What is the Mortgage Disclosure Improvement Act?

Lenders have always had to disclose the overall cost of your loan and other information during the lending process. This includes fees and the actual Annual Percentage Rate. Lenders that are not reputable would play games with the rate by adding fees. Many clients would close with a higher rate because the lenders would change the fees at the last minute. This act requires that lenders redo the Truth in Lending disclosure if the APR goes up by .125% or more. It also requires that closing must wait 3-7 days so that the buyers have time to understand any changes that may have happened. This can sometimes cause an issue when purchasing a home because this waiting time can't be waived. It is required and closing will sometimes be delayed. This also can increase costs for the seller and buyer for items such as interest, storage costs due to delayed closing and more.

For your Tulsa, OK. area mortgage, contact Karen Heston with Bank of Oklahoma Mortgage at 918-230-9432 or kheston-boklo.mortgagewebcenter.com

For all your Tulsa, Oklahoma area real estate needs, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Handling Fraud in Title Insurance....

Handling fraud in any situation is difficult. When it comes to title insurance, there are some things to keep in mind. First, let's define title insurance. Title Insurance is insurance that covers financial loss as a result of a defect in a title to real estate. Second, we need to know what period the insurance will cover. When we buy home or auto insurance, we are covering our home or auto from the time we purchase the policy until that point in the future that the coverage is canceled. With title insurance, though, it works in reverse. Title insurance covers from the moment you purchase your home and into the past. If you are sued after you close on the property, then the title insurance may not cover you. Finally, title insurance issues can be quite trick. To ensure that you are covered for everything you need, talk to your attorney or your title company. You may even consider asking for extended coverage on your title insurance to cover you from your real estate purchase into the future.

If you have legal problems with your Oklahoma title, contact David Keesling at Richardson, Richardson, Boudreaux, Keesling at 918-492-7674 or www.rrblawok.com.

To purchase Tulsa title insurance or if you have questions about Oklahoma title insurance, contact Karen Burnette of Firstitle at 918-493-2241 or www.firstitle.com

For all your Oklahoma property, auto, and life insurance needs and more, contact Mike Tedford, Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com

For all your Tulsa, Oklahoma area real estate needs, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com

What is a Petition to Partition?

A petition to partition may occur when property held by more than one party (co-owners) is split up legally because the parties can't agree on what should be done with the property. Many times, people will purchase a property with a friend or family member, only to find that years later a strain happens in the relationship and one or both parties want to sell their share in the property. That in itself is not a big problem, unless the parties disagree about what should happen with the property. When a disagreement happens, that can't be resolved, it is important for each party to seek an attorney. Usually, cases like this will end up before a judge. Each party will lay out their interest for the property and the judge will determine what will happen with it, including the interest each party will have. The judge can also appoint appraisers to determine the property value. Getting to this point will usually cost quite a bit of money in legal fees. To avoid this type of situation, contact an attorney to discuss plans before a contract is signed.

If you have questions regarding a Petition to Partition or other Oklahoma legal issues, contact David Keesling with Richardson, Richardson, Boudreaux, Keesling at 492-7674 or www.rrblawok.com.

Find Tulsa area homes for sale, tips for Tulsa area buyers and sellers, and more at www.homeguidetulsa.com.

For all your Tulsa, OK. area luxury real estate needs contact Darryl Baskin, McGraw Realtors, 918-258-2600, www.tulsaluxurypropertygroup.com or www.darrylbaskin.com.

De-stressing the Closing Process

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 help the closing process happen without a few of the most common glitches. 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 there last minute surprises are kept to a minimum.

For more information on the closing process or if you are in need of Tulsa area closing services, contact JJ Pierce, FirsTitle, 918-493-2241 or www.firstitle.com

For all your Tulsa mortgage needs, contact Steve Currington, Currington Mortgage, 918-394-LOAN or www.curringtonmortgage.com

For all your Tulsa, Oklahoma area real estate needs, contact, Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Mortgage Rates Rise...

Freddie Mac reported that mortgage rates are on the rise after being at a "standstill" last month. Despite this, mortgage rates are very affordable. Read the article, "Mortgage Rates on the Rise" found at Realtor Magazine below:

After being mostly at a standstill the past month, long and short-term mortgage rates were moving up this week, reports Freddie Mac in its weekly mortgage market survey.

