Oklahoma Mortgage Insight

What is the Mortgage Disclosure Improvement Act?

2011-10-31T15:51:00.000-07:00

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....

2011-10-27T19:58:00.000-07:00

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?

2011-08-29T20:32:00.000-07:00

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

2011-08-27T21:01:00.000-07:00

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...

2011-07-09T20:41:00.001-07:00

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?

2011-07-01T07:00:00.000-07:00

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

2011-06-24T07:00:00.000-07:00

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?

2011-05-26T19:35:00.000-07:00

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!

2011-05-25T22:09:00.001-07:00

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

2011-05-11T21:06:00.000-07:00

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

2011-04-20T20:17:00.000-07:00

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

2011-04-19T20:14:00.001-07:00

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

2011-04-15T20:32:00.001-07:00

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...

2011-03-28T20:28:00.001-07:00

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.

How are Oklahoma real estate matters resolved in court!

2010-10-26T15:15:00.000-07:00

There are different types of cases and courts in which a real estate related matter can be heard. When it comes to real estate, there could be issues related to property lines, ownership, title problems, failure to declare previous issues in a disclosure statement or much more. Here are several types of issues that could arise and how they are generally handled.

In small claims court, the case is usually over things with a value of less than $6000. Many times in small claims court people are unrepresented when it comes to a small dispute over less than $6000 or disputes over a renter and landlord. Cases like these are usually heard by the judge within 30 days and are decided the day of the court hearing. For an eviction, you give notice to a tenant and have it posted. If they don't respond or pay you the debt they owe, you file a petition at the courthouse with appropriate information. It is filed and you pay a small fee and they send a notice out. You are usually given a court date within 30 days. If you are a renter and the landlord's property (where you live) is involved in a foreclosure, there are several things that can happen. Sometimes even if you are in the right, you may still lose any prepaid money.

For more information on legal matter involving Tulsa OK real estate, contact David Keesling with Richardson, Richardson, Boudreaux at 918-492-7674 or www.rrblawok.com.

Need Tulsa, OK title insurance? Contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com.

Prevent legal issues due to lack of insurance coverage. For Tulsa, OK insurance, contact Mike Tedford of Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com.

Is it difficult to get an Oklahoma home mortgage?

2010-10-24T14:51:00.000-07:00

In the real estate business, it seems as if we are always hearing people, even Realtors, say that it is difficult to get a home loan in Oklahoma right now. Is it really difficult to get a home mortgage? No, It is not difficult to get an Oklahoma home loan, the requirements have simply changed. Right now, you do have to qualify for a home loan. You must have a job and the lender will run a credit report. Years ago, that was not required. You need to fill out an application (in person, online or by phone). Then your information will be verified. For self-employed persons, your tax returns will be verified as well as your employment and income.

There are many options available for an Oklahoma home loan. When it comes to down-payments for example, an FHA loan requires a low down-payment of only 3.5%. A VA loan requires even less. When you hear someone say that it is difficult to get a home loan, now you know the truth.....It is not difficult to get a home loan, it has just changed.

Get a knowledgeable loan expert and find out your options for a Tulsa Mortgage today! Call Steve Currington with Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

For all your Tulsa, OK real estate needs, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

What to Consider When Buying a Home

2010-09-27T21:45:00.000-07:00

Thanks to the perfect storm of low prices, attractive inventory, and affordable interest rates, this continues to be a lucrative time to invest in a Tulsa, OK area home, whether it be a first home, a move-up home, or a second home.

Choosing a home is no easy process, however, and many factors must be carefully weighed before making your selection. As a member of the Top 5 in Real Estate Network®, I, along with my team, advise our clients to pay careful attention to a few details in particular when considering a home—these important details will significantly impact your long-term happiness in the home as well as the home’s appreciation over time. So, as you begin to consider properties in our neighborhood, here are a few issues to think about that may help you find exactly the right home for you and your family:

Type of home: One-story or two, single-family, duplex or condo? How will paying homeowner dues affect your overall buying power? Will a swimming pool be a bonus or a hindrance? Making these decisions in advance will help you focus on the right types of home to look at.

New or existing: A new home is all shiny and clean, but will carry with it some hefty initial costs such as landscaping and window coverings. An existing home will have many of these things, but repairs or renovations that may need to be made will also impact your budget.

Features: Weigh the costs of gas vs. electric heating and cooling, and the possible need for fencing. How important is a fireplace? Does the home have enough bedrooms and bathrooms to support your family in the coming years?

Ease of maintenance: What is the condition of the roof? The appliances? Will you have to paint the interior or exterior and/or replace the carpeting? Be sure to factor in such costs in your budget and your negotiations.

Location: Do you want to be in the city or in the country? Nearer to libraries, parks and entertainment or set among tall trees and lakes? What about the need for public transportation? Nearby hospitals and schools?

Crime rate and public schools: Check with local enforcement and local residents to get a feeling for statistics and quality. We can also provide you with up-to-date statistics on this information.

Economic stability: Whether an area is growing or not can affect its future property value—as will the economic stability of the area.

Property tax: Examine the annual amount of real estate taxes and other assessments levied in the neighborhoods you are considering.

We can help find the answers to the above concerns as well as provide more suggestions on what to look for in a new home—just e-mail our team. Also, please pass this article onto others who may benefit from this information.

To buy or sell your Tulsa, OK area home, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

For all your Tulsa, OK area roofing needs, contact Jonathon Knapp of Royal Roofing at 918-398-6500 or www.rrcok.com.

For all your Tulsa, OK area flooring needs, contact Jim Ecrette of ProSource Wholesale Floorcoverings at 918-252-7711 or www.prosourcefloors.com/tulsa. Remember to ask for Darryl Baskin's wholesale pricing.

For all your Tulsa, OK area home maintenance needs and more, visit www.tulsahomemaintenance.com.

Oklahoma State Questions on the Ballot #2

2010-09-16T21:53:00.000-07:00

Last week we gave an overview of SQ 744- 1 of 11 questions on the Oklahoma State Ballot for November 2010. Today, we will discuss the second of the eleven Oklahoma state questions- SQ 746.

