property to sit vacant over a 90-day period of time.Though the temporary waiver has a one-year window, FHA Commissioner David Stevens will have the authority to extend or withdraw the waiver, HUD says.To protect FHA borrowers against flipping, the waiver is limited to those sales meeting the following general conditions:
All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.
In cases in which the sales price of the property is 20% or more above the seller's acquisition cost, the waiver will only apply if the lender meets specific conditions.
The waiver is limited to forward mortgages and does not apply to the Home Equity Conversion Mortgage for purchase program.
"FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties," says Stevens. "This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity."Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD's Web site.SOURCE: U.S. Department of Housing and Urban Development

For more loan information call me.
Karen Heston
Mortgage Banker
Bank of Oklahoma Mortgage Group
918-488-7353
Toll Free 800-947-2655 x-7353

More Singles Purchasing Homes Than Ever Before

Below is a press release from the National Association of Realtors.  This is a great article and gives good information  about how technology has changed the real estate industry.  I have highlighted a few things for you, enjoy!

WASHINGTON, December 30, 2009

At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage. What a difference a decade makes.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, Realtors® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”

In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search, according to data from the NAR Profile of Home Buyers and Sellers. Today, 90 percent of buyers are searching online, and the real estate industry has responded. Sites like REALTOR.com, which attracts nearly 12 million total visits every month, have evolved to give today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features, and comprehensive neighborhood information, as well.
Median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009 (the most recent existing-home data available). Fewer people are buying detached, single family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people are buying homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today.

Buyers themselves have also changed. A smaller proportion of married couples are buying homes these days; while married couples comprised 68 percent of all home purchases at the beginning of this century, they represent 60 percent of all buyers today. Single men and women have made up the difference – single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent more than one-fifth of all home buyers – 21 percent, up from 15 percent in 1999.  Other things haven’t changed. The median age for home buyers last year was 39, just as it was in 1999. Neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for both past and present buyers. And eight out of 10 recently surveyed consumers believe that owning a home is an investment in their future.

“Realtors® have been around for more than 100 years, but one constant during that time has been the persistence of homeownership as the American Dream,” said Golder. “As the first decade of this century comes to a close, NAR stands ready to meet the many challenges and opportunities that lie ahead by helping our Realtor® members better serve their clients and communities and ensuring that those dreams of homeownership remain possible for all who want to achieve it.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

http://www.realtor.org/press_room/news_releases/2009/12/decade_developments

If you are a buyer or seller in Northeast Oklahoma you need to have a Realtor that is focused on technology.  Do you have a Realtor that uses all of the latest real estate technology to make the real estate transaction move light years above the rest?  Call Darryl Baskin with McGraw Realtors today at 918-258-2600 or visit www.darrylbaskin.com

Interested in financing a new home with little or no money down?  Call Steve Currington with Currington Mortgage Company at 918-394-5626(LOAN) or visit www.curringtonmortgage.com

100% No Down Payment Home Loans, Still Available?

This is a question I hear almost everyday and it is a question that I happily answer YES! That's right, 100% financing is still available. In fact I help people everyday purchase their first home (or 2nd, 3rd...) and one of the easiest ways to do it is with USDA Rural Housing loans. Now you know what loan to ask for when searching for a home loan....next you need to find a lender to help you with that loan. 

5 Things To Look For When Searching For A Lender

1. Local Office
2. Local Underwriting
3. Mortgage Bank (vs. Broker, a mortgage bank underwrites and funds all of it's own loans)
4. Loan officer is easy to reach (i.e., gives out his/her cell phone, calls back promptly)
5. Good reputation (google the company, call local chamber of commerce, realtors association)

If you are in Northeastern Oklahoma I can provide a few links to local resources available to you.

www.tulsarealtors.com/agentsearch.aspx
www.bixbychamber.com
www.brokenarrowchamber.com

For information about 100% financing and other mortgage products contact Steve Currington at 918-394-5626, www.curringtonmortgage.com or stevec@21dayclose.com. 


Need a realtor? Let me suggest one of the best. Darryl Baskin with McGraw Realtors has many years of experience in the Tulsa Metro Area. You can reach Darryl at 918-258-2600 or atwww.darrylbaskin.com

Link: http://www.curringtonmortgage.com