"Mortgage rates followed Treasury yields higher over the holiday week but remain quite affordable by historical standards,” says Frank Nothaft, chief economist at Freddie Mac. “For instance, interest rates on all mortgage outstanding in the first quarter of this year averaged just under 6 percent. With today's rates, these home owners who have the ability to refinance could shave $169 per month in interest payments on a $200,000, 30-year fixed mortgage."

To buy a Tulsa home while rates are still low, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Do you know enough to get a good mortgage?

Last month, RIS Media presented an article entitled, "Nearly Half of Home Buyers Surveyed Don’t Understand Essential Information about Mortgages". Do you know enough to ensure that you can make an educated decision and get a good mortgage?

Here is some surprising information found in that article:

• "More than half (57 percent) of prospective home buyers who were polled do not understand how adjustable rate mortgages (ARMs) work."
• "One-third (34 percent) of the respondents who are prospective home buyers do not understand that lender fees are negotiable and that they vary by lender."
• "Nearly half (45 percent) of polled prospective home buyers believe that they should always buy mortgage discount points when obtaining a mortgage."
• "More than half (55 percent) of prospective home buyers in the study do not understand that mortgage rates vary throughout the day."
• "More than one-third (37 percent) of prospective home buyers who were polled believe that pre-qualifying for a loan means they have secured financing."
• "More than two in five (42 percent) of the polled prospective home buyers do not understand that Federal Housing Administration (FHA) loans are available to ALL buyers."

One way to ensure that you are well educated about mortgages, before you get one, is to do your research. Zillow.com offers lots of great information about mortgages and other real estate related fields. Click the link for more information.

Another way to make sure that you get the best mortgage, is to use a knowledgeable, experienced, and well respected mortgage broker. Selecting the right mortgage broker can mean lots of savings for you in the long run, as well as prevent a lot of hassle and run-around.


To read the original article, "Nearly Half of Home Buyers Surveyed Don’t Understand Essential Information about Mortgages" visit the link.

For all your Tulsa mortgage needs, contact Karen Heston, BOK Mortgage, 918-231-9342 or http://kheston-boklo.mortgagewebcenter.com/Default.asp?bhcp=1

For all your Tulsa real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Lawmakers Fight Over 20% Downpayment Requirement

Currently, a proposed law would require a 20% downpayment for all Qualified Residential Mortgages. There are concerns by many lawmakers and real estate professionals that this requirement would hinder the recovery of the real estate market. Read on for more details about this proposed law and how lawmakers are attempting to change the federal regulators minds...

More Lawmakers Fight 20% Down Payment

A proposed 20 percent down payment rule for qualified residential mortgages is too high, argues a growing group of lawmakers in the House of Representatives.

Late last week, about 240 lawmakers in the House sent a second letter to federal regulators urging them to lower the down payment rule on QRMs. Last month, about 150 lawmakers had signed a letter urging the same.

"The resultant reduction in demand for housing, due to an overly burdensome government dictate, would only add to the challenges the housing market faces, and could threaten a full-fledged economic recovery from years to come," the most recent letter reads.

The 20 percent down payment rule arises from an effort of several federal agencies that have been trying to urge more responsible lending and borrowing. The agencies created a proposed risk-retention regulation under the Dodd-Frank Wall Street reform law, which requires lenders that securitize mortgage loans to retain 5 percent of the credit risk unless the mortgage is considered a safe mortgage or a “qualified residential mortgage.” (FHA and VA mortgages would be exempt.)

QRMs would be exempt from the 5 percent credit requirement but would have to meet certain guidelines, such as the proposed 20 percent down payment requirement. Borrowers with less than 20 percent down could then be forced to pay higher fees and interest rates.

A 20 percent down payment requirement would cause more first-time buyers to flee from the already fragile housing market, analysts at Capital Economics say.

The National Association of REALTORS® also has been an outspoken critic of the proposal, saying that a 20 percent down payment requirement would jeopardize a housing recovery.

Source: “More Lawmakers Join Major Push to Reduce QRM Down Payment,” HousingWire (June 20, 2011)

To read the original article in Realtor Magazine, "More Lawmakers Fight 20% Down Payment", visit the link.

For Tulsa, OK. real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Improve or Move?