SQ 746: This measure amends statutes relating to voting requirements. It requires that each person appearing to vote present a document proving their identity.

The document must meet the following requirements: It must have the name and photograph of the voter. It must have been issued by the federal state or tribal government. It must have an expiration date that is after the date of the election. No expiration date would be required on certain identity cards issued to persons 65 years of age and older.

In lieu of such document, voters could present voter identification cards issued by the County Election Board.

A person who cannot or does not present the required identification may sign a sworn statement and cast a provisional ballot. Swearing to a false statement would be felony.

Those proof-of-identity requirements also apply to in-person absentee voting. If adopted by the people, the measure would become effective July 1, 2011.

This information taken from "Do You Have the Answers?" by Sid Sperry published in Oklahoma Living Magazine.

For more information about SQ 746 or any other question on November 2, 2010 ballot, visit the www.okpolicy.org website.

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

SQ 744 To read about SQ 744 click on the link to the left.

First-time Tulsa Home Buyers: What You Need to Know Before Starting Your Home Search

2010-09-12T20:25:00.001-07:00

With historically low interest rates persevering and prices starting to creep back up, more and more renters are grappling with the question of whether to buy now or keep renting.

Based on the countless clients we have helped buy their first home, we can confidently tell you, yes! Now is a very opportune time to purchase your first home.

According to our colleagues in the Top 5 in Real Estate Network®, a national network of leading real estate agents, first-time home buyers across the country have taken advantage of today’s market conditions to go from renter to homeowner. That said, the ability to move into homeownership is very dependent upon the overall health of your finances. Buying a home not only takes having the necessary cash on hand for the deposit and closing costs, but also the financial wherewithal to convince a bank to lend you 80% or more of the purchase price in the form of a long-term mortgage.

Here are some other important points to be aware of before embarking on a home purchase:

1. Having good credit is all important , so put out the bucks to Fair Isaacs’ myFICO.com to get your current scores (about $16 each for reports from Equifax and TransUnion, another $15 at Experian.com). Don’t be surprised if the scores differ somewhat, and check them carefully for errors. Remember that errors must be reported to and corrected by the agencies themselves, which could take weeks or months.

2. Know what you can afford. Aim for a home that costs about two-and-a-half times your gross income – less if you have significant financial debt. In all, your monthly home payments should not exceed 36% of your gross monthly income. Getting pre-approved by a lender should be your signal to start home shopping.

3. Check your cash situation. Whether you are aiming to amass 20% of the home’s price for a conventional loan, or 3% or more for a loan from Fannie Mae, Freddie Mac, FHA or the Department of Veteran’s Affairs, you will also need to cover fees and closing costs, which can run up to 5% of the mortgage amount. First-time buyers may augment their cash by borrowing from an IRA or getting a cash gift from parents, but check with a financial advisor for amounts and tax consequences.

4. And speaking of tax consequences , remember that homeowners, unlike renters, must pay property taxes each year – and pay for any needed repairs or upgrades. Be sure to leave yourself a little financial wiggle room in order to meet these expected – and sometimes unexpected – expenses.

To get pre-aproved for a Tulsa, OK area home today! Call Karen Heston with BOK Mortgage at 918-488-7353 or visit her website.

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

Court Orders Home Returned to Soldier

2010-09-11T18:28:00.000-07:00

A Dallas-area soldier and his wife, who owned their home mortgage-free, but lost it for failing to pay their homeowner association dues, have regained it in a court-ordered settlement.

Army National Guard Capt. Michael Clauer, who was serving in Iraq, and his wife failed to pay $977.55 in fees. The association sent multiple notices by certified mail, demanding payment. Under Texas law, a homeowner association can foreclose on a property and sell it at auction to gain what is owed, which is what the Clauers’ association did.

The $315,000 home was initially sold at auction for $3,201 then resold for $135,000. May Clauer was living in the property at the time. She testified that she suffered depression in her husband’s absence and didn’t know she owed money or that the property had been auctioned until she received a letter demanding rent.

Details of the settlement were sealed, but Shad Bogany, secretary-treasurer-elect of the Texas Association of REALTORS®, said homeowner associations should be regulated. "When there's a disagreement, who else can they call? What's the next step?" Bogany asked, and then answered rhetorically: "There is no next step. If the homeowners association isn't responding, there ought to be a neutral mediator for people to go to with complaints."

Source: Dallas Morning News, Valerie Wigglesworth and Erinn Connor (07/29/2010)

Don't let this happen to you! Contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-633-1570 or www.rrblawok.com to find out if there are solutions to your Tulsa, OK foreclosure.

Stop your Tulsa, OK Foreclosure Now! Call Darryl Baskin of The Baskin Real Estate Specialists at McGraw Realtors at 918-258-2600 or www.stopmytulsaforeclosure.com.

Find out if refinancing your Tulsa mortgage or other mortgage options are available to you, contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

Oklahoma State Questions on the Upcoming November Ballot

2010-09-10T20:24:00.000-07:00

On November 2, 2010 there will be an election in which 11 Oklahoma state questions will be decided. When there are so many questions on a ballot, it can be difficult to remember the details of each question and how we feel about them. Today, we will discuss the first of the eleven Oklahoma state questions- SQ 744.

SQ 744: The measure repeals a Section of the State Constitution. The repealed section required the Legislature annually to spend $42.00 for each common school student.

Common schools offer pre-kindergarten through twelfth grade.

The measure also adds a new Article to the Constitution. It sets a minimum average amount the State must annually spend on common schools. It requires the State to spend annually, no less than the average amount spent on each student by the surrounding states. Those surrounding states are Missouri, Texas, Kansas, Arkansas, Colorado and New Mexico. When the average amount spent by surrounding states declines, Oklahoma must spend the amount it spent the year before.

The measure deals with money spent on day-to-day operations of the schools and school districts. This includes spending on instruction, support services and non-instruction services. The measure does not deal with money spent to pay debt, on buildings or on other capital needs.

