Why You Should Buy a Home Now…Even after the Tax Credit .

While much press coverage has been given to the recent first-time and move-up buyer tax credit, there are many time-sensitive factors that make the current climate an exceptional time to buy a home…even without the tax credit. 

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have seen many real estate markets come and go, and we know for a fact that the many outstanding opportunities that exist for home buyers today will not be around forever.

Besides mortgage interest rates that have been hovering at near-record lows, homes in many markets have become more affordable. Prices have moderated from the highs of the housing boom that occurred in most of the country, especially in major markets where they had increased significantly.

According to the National Association of Home Builders (NAHB), new construction homes are an especially wise investment for home buyers. New homes are generally built to be much more energy efficient than homes constructed a generation ago, making them more affordable to operate. Plus, new homes often incorporate open floor plans, flexible spaces, improved safety features and low-maintenance materials—making them well-suited for today’s modern families.



So, if you’re thinking about buying a home, please don’t count on interest rates or prices staying at current levels—we’ve seen them change unpredictably and quickly! Mortgage rates are sensitive to market conditions, and even a slight increase can push monthly payments beyond a family’s budget. As the country recovers from the recession and people stabilize their financial situations, NAHB economists expect that home prices will begin to increase by 2011.

For further advice on buying a home or market conditions, feel free to e-mail our team anytime. And be sure to pass this information on to friends and family who might also be considering a real estate purchase.

Sincerely,

Darryl Baskin 



For all your real estate needs in the Tulsa, OK area, contact Darryl Baskin and The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Interested in building a new home in the Tulsa, OK area? Contact Rick Oberlender of US Building Systems at 918-518-5913 or email him at usbs@att.net.

To become pre-approved for your Tulsa, OK area home mortgage or for a rate quote, contact Karen Heston of BOK Mortgage at 918-488-7353 or visit her website here.

What NOT to do with Your Credit Card!

For most of us, using a credit card has become a way of life.  To improve our credit score, or keep our credit score high, and keep those credit cards available remember what NOT TO DO!

1.  Seek a lower rate.  Although asking for a lower rate can be a good thing sometimes, keep in mind that when you ask for a lower rate, credit card issuers will often check your credit score or credit report or even question you about your financial situation.  Once you ask for a lower rate, companies will often treat you as if you are a new customer and check your most recent credit history.  If you have had any credit problems that show up in your credit report, this could actually cause your credit limit to be lowered or your account closed.  To prevent this, check your credit report before you ask the credit card company for a lower rate.

2.  Close your account.  If may seem that closing your account would improve your credit score, but it may not.  Credit bureaus use the information from these creditors to track your information and give you a score.  When there is too little information, it will actually cause your score to decrease.  Closing an account will not remove any information from your credit history right away.  It can take up to 7 years for delinquencies to get off your record.  In addition, credit bureaus use the information they get from your credit report to figure the "debt-to-limit ratio".  When you close an account that already has a zero balance it will cause your available credit to decrease which raises that debt-to-limit ratio.  Instead of closing the account you owe nothing on, consider reducing the balances on other credit card accounts.

Remember that a lower credit score makes it more difficult to get a loan for school, a car, or a mortgage.  Keep your credit score high and you will increase your chances of getting that much needed loan next time you want to buy a car or a home.

Read more from this Tulsa World article "Safety in the Credit Card Ring", here.


To buy or sell a home in the Tulsa, OK area, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com

The "Norm" Changes for Mortgage Down-Payments!

Before the housing market crashed a few years ago, the "norm" used to be for buyers to save for years until they had enough money to put a down-payment on a home. Lenders are now taking us back in time as they change the requirements for a loan. If you are thinking about buying a home or are in the search for one, keep these things in mind:

• To receive low-rate mortgages or refinancing, lenders now require 10% down-payment or equity.
• If you can't put down 10% you still have the option for an FHA insured mortgage but you will still need 3.5% down-payment
• For no down-payment loans you need to qualify for a Department of Veterans Affairs Guaranteed Home Loan or a USDA Rural Housing Service Loan.
• A first mortgage of 80%, with a 5-10% down-payment, and the remaining 5-10% on a second-mortgage can, in many cases, be cheaper than getting the home loan with mortgage insurance.

Take advantage of extremely low mortgage rates and buy or sell your Tulsa, OK area home today. Contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

To read the original article in the Tulsa World, "Buyers Forced to Jump Through Hoops", click here.