Although the economy has shown signs of improvement, 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. Should you decide to move, visit www.homeguidetulsa.com for tips on buying and selling and to search for homes for sale in the Tulsa, OK. area.

Roof Repair or Replacement in Tulsa, OK.- Judy Smith of Abest Roofing at 918-587-1426 or www.abestroofing.com.

Pest control in the Tulsa, Oklahoma Area- Duane Montgomery, Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.

Tulsa, OK. Area Heating and Air Conditioning- Stephen Taylor at Air Assurance at 918-258-HEAT or www.airassurance.com.

Tulsa Mortgage Needs- Steve Currington, Currington Mortgage, 918-394-5626 or www.curringtonmortgage.com

To buy or sell Tulsa, OK. Real Estate- Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

Tulsa, OK. Plumbing Installation and Repair- Markwayne Mullin, Mullin Plumbing, 918-606-0925 or www.mullinplumbing.com.

Tulsa, OK. Floorcovering- Jim Ecrette, ProSource Floorcoverings, 918-252-7711 or www.prosourcefloors.com/tulsa *Ask for Darryl Baskin's wholesale pricing

Junk Removal in Tulsa, OK.- David Tittle, I/Haul, 918-261-4008 or www.ihaulusa.com

Tulsa, OK. Glass Mulch- Leigh Murray, Garden Glass, 918-232-0210 or www.gardenglassofoklahoma.com

Tulsa, OK. Homes Are Selling in Less Than 2 Months!

According to Realtor Magazine (Daily News, May 25, 2011), homes are on the market an average of 95 days. This is up 13% when compared to the same period last year. Homes in Tulsa, OK. sell in an average of 58 days. Read the whole article, "Where Homes Are Selling in 2 Months Or Less", below for more information.

Nationally, homes spent 95 days on the market in April, which is up 13 percent year-over-year, according to April housing data from Realtor.com of 146 markets.

But in a few markets, the median age of inventory of homes for sale was less than 60 days.

Here are the fastest-selling cities from April:

Denver
Median days on the market: 44 days
Median list price: $249,900

Oakland, Calif.
Median days on the market: 44 days
Median list price: $319,950

San Francisco
Median days on the market: 54 days
Median list price: $645,000

Washington, D.C.-Md.-Va.
Median days on the market: 57 days
Median list price: $369,900

Tulsa, Okla.
Median days on the market: 58 days
Median list price: $149,900

Bakersfield, Calif.
Median days on the market: 58 days
Median list price: $135,000

San Jose, Calif.
Median days on the market: 59 days
Median list price: $480,000

Fresno, Calif.
Median days on the market: 59 days
Median list price: $160,000

Omaha, Neb.
Median days on the market: 59 days
Median list price: $152,725

And where were homes spending the longest number of days on the market? Savannah, Ga., where the median days on the market in April was 198 days, according to Realtor.com housing data.

For your Tulsa, OK. real estate needs, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

American Housing Reform

The National Association of Realtors has concerns about reforms that might be considered in America's Housing Finance Market. The National Association of Realtors believe that reform must must include these factors more thoughtfulness and transparency. One concern of the NAR include the elimination of government-sponsored enterprises. They are also concerned in the amount of transparency and accountability in the secondary mortgage market. Read on for the full article, "Affordable, Reliably Home Financing is Priority" at Realtor Magazine (May 2011).

Reforms to America’s housing finance market must ensure a reliable source of affordable mortgage lending for creditworthy consumers. That’s according to REALTORS® and other industry insiders who examined the federal government’s future role in the secondary mortgage market at a session called “Fannie Mae & Freddie Mac: Obama Options and Beyond” at the NATIONAL ASSOCIATION OF REALTORS® 2011 Midyear Legislative Meetings & Trade Expo in Washington, D.C.

Steve Brown, 2011 NAR first vice-president nominee, opened the session by outlining NAR’s position for reforming the government-sponsored enterprises (GSEs), saying that reform is required, taxpayers must be protected from losses, and the federal government must continue to play a role in the secondary mortgage market to ensure a steady flow of mortgage liquidity in all markets under all economic conditions.

Reform Must Be Thoughtful

“As the leading advocate for home owners, NAR is concerned that eliminating the GSEs without a viable replacement is not a reasonable option and will severely restrict mortgage capital and result in higher fees and costs for qualified borrowers,” said Brown. “Reform of the secondary mortgage market needs to be comprehensive and undertaken methodically.”