The measure requires that increased spending begin in the first fiscal year after its passage. It requires that the surrounding state average be met in the third fiscal year after passage. The measure does not raise taxes, nor does it provide new funding for the new spending requirements.

This information taken from "Do You Have the Answers?" by Sid Sperry published in Oklahoma Living Magazine.

For more information about SQ 744 or any other question on November 2, 2010 ballot, visit the www.okpolicy.org website.

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

What to Anticipate When Pricing Your Home

2010-09-08T19:44:00.001-07:00

Hello, Valued Member! Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits.

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Darryl Baskin

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McGraw Realtors
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What to Anticipate When Pricing Your Home
This month’s newsletter provides a detailed look at what sellers should anticipate when pricing their home. A detailed checklist offers advice for creating a fair, competitive and marketable sale price. Also this month, a look at the new lending landscape; selecting a real estate agent; improving your home's exterior and more. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time!

This Month's Top Story

What to Anticipate When Pricing Your Home

RISMEDIA, September 8, 2010—Most sellers have an emotional connection to their home and feel it deserves top dollar when sold. Everyone naturally wants to get the most money for his or her product, but "sellers must not be hasty with this all-important decision," cautions real estate expert Robert Jenson, a CEO of a luxury Las Vegas real estate purveyor.

More Top Stories
	Navigating the Lending Landscape RISMEDIA, September 8, 2010—The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition.
	Third Time's a Charm - Experts Recommend Talking to at Least 3 Agents before Choosing One to Represent You RISMEDIA, September 8, 2010—In today’s real estate market, using the first real estate agent you speak to is a recipe for disaster for home buyers, according to the home-buying specialists at the National Association of Exclusive Buyer Agents, (NAEBA.org). For years, real estate sellers have been told to interview a number of agents before they pick one to list their home because of the difference in the service levels provided. However, most home buyers end up using the first real estate agent they meet.
	How to Add Resale Value to Your Home's Exterior RISMEDIA, September 8, 2010—Change the siding? Add new shrubbery? Replace the cracked sidewalk? When it comes time to enhance the curb appeal of your home, there are a multitude of improvement projects you can consider—but which ones will add the highest resale value to your home?
	4 Important Tips to Keep in Mind when Seeking Senior Housing RISMEDIA, September 8, 2010—People are living longer today. The century-long expansion in the world’s population that is 65 and older is the product of dramatic advances in medical science and health lifestyles. Currently, 13% of the U.S. population is 65 and older, up from 4% in 1900. As Baby Boomers turn 65 in high and higher annual numbers, it is estimated that one in five Americans will be over age 65 and about 5% over 85.

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RISMedia, publisher of Real Estate magazine, is dedicated to providing real estate professionals with the most up-to-date news, information and business development resources in the industry. To submit questions, comments, suggestion, press releases or story ideas, please e-mail realestatemagazinefeedback@rismedia.com.

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The US Housing Market Slowly Improves

2010-09-02T19:14:00.000-07:00

Pending home sales have risen slightly after a drop following the end of the Buyers Tax Credit. According to Realtor Mag online, "The Pending Home Sales Index, a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months."

Although this is good news, it doesn't mean that the recovery will happen overnight. The housing market will take time to recover. For buyers in the Tulsa, OK area, this means the ability to get a better deal on a home. These great deals combined with today's low interest rates could mean the deal of a lifetime for many buyers. Tulsa sellers need not be discouraged, however. Working with an experienced Realtor and being realistic and patient will make the process go much smoother and faster.

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

From Our Top 5 Team: Foreclosed Homes Trouble Spots

2010-09-02T12:06:00.000-07:00

Buying a Foreclosed Home? Top Problem Areas to Look Out For

Today's real estate landscape offers some great buys for savvy real estate consumers, especially when it comes to foreclosure properties. Unfortunately, even though there are already a large number of foreclosures on the market, analysts are predicting that yet another wave of distressed properties will crop up in the coming months.

As a Member of the Top 5 in Real Estate Network®, I, along with my team, have consulted with many clients seeking to capitalize on a foreclosure purchase. We always advise them, however, to weigh the pros and cons. While a foreclosure could represent your best chance to get a great deal, make sure you educate yourself about the potential pitfalls of purchasing a distressed property in advance - and what correcting those pitfalls might cost. In most cases, it's not so much about what damage occurred but rather the source of the damage and how long before the problem was addressed.

Here are the top 10 signs that may indicate trouble in a foreclosed home:

Unheated house in winter months. If the home has been properly winterized, there's no need for heat. But if the home has not been properly winterized, pipes will burst and cause water damage.
Missing sinks, toilets and other fixtures. Make sure they've been properly removed and not ripped from walls and floors.
Peeling, bubbling and discolored paint; swelling in walls or ceilings (especially around kitchens and bathrooms), or a musty odor all indicate water damage and, potentially, the presence of moisture and mold.
Fungus growth inside cabinets, behind drawers and built-ins. Fungus could mean that there has been water damage. Since water falls down, look for the source above the mold.
Blocked drains or pipes will cause future problems and may have already created sewage backups.
Black cobwebs, greasy gray residue on walls and/or a strong oily odor. This could point to potential soot damage or a malfunctioning furnace.
An older home with extensive renovations. Check with the city for pulled permits in order to get remolding details. If asbestos is present and has been disturbed, be sure it's been remediated by a certified specialist.
Excessive painting of every nook, cranny, door and floor may mean that the seller is covering up mold.
Discolored subflooring. From the basement, check the subflooring above for stains and small holes, both caused by mold.
Air quality. The air quality within a home tells a lot about the home's condition. Be sure to include air and surface testing in your home inspection. It's a few hundred dollars well spent.

There are indeed many great opportunities in today's market, but proper education and preparation are essential to making the right investment. Please e-mail our team for further information and be sure to forward this article to others who might be considering a foreclosure purchase.

Sincerely,

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

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Five Questions You Should Ask Your Tulsa, OK Mortgage Banker.

2010-08-29T17:08:00.001-07:00

How much down-payment do I need to buy a house? If you are a veteran or buying in a rural area you can get 100% financing and seller can pay closing costs. If you are Native American you may be eligible for a HUD 184 loan. This loan requires as low as a 1.25% down-payment, depending on the amount of the loan. FHA requires a 3.5% down-payment, Conventional a 5% down-payment, and Investment loans a 20% down-payment.
What are Points/Origination Fees? Point and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is $1000
How do I find out exactly what my closing costs, fees, and other things are when I am comparing mortgage companies and their rates? Ask for a Good Faith Estimate. Look at fee lines 800-900. Compare the rate, points/origination fee, and other items within that range.
What constitutes a rural developement loan? It is all based on the population or an area. Owasso and Glenpool are still rural and are eligible for a rural development loan. USDA Rural Development website can give you more information about an area you are interested in.
How do Mortgage Bankers get paid? My commission is based on the volume I produce. The more I produce the higher percentage I make.

If you have questions about a Tulsa, OK mortgage, contact Karen Heston at BOK Mortgage, 918-230-9432 or visit her website here.

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

What Exactly Is Oklahoma Title Insurance?

2010-08-28T20:00:00.001-07:00

Title insurance protects your claim of ownership of your property. When you buy Oklahoma real estate, you count on the paperwork being properly reviewed. You should get a "title opinion" from an attorney. That does not, however, provide you any insurance that the attorney did not make an error or that someone later does not come back and claim an error was made (regardless who is right or wrong.) It is simply the opinion of the attorney you hired.

If you purchase title insurance and someone later questioned your ownership of the property, the title insurance company would be required to come defend your title.

A few things to note:

Title insurance only covers the period of time before your purchase of the property. It does not cover from the time you purchase and beyond. If you are concerned about problems that might arise after you purchase the property, talk to your title company and ask about appropriate insurance.
Sometimes "exceptions" can be listed in your title policy. These would be things that were known when the policy was written such as, your driveway or storage building being on the neighbor's property.
Title problems are often called "clouds" which mean your ownership is not completely clear - that someone could raise questions about it. Even if your ownership would not be lost, it can be expensive to remove the "cloud" on your title.
Title issues can arise from forgeries, improper paperwork filing at the courthouse, incorrectly completed forms, deaths and bankruptcies, lawsuits between other parties, and many other unknown circumstances.

For more information about title insurance in Tulsa, OK, contact Ann Rollins, at Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

Have Tulsa, OK area title problems? and have legal problems as a result of your title or lack of title insurance, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-663-5070 or www.richardsonlawfirmpc.com.

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

Tame that Angry Beast!

2010-08-26T16:19:00.000-07:00

Buying and selling your Tulsa, OK home can be a very frustrating experience. At times, you might even find yourself so irritated that you feel like you have become an angry beast. Whether your real estate woes have precipitated the anger or simply everyday stresses, read on to help tame that angry beast.

Write in a journal. When you find yourself getting angry over that seller or buyer that simply won't budge, consider writing in a journal. For some people, this is the perfect way to release the tension and anger without causing harm to your health, your relationships, or yourself.
Find a stress reliever. Relieving stress can be done in many ways. Some very popular and productive ways include exercising, doing a project, or working around the house. You might find that taking a drive or simply deep breathing works well for you. Experiment, whatever you find that works for you, remember to do it often.

Take an adult time out. Probably all of us have heard of time out when it comes to kids. but very few of us take a time out ourselves. When you begin to get angry over that real estate problem, take a time out. You may need to take a break from whatever is causing the anger and give yourself a few minutes before you continue with it.
Change your thinking. Sometimes we make the situation worse because we assume something. If your real estate agent says something that offends you or does something that makes you mad, think the best of them. It is likely that they didn't intend it to come across that way. If you have the courage, ask them about it. It is probably just a misunderstanding.

Remember that anger and stress can bring on a multitude problems including relationship issues, high blood pressure, heart attacks and much more. Before allowing anger over a real estate problem get the best of you, ask yourself if it is worth it.

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

From Our Top 5 Team: Looking for a Summer Remodeling Project? These Tips Might Help

2010-08-05T12:07:00.001-07:00

Looking for a Summer Remodeling Project? These Tips Might Help

Other than vacations, summer is the time of the year most popular for home improvement. The long days and warm, sunny weather make a great time to work on repairs and renovations without much of the hassles and delays that rain and other elements bring.

As a member of the Top 5 in Real Estate Network®, I, along with my team, have years of experience and understand how taking on a remodeling project is beneficial to you, both now and then later down the road should you choose to sell.

For these reasons and more, a good number of homeowners undertake home improvement projects, especially during the summer.

Following are tips and projects—both large and small—for homeowners looking to spruce their homes up this summer.

Patios and Decks
What better way to enjoy the warm days than by creating an outdoor living space for the family to enjoy.

Decks and patios are among the most popular summer remodeling ideas. There are various factors to take into consideration when deciding on whether a patio or deck is the most appropriate project to undertake. Such factors include soil condition and consistency, site terrain, use, capacity and privacy, as well as the cost and maintenance you are willing to put up with.

Home Maintenance
Throughout the seasons, your home has taken good care of you and your family and now is the best time to give back.

Go through your property to evaluate and create a checklist on areas that need mending or replacement. This list is a crucial preparation before calling a contractor or handyman for maintenance/repair services. Some common maintenance and repair include:

Waterproofing the basement
Re-caulking and replacing weather-striping
Cleaning and sealing wooden decks
Trimming bushes and trees
Realigning downspouts and gutters
Repairing the roof
Cleaning the pool
Mending the fence
Sealing cracks along driveways, foundation, walkways, etc.
Maintenance of HVAC systems

Energy-Efficient Renovation
When it comes to summer remodeling, there's no better way to invest your hard-earned dollars than by making your home energy efficient. An energy-efficient summer remodel is truly a worthwhile endeavor as it will result in years of savings on your energy bills. Some of the common items you can buy and integrate into your energy-efficient renovation include:

Insulation systems and materials
Roofs that resist heat gain
Biomass-burning stoves
Energy-efficient windows
HVAC systems with the highest efficiency tier
Solar panels
Fuel cells
Geothermal heat pumps
Wind energy systems

Taking on one (or more!) of these projects is a great way to give back to your home this summer…and, in some cases, save you a bit of money, too. For more information on home renovation projects, please e-mail our team - and please feel free to forward these tips to any family and friends you think might benefit from them as well.