James Parrot, senior advisor for housing at the National Economic Council in Washington, D.C., overviewed the Obama administration’s recommendations for reforming the GSEs in the wake of the financial crisis, which included varying levels of government backing. He noted the primary objective of the proposals was twofold: first, to lay out an immediate near-term path for reform, with steps that could be taken the next few years to reduce taxpayer risk and move the housing market to more stable footing, and second, to frame the discussion regarding the government’s long-term role in housing finance.

“The government’s large presence in the housing finance is unhealthy and needs to be scaled back; however, the steps we take over next few years to reduce the government’s role and increase private capital will have a tremendous impact on the housing market and economy as well as the availability and affordability of mortgages,” said Parrot. “The objective isn’t to turn away from housing, but to make the housing finance market stronger so that families and their most important asset are better protected,” said Parrot.

More Transparency Needed

Panelist Susan Wachter, a professor at The Wharton School, University of Pennsylvania, agreed that private capital needs to return to the housing finance market, but that most likely won’t happen until the market has stabilized.

“There needs to be more accountability and transparency in the secondary mortgage market so that private investors can best assess their risk and safely get back into the market,” she said.

Mark Calabria, director of Financial Regulation Studies at the Cato Institute, argued for a very limited government role in the secondary mortgage market; saying that the private capital market has the funds and capacity to absorb Fannie Mae and Freddie Mac’s market share. He said that increased government support in the past few decades has only slightly increased America’s home ownership rate and that rates in other countries are higher despite their government’s limited involvement.

Despite his opposing viewpoint to the level of involvement, Calabria did acknowledge that some government backstop was essential in the future, since the housing and finance markets are sensitive to booms and busts.

David Katkov, executive vice president and chief business officer at The PMI Group, countered that it would be naïve to move to a purely private market because it’s been successful in other countries, adding that the U.S.’s housing finance system dwarfs that of other countries and is far more complex.

Ann Grochala, vice president at the Independent Community Bankers of America also shared concerns for small lenders and community bankers in a purely private market, where competition from large lenders would be great.

Source: NAR

For Tulsa, OK. Real Estate, contact Kelly Howard, McGraw Realtors, 918-230-6341 or www.kellyhowardhomes.com.

Answers to 5 Common Questions About Default

Unfortunately, in today's slowly recovering economy, many homeowners continue to find themselves in financial trouble. As a Member of the Top 5 in Real Estate Network®, I, along with my team, have worked with many clients over the past few years to help resolve their financial dilemma in the best way possible. There are many options available to distressed Tulsa, OK. area homeowners -- unfortunately, most people are not aware of what these options are.

To help clarify confusion and shed light on optimal homeowner options, real estate finance expert Marian Anthony, answers five questions distressed homeowners often have:

1. Should I intentionally default on my home mortgage?
You’ve probably heard of people "intentionally" or "strategically" defaulting on their mortgage, willing to take the hit to their credit in favor of freeing up cash flow in the short-term. Rather than defaulting, however, homeowners should talk with their real estate professional about the potential for a short sale. A short sale could lead toward the debt showing as "settled" on your credit. Walking away and allowing the bank to foreclose still allows the second lender to render a judgment -- and possibly garnish your wages. You may also have to file for bankruptcy to recover from the credit nightmare.

2. As a borrower, what are some ways I can gain leverage with my lender?
One way to gain leverage with a lender is to establish a "substitute mortgage" -- a security pledge that is offered to the seller's lender with a third party for a lesser amount of the current payment. Over time, this will result in a significant amount of collected funds that can be used as negotiating leverage to release the borrower from the debt, or dictate terms for a favorable loan modification.

3. Why have loan modifications and foreclosures become the predominant answer for so many in distressed property situations?
The reason why loan modifications and foreclosures have become the answer for so many is because many real estate professionals erroneously consider the short sale process to be too complex. It is essential to work with a real estate professional who is equipped with the right forms and contact information, and who knows how to orchestrate a short sale transaction.

4. Why is a short sale strategy more advantageous than a foreclosure?
The reduced payoff in a short sale can release you from the debt obligation. This often allows you to re-establish your credit faster and re-enter the market much wiser. A foreclosure can ruin a homeowner's credit and take much longer to recover from.