Sincerely,

Darryl Baskin
McGraw Realtors
Office: 918-258-2600
Mobile: 918-740-0077
Darryl@DarrylBaskin.com
http://www.DarrylBaskin.com

This email was sent by RISMedia, Inc. on behalf of Darryl Baskin.
If you wish to edit your subscription or unsubscribe, please click here.

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

2010-07-27T21:12:00.000-07:00

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!

2010-07-22T19:49:00.001-07:00

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!

2010-07-02T18:06:00.000-07:00

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.

Mortgage Rules Make it Harder to Qualify!

2010-06-30T08:00:00.000-07:00

For some buyers, it will be more difficult to qualify for a loan for their new home. Why? Well, the mortgage market and the housing market have both changed a lot over the last couple of years. These changes have caused the rules for qualifying for a low-interest mortgage much more difficult.

In the past, many homeowners were passing on the fixed-rate mortgage and utilizing an adjustable rate mortgage. Bankrate says that for some homeowners, those not planning to stay in their home longer than 5 years, an adjustable rate mortgage was usually a good fit. For those that did plan on staying in their home for more than 5 years, a fixed rate mortgage was usually the right choice. With the changing economy and more difficult standards, however, things are changing.

Two of the new rules for mortgage qualification include:

FICO scores must now be at least 740 in order to get the best rates, fees, and points.
Homeowners using an FHA loan may now only spend 31% of their gross monthly income on their house payment, including principal, insurance, interest, taxes, and association fees.

Want a few tips to help improve your chances? First, check your FICO score regularly. If your score is lower than optimum, you can begin making changes to raise the score. If your score is already high, then you know you are doing the right things. Second, don't focus simply on interest rates when trying to get a loan. Remember that you have the option to pay discount points or change the type of loan. Third, always compare several different loan options to determine what the differences in cost really are. You can compare a loan with a higher interest rate with no points to a loan that is a lower rate but requires points to be paid. You can also compare your options with different companies. Finally, if you refinance your house after 5 years, don't get another 30 year loan. Get your loan amortized for the remaining period of your old loan.

To read the article from the Tulsa World, "Buyers Forced to Jump Through Hoops", visit this link.

To buy or sell your Tulsa, OK property, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

How Do I Handle Fraud in Title Insurance?

2010-06-26T20:42:00.000-07:00

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 homeowner's 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 tricky. 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 home purchase into the future.

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

To purchase title insurance or if you have questions about title insurance in Oklahoma, contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com

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

Some can still qualify for a tax credit!!

2010-06-24T20:01:00.000-07:00

The Tax Credit is Over Right?

The $8000 tax credit may still be available for you if you are a Veteran and you have served 90 days between 12-31-2008 and 5-1-2010. If that is you, then you can still utilize the tax credit. You must have a contract by 4-30-2011 and close by 6-30-2011.

If you live in the Tulsa, OK area and want more information on this tax credit extension for Veterans, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website.

To buy a home in the Tulsa, OK area to take advantage of the tax credit extension for Veterans, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com

New Area Code

2010-06-04T21:34:00.000-07:00

By now, probably most everyone in the 918 area has heard that we will be getting a new area code. It will no longer be simply 918. Now we will be adding area code 539. The hardest part for most of us will be getting adjusted to using a 10 digit phone number every time we call. To ensure that we are all ready for the new area code and 10 digit calling, the Oklahoma Corporation Commission has set up a practice period before the 10 digit calling is required. Keep these dates in mind:

July 7, 2010- You should have received a notice in the mail with dates and information about the new area code.
August 7, 2010- "Permissive Calling Period Begins"- you can call using 7 or 10 digits.
March 5, 2011- "Permissive Calling Period Ends"- you will now be required to use the 10 digit number.
April 1, 2011- New 539 area codes will be available. You can also request a 918 area code phone number if one is available.
Spring 2012- 918 area code phone numbers are expected to run out.

The same long distance rules will apply for the 539 area code. Simply put, if you can call a 918 area code now without long distance, you will be able to call 918 or 539 without long distance. If you pay long distance to call 918, then you will also pay for the 539 area code

What NOT to do When Getting a Home Loan

2010-06-02T20:09:00.000-07:00

Why Are Real Estate Surveys Necessary?

2010-05-27T19:06:00.000-07:00

For some, real estate surveys seem like a waste of time and money. Many people would simply say "I can tell where my property line is, there's a fence!" In some cases, a fence may be the boundary of a property, but you can't always use a fence to determine property lines. Many times a fence has inadvertently been put in the wrong place. A real estate survey not only shows where the property lines are, but also 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 real estate survey will ensure that anything you are building is not on someone else’s property or easement. In addition to determining property lines, encroachments, and easements, a survey is also used to help determine drainage, setbacks, and even help with proper planning.

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 in the Tulsa, OK area, contact Rick Oberlender of US Building Systems at 918-518-5913 or usbs@att.net.

If you have a dispute over your Oklahoma property line, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-633-5070 or www.rrblawok.com

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

Negative Equity in Oklahoma

2010-05-24T15:57:00.000-07:00

Did you know that Oklahoma ranks #1 in states with the least number of homeowners with negative equity in their home. It wasn't too long ago that many people were getting 2nd and 3rd mortgages on their property. This means that they have negative equity. This can be a problem for many reasons, but is especially difficult when you want to sell your property. When you have negative equity many homeowners can't sell their property unless they have cash on hand to pay the overage. When this happens, homeowners shouldn't expect their property to sell for what they have into it. It will only sell for what it is worth. That may be more than what is owed or less than what is owed.