5. I’ve heard borrowers in default need a 'General Public Disclosure?' Why?
Many people are not aware of the alternatives available to them when facing foreclosure. Knowing your options, as detailed on a General Public Disclosure document, can make all the difference in establishing a deal that's in the homeowners' best interest.

Remember that every distressed homeowner's situation is unique; therefore, it is essential to contact a real estate professional -- and often an attorney -- to determine the best possible solution for you. My team is happy to assist, so please feel free to contact us, and please pass this important information on to others in need.

For all your Tulsa, OK. real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

To Stop Your Tulsa Foreclosure Now, contact Stan Stevens of The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.stopmytulsaforeclosure.com.

For a Tulsa Mortgage, contact Steve Currington, Currington Mortgage, 918-394-5626 or www.curringtonmortgage.com.

10 Tips to Improve Your Chances of Getting a Mortgage on Favorable Terms

RISMEDIA, April 8, 2011—Speculative fears by renters who think they can’t afford the costs related to owning a home may cause many first-time home buyers to miss out on the opportunity of a generation to become homeowners this year. According to Fannie Mae’s National Housing Survey, financial fears are the top reasons given by renters for not buying a home, followed closely by purchase and upkeep affordability.

Sue Stewart, senior vice president for Move, Inc., offers the following tips to help first-time buyers improve their chances of getting a mortgage on favorable terms.

1. Pay down debt. Before you apply for a mortgage, reduce your total debt (monthly payments on credit cards, auto loan, student loans, consumer loans) to help reduce your overall debt-to-income ratios and improve your credit score. Generally, your ratio should be 36% of your gross monthly income. Also, the total of your housing expenses alone, whether you are renting or buying, should not exceed 28% of your monthly gross income.

2. Clean up your credit. About half of all renters think they don’t have good enough credit for a mortgage, but most don’t really know. Obtain your free credit report from each of the three credit bureaus (Equifax, Experian and TransUnion) and carefully review them, noting all negative items. Contact creditors to correct inaccurate or outdated items. It will take time, but you need to raise your credit score to a minimum of 680 and ideally to 720 and above to qualify and to avoid being penalized with a higher interest rate.

3. Make no new large purchases and don’t apply for new credit before or during the period that you are applying for a mortgage all the way up to closing. Lenders check credit reports at the time of an application and again right before closing. Last minute questions about your credit can cause a delay, a higher interest rate, or a denial from a lender. Wait to buy the new furniture until the house is yours.

4. Increase your down payment. This will reduce the loan-to-value ratio and increases the likelihood of getting a loan and better terms from your lender. Increasing your down payment immediately increases your equity, reduces the amount you borrow and reduces your monthly mortgage payment. If you are in need of down payment assistance, more than 4,000 local and state governments offer workforce house assistance for low- to medium-income buyers. Some require homeownership education, which can be very helpful.

5. Gather documents beforehand. Don’t wait until the last minute and find yourself having to scramble for paperwork that supports your employment status, assets and credit. Have all the necessary documentation ready for review when you apply. Collect your income tax returns, pay stubs, bank and financial statements and student loan paperwork. Stay on top of your documentation as time passes while your application is pending, and get updated documents, such as pay stubs, to your lender.

6. Anticipate closing costs. Closing costs, which can run 5-7% of your total transaction add up quickly and must be paid in cash—in addition to your down payment. Be prepared to have adequate cash on-hand.

7. Determine the type of loan you need. Fixed rate? Adjustable? FHA or VA? Fifteen or 30-year term? Jumbo? Second trust? These decisions aren’t just financial; they also reflect your lifestyle, your risk tolerance and the programs for which you might qualify. Do your homework and make a decision before you go house hunting. Don’t let someone talk you into a different game plan to stretch your finances to afford a particular property.

8. Ignore “bait rates.” Some mortgage advertising can be misleading with low rate promises. Beware. These “bait rates” are only for those with extraordinary credit with no contingencies. Your rate will be based on many factors: your credit, your debt-to-income and loan-to-value ratios, the size and type of your loan, where you live and the day you lock your rate, etc. You won’t know what your rate will be until your application is accepted. By then, it may be too late for you to find a competitive rate from another lender. Instead, pick a lender you trust, who will work with you and help you find the best all-around deal.

9. Negotiate a lower home sales price. Getting a better deal on your home not only works for you, it works for your lender because it lowers your loan-to-value ratio. Prices are still falling in many markets and sellers are eager to make a deal. If you’re not sure what a property is worth, you can ask your REALTOR® for a comparative market analysis.

10. Have a cash reserve. A good rule of thumb is to have at least three months salary saved as a cushion before you buy. This will help with your ratios and enable you to afford and cover closing costs.

For all your Tulsa, OK. real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

For a Tulsa Mortgage, contact Steve Currington, Currington Mortgage, 918-394-5626 or www.curringtonmortgage.com.

How to Qualify for a Mortgage in Today's Credit Crunch

There may have never been a better time to buy a home than right now. Earlier this month, interest rates dropped again -- the average contract interest rate for 30-year fixed-rate mortgages decreased to 4.79% from 4.93%, according to loanrateupdate.com -- and there is still plenty of inventory, keeping home prices relatively low in our area.

Those positive factors, however, are often offset by tighter lending standards, causing many to shy away from applying for a mortgage. As a Member of the Top 5 in Real Estate Network®, however, I, along with my team, have learned that it really boils down to four main factors that will impact a lender's decision:

• Your ability to make a downpayment - usually between 3% and 20% of the purchase price -- of course, the larger the downpayment, the better your odds of securing the mortgage.
• Two years of steady employment - at the same job or in the same field.
• Good (but not necessarily perfect) credit score - these days, around 660 may do it.
• Monthly income between two and three times the estimated monthly mortgage payment.

My team has had many clients, however, who have qualified for a mortgage without completely meeting the above criteria ... so don't rule yourself out too soon. There are several other steps you can take to secure a mortgage, such as these ideas from BusinessWeek:

• Meet with a lender anyway. You may find out that you qualify after all, and if not, the lender can tell you exactly which areas to focus on in order to qualify in the near future.
• Ask your real estate agent if they work with a particular lender or mortgage broker. An experienced agent works with many lenders and may even offer in-house mortgage services.
• Get a co-signer. This isn't easy, because if you default on a loan, the co-signer will be responsible for paying it. But if you know someone with good credit who has great faith in your ability to pay, a co-signer could be a workable option.
• Plan for the future. If it turns out you cannot qualify for a home loan right now, have your real estate agent help you map out a plan for improving your credit qualifications over the coming months. If you make homeownership a serious goal, you should be able to qualify in the not-too-distant future.

For more information about applying for a mortgage, please feel free to contact our team. And be sure to share this email with family and friends who might also be considering a home purchase -- this market is just too good to miss out on!

Sincerely,

Darryl Baskin


For all your Tulsa, OK. real estate needs, contact Darryl Baskin, McGraw Reators, 918-258-2600 or www.darrylbaskin.com.

For a Tulsa, OK. mortgage, contact Karen Heston, BOK Mortgage, 918-488-7353 or http://kheston-boklo.mortgagewebcenter.com/Default.asp?bhcp=1

Types of Property Deeds...

There are many types of deeds for home ownership in Tulsa, OK. but what are they and what do they mean for buyers and sellers?

The best type of deed is the General Warranty Deed. In a General Warranty Deed the seller warrants the title from statehood until the time the buyer takes title. This means that the owner of the property is guaranteeing the buyer that they are getting a clear title.

The next type of deed is the Special Warranty Deed. In a Special Warranty Deed there is more risk to the buyer and limits the amount of the warranty. This is a common type of deed when a bank takes title to a property. When this happens, the bank will only warrant the property for the time that they owned it and no time prior.

Another type of deed is the Quit Claim Deed. The Quit Claim Deed is usually between a divorcing husband and wife. One party is giving up any interest that they may have in the property to the other party.

The final type of deed is the Sheriffs Deed. The Sheriffs Deed occurs when a foreclosure happens, the property goes to a sale and the Sheriff presents a deed to the new owner. This is a high risk situation because there are no warranties on the property. It is being sold or presented "as-is".

For more information about types of property deeds in Tulsa, OK. or to have your title inspected in the Tulsa, OK area, contact Ann Rollins of Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

For all your Tulsa, OK. mortgage needs, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website here.

For Tulsa, OK real estate needs, contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.