When you go looking for a property remember to find an experienced agent to help you make a wise decision. A good Realtor will show you homes you like but also comparable properties. This enables you to see what properties in that price range look like. Without a knowledgeable and experienced Realtor you might find that you have negative equity as soon as you buy a home.

For all your Tulsa, OK mortgage needs and for questions about negative equity in Oklahoma, contact Karen Heston of BOK Mortgage at 918-230-9432 or visit her website.

To avoid negative equity in your next Tulsa, OK area home purchase, contact Darryl Baskin, The Baskin Real Estate Specialists of McGraw at 918-258-2600 or www.darrylbaskin.com.

USDA Rural Housing 100% Financing

2010-05-11T20:06:00.000-07:00

USDA 100% STILL HERE!

We will continue to fund USDA loans without any delay. The funding for this program will likely come through in a a few weeks, but in the meantime it is business as usual with this program. If you know of anyone that would like to purchase a new home with no money down tell them to call Currington Mortgage at 918-394-5626 or visit www.curringtonmortgage.com.

The upfront guarantee fee has increased to 3.5%

For more information please contact Steve Currington 918-394-5626 or email steve@curringtonmortgage.com

Ways to Take Title

2010-04-28T19:48:00.001-07:00

When you buy real estate you want to take title in the way that best fits the circumstances. There are many ways to do this. Here are some different ways to take title and what that means for you.

Joint Tenants with Rights of Survivorship This is usually found in property that is owned by a husband and wife. This type of title means that if one person dies, the other one gets title to the property.
Tenants in common Each party owns a certain percentage of the property.
Title in Trust This title is taken through a trust, usually by families. This allows a husband and wife to transfer property to children without going through probate, which can be expensive and time consuming.
If a corporation or LLC buys a property, who actually owns the property? Usually there is a member and a manager. The manager signs the deed and manages the LLC. The members are protected from liability but own a percentage. That can be transferred.

Which type of title you consider is important. For more information about ways to take title in Oklahoma, contact Ann Rollins, Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

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

Times Running Out- ONLY 5 DAYS LEFT!

2010-04-25T16:20:00.000-07:00

Time is running out on the buyers tax credit. The tax credit ends on April 30, 2010. The basics of the tax credit are as follows:

1. Qualified first time home buyers can receive a tax credit of $8000.
2. Qualified current home owners can receive a tax credit of $6000.
3. The home contract must be written by April 30, 2010.
4. The home sale must close no later than June 30, 2010.

To find your Tulsa, OK home now, contact Darryl Baskin of The Baskin Real Estate Specialists at McGraw at 918-258-2600 or www.darrylbaskin.com.

To find out if you qualify for the buyers tax credit for a Tulsa, OK home, contact Steve Currington of Currington Mortgage at 918-394-5626 or www.curringtonmortgage.com.

Market Condition Report - 7 county MSA - All prices - New construction and Pre-owned - Source: Tulsa MLS (NORES) - Compiled by Terradatum, Inc. - Thomas E Allen Appraisals, LLC

2010-04-10T09:57:00.001-07:00

Slight decline in Median Price (Sold) - $131,000 average over 2 years.

On a linear trend basis, supply has been trending down. Supply has trended up the past 4 months.

March, 2010, Month's Supply of Inventory is favorably in the 4.0 Month's Supply range, the lowest in 2 years!

NAR calculates Month's Supply based on Sold-Closings and lags behind the previous graph that is based on contract activity.

Listings going to contract on a weekly basis. The last five weeks activity exceeds Past and Previous 12 week averages.

Need more information? Specific market information? Contact me.

Thomas E Allen, CRP, RAC Member

Thomas E Allen Appraisals, LLC

PO Box 702438

Tulsa, Ok 74170-2348

(918) 481 3500 FAX (918) 477 2044

TomAllen@TulsaCoxMail.com or TomAllen@RAC.net

"Some people spend an entire lifetime wondering if they made a difference in the world. But the U.S. ARMED FORCES don't have that problem." ...Ronald Reagan

Types of Property Deeds

2010-03-30T19:26:00.000-07:00

There are many types of deeds for home ownership 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 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. You may also check out the video below.

When Are Add-On Fees on Your Closing Documents Illegal?

2010-03-27T22:02:00.000-07:00

Last year the US District Court ruled that add-on fees on the HUD-1 closing document could be against federal law. Commissions on the HUD-1 can be a flat fee, a percentage of sales price, or a combination but should not exceed the agreed upon commission in the listing brokers listing agreement. If the fee exceeds that agreed upon amount then HUD can determine if the services provided justify the additional charges. Unjustified charges are against the Real Estate Settlement Procedures Act or RESPA and can be subject to penalties.

Want a Realtor that won't overcharge? Contact Darryl Baskin of The Baskin Real Estate Specialists of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com for your Tulsa, OK area real estate needs.

For questions about what fees should be on your HUD-1 document or to pre-qualify for a loan in the Tulsa, OK area contact Karen Heston of BOK Mortgage at 918-481-7353 or visit her website.

Top 5 Tips for Securing an Accurate Appraisal

2010-03-12T14:17:00.001-08:00

Top 5 Tips for Securing an Accurate Appraisal

When it comes to buying or selling property, a successful outcome often hinges upon an accurate appraisal. Unfortunately, due to unrest in the appraisal industry sparked by government guidelines imposed by the Home Valuation Code of Conduct (HVCC), securing an accurate appraisal can be hard to come by these days. Colleagues have shared many a horror story about an appraisal gone wrong and a client that's left to pay the price.

As a member of the Top 5 in Real Estate Network®, however, I have learned that there are steps you can take to help ensure an appraisal accurately reflects the home's value. Consider the following advice:

1. Keep it local. Inaccurate appraisals are often the result of the current practice of using an appraiser who is unfamiliar with your community…sometimes, they're even coming from another state! Talk to your agent and/or lender and insist that the appraiser involved is local and, therefore, understands home values in your neighborhood.

2. Utilize comps. Make sure your lender and appraiser are accurately leveraging comps (comparable market sales) of local properties sold within the last six months to help appraise your home. Your real estate agent can help in this area.

3. Put your best foot forward. If you are selling your home, make sure it's in the best possible shape before the appraiser visit. Invest in any necessary repairs and effective cosmetic changes. Consider how your home stacks up against other homes in your neighborhood and let that be your guide.

4. Review carefully. Review the appraisal thoroughly to make sure all the basic facts are correct: square footage, features of the home, number of rooms, etc. If you find mistakes, call the appraiser and ask to have them corrected. If the appraiser refuses to make the corrections, file a complaint with your state's real estate appraisal board.

5. Don't settle. You are not bound to accept the appraisal results. Both buyers and sellers can request a new appraisal. There is no guarantee that the bank will accept the new appraisal, but it can be used to challenge the first appraisal.

An honest, accurate appraisal can make all the difference in your real estate transaction. Follow the above steps and please e-mail me for more details. I encourage you to forward this important information to your social network, as well.

Five Facts about the 203k Program

2010-03-11T09:36:00.001-08:00

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Today's real estate market presents a lot of opportunity for interested home buyers—with the growing supply of foreclosure properties and short sales, there are certainly some great deals to be had.

The problem in buying a "distressed" property, however, is that these homes are often damaged due to lack of maintenance or prolonged vacancy. So while the price tag might be right, the investment necessary to make the home livable might just push buyers well beyond their budgets.

As a member of the Top 5 in Real Estate Network®, however, I have access to the latest information on mortgage and financing options. One particular option that is providing hope for many of today's home buyers is HUD's FHA 203k program, a loan that enables buyers to not only secure a mortgage, but receive the funds necessary to improve the home as well.

Here are five facts about the 203k program to help you determine if it might be the right fit for you:

1. The FHA Section 203k program was originally introduced by HUD in 1978 as a program to rehabilitate and repair single-family homes. The 203k is a single mortgage loan that provides funds to purchase a home and make repairs and improvements. A simpler version, the Streamline 203k, was introduced in 2005. This version offers less documentation and lower loan fees for renovations that don't exceed $35,000.

2. In today's market, conventional financing, which often requires 20% - 25% down on a home and a perfect credit score, is often hard to come by. However, with less-than-perfect credit and as little as 3.5% down, you can get an FHA loan, such as the 203k.

3. The 203k approval process is a little more complicated than a conventional loan. For example, you're required to secure renovation costs from an established, licensed contractor and deliver a package of the proper paperwork to the lender to secure FHA approval. Make sure you work with an agent—like a member of Top 5—who is well-versed in the 203k program, or who can connect you with a lender that is.

4. The 203k loan is not just for foreclosure or distressed properties. More than 80% of the homes in America were built before 1990—that's over 100 million homes that are 20 years old or older—and almost every one is in need of some amount of repair and updating. The 203k loan, therefore, offers advantages for almost any home purchase.

5. The 203k loan is not just for home purchases but can be used to finance a home improvement, as well!

For complete details on the HUD 203k program, you can visit www.fhainfo.com/fha203k.htm. Please feel free to e-mail me, too, since this information can be hard to digest and confusing. Be sure to pass this e-mail on to any friends and family who might also be able to take advantage of a 203k loan.

Channel 6 New Good Faith Estimate

2010-03-06T08:20:00.000-08:00

Call Steve Currington for questions about the new Good Faith Estimate
918-394-5626.

Five Facts about the 203k Program

2010-03-05T16:19:00.001-08:00

Looking to Buy a 'Fixer-Upper'? The 203k Program Can Help Make It Happen

Residential Real Estate Statistics for Broken Arrow, Jenks, Owasso, Tulsa, Bixby, and Union Public Schools

2010-03-04T11:48:00.000-08:00

The following reports have been pcreated by Tom Allen, appraiser and reflect the trends in Residential real estate absorption rates in the Tulsa Oklahoma area including Broken Arrow, Jenks, Owasso, Bixby, and the Union Public School District. It reflects an increasing length of market time based on the available inventory of single-family homes and the rate at which they are selling. On my radio program, The Future of Real Estate on KRMG, I have been reporting that sales have been eclipsing the increase in inventory which would create a shortened market time. This latest data shows a different story. Discussions with Mr. Allen Center around seasonal trends and the series of bad winter snowstorms and the Tulsa Oklahoma area which seemed to put a damper on sales. Regardless of the excuses, the numbers are the facts. Mr. Allen was recently a guest on my radio program and I was taken aback when he answered that months of available inventory for homes in the Tulsa area were increasing. Rest assured, I will be discussing the latest data as it is available. Subscribe to The Baskin Report online and listen live at www.KRMG.com Saturdays at noon central.

Darryl Baskin
The Baskin Real Estate Specialists
at McGraw Realtors

Serving Northeastern Oklahoma since 1989
www.darrylbaskin.com
www.baskincommercial.com
Member, TulsaLuxuryPropertyGroup.com
Recognized by Who's Who in Luxury Real Estate
A Recognized Allen Hainge CyberStar and Howard Brinton Star Power Star

Months supply of Inventory is calculated using the # of properties that sold PENDING during the

month. NAR's caluation reflects the # of properties that CLOSED escrow during the month

Will Termites Affect Your Property Value?

2010-02-27T20:28:00.000-08:00

Termites are everywhere. Whether you realize it or not, they are in virtually every area with dirt in Oklahoma. Whether it be your home or commercial property, termite damage will not only cost you money to repair and exterminate, but can also cost you value when you decide to sell your property. Properties that have a history of termite damage, treatment and repair can be the hardest hit. To avoid damaging your property value, contact a professional exterminator to exterminate. One of the most effective termite treatments around is the Sentricon Baiting System. Only select exterminators can install and care for these systems. Don't settle for just anyone to install a system. Ensure that they are qualified to install the Sentricon System and will guarantee the extermination of termites as well as check the system monthly! Also, make sure that you have repairs done quickly to prevent further damage.

For more information on the Sentricon Baiting System or other pest control needs in the Tulsa, OK area, contact Duane Montgomeryof Montgomery Exterminating at 918-438-4885 or www.montgomeryexterminating.com.

For information on what affects property values or things to consider before purchasing a home in the Tulsa area, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

For all your Tulsa, OK mortgage needs contact Karen Heston of BOK Mortgage at 918-488-7353 or visit her website.

Title Insurance

2010-02-26T18:40:00.000-08:00

Title insurance protects your claim of ownership of your property. When you buy real estate, you count on the paperwork being properly reviewed. You should get a "title opinion" from an attorney but that does not provide you any insurance that the attorney did not make an error or that someone later does not come back and claim an error was made (regardless who is right or wrong.) It is simply the opinion of the attorney you hired.

If you purchase title insurance and someone later questioned your ownership of the property, the title insurance company would be required to come defend your title.

A few things to note:

Title insurance only covers the period of time before your purchase of the property. It does not cover from the time you purchase and beyond.
Sometimes "exceptions" can be listed in your title policy. These would be things that were known when the policy was written such as, your driveway or storage building being on the neighbor's property.
Title problems are often called "clouds" which mean your ownership is not completely clear - that someone could raise questions about it. Even if your ownership would not be lost, it can be expensive to remove the "cloud" on your title.

Title issues can arise from forgeries, improper paperwork filing at the courthouse, incorrectly completed forms, deaths and bankruptcies, lawsuits between other parties, and many other unknown circumstances.

For more information about title insurance in Tulsa, OK, contact Ann Rollins, at Closings of Tulsa, 918-493-2241 or www.closingsoftulsa.com.

If you live in the Tulsa, OK area and have legal problems as a result of your title or lack of title insurance, contact Chuck Richardson of Richardson, Richardson, Boudreaux at 918-663-5070 or www.richardsonlawfirmpc.com.

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

Are Foreclosures Really a Bargain? What You Need to Know

2010-02-26T07:37:00.000-08:00

Is Buying a Foreclosure Really a Bargain? What You Need to Know

In today's tumultuous economy, it's no surprise that there are foreclosure properties to be found in just about every community across America—even ours. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a "bargain-priced home" with the potential for building instant equity.

As an experienced real estate professional, I want to advise you to tread carefully when it comes to foreclosures—they might not be quite the bargain you expect. Here are some important facts you need to know before venturing out into the foreclosure market:

- Homeowners faced with foreclosure are understandably stressed and resentful, which can often lead to neglecting routine maintenance on a home. Sometimes, even deliberate damage is done. Assessing the home's condition, therefore, is a must.

- Foreclosure properties have often been vacant for an extended period of time. Look for problems caused by damp conditions, such as mold.

- Get a thorough home inspection before bidding on the property. Once the damage/disrepair of the home is assessed, factor this in when bidding on the home.

- Contact a real estate professional—like me, a Member of the Top 5 in Real Estate Network®—who is well steeped in the community and can provide information about pre-foreclosure properties, that is, homes that have been scheduled for foreclosure but have not yet gone to auction or been sold off. These homes need to be sold quickly as owners are trying to avoid foreclosure and its impact on their credit.

-Last but not least, go to www.hud.gov for information on how to buy homes acquired by the U.S Department of Housing and Urban Development as a result of foreclosure action on an FHA-insured mortgage. The site also has information on special programs and opportunities for teachers, law enforcement officers and others.

While buying a foreclosure property takes patience and research, the results can be well worth your time and effort. For more information, please e-mail me, and please pass this on to anyone you know who might be interested in exploring a foreclosure purchase.

Home Buyer's Tax Credit

2010-02-22T19:15:00.000-08:00

It's almost tax time again. With so many home buyers wanting to claim the tax credit this tax season, what papers are required? According to Realtor Magazine, the Internal Revenue Service is still requiring that taxpayers fill out Form 5405, however they have changed the requirements for the HUD-1 settlement document signatures. In areas, on the settlement statement, where it is uncommon for both the buyer and seller to sign, the IRS is not requiring both signatures as long as the document meets all local laws.

For repeat home buyers claiming the credit, proof must be given that they have lived in the previous home for 5 consecutive years out of the last 8 years.

If you live in the Tulsa, OK area, get more information on the home buyer tax credit and find out if you are eligible, contact Steve Currington of Currington Mortgage at 918-394-5626 or www.curringtonmortgage.com.

To buy a home in the Tulsa, OK area before the tax credit expires, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.

Waiting will cost you money!

2010-02-03T07:25:00.000-08:00

There are several changes occurring in the next few months that will impact interest rates and the cost of purchasing a home. So, do not procrastinate!

1) Upfront mortgage insurance premium on FHA will increase from 1.72% to 2.25% early April 2010

2) The Feds announced they will discontinue purchasing mortgage backed securities at the end of March 2010 - those purchases have kept rates down over the last year

3) Tax credit ending - contracts dated no later than April 30, 2010 and closing no later than June 30th, 2010

Call me to get pre-qualified and then go out and purchase a new home!

Karen Heston
Bank of Oklahoma Mortgage Group
918-488-7353
800-947-2655 x-7353

New Rules for Lenders in 2010 are GOOD NEWS for Consumers

2010-01-31T19:59:00.001-08:00

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?

2010-01-28T22:50:00.000-08:00

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

2010-01-26T08:49:00.003-08:00

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!

2010-01-21T05:56:00.000-08:00

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

2010-01-19T23:09:00.000-08:00

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

2010-01-19T08:18:00.000-08:00

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

2010-01-06T07:05:00.001-08:00

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?

2010-01-04T20:08:00.000-08:00

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

Are There Vultures Looking for Luxury Real Estate?!?!

2009-12-31T10:32:00.001-08:00

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.

Land Surveys

2009-12-16T12:06:00.000-08:00

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.

Tax Credits for First Time and Move Up Buyers

2009-12-14T13:06:00.001-08:00

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?

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

A. Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).

      B. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any tax year. This rule does not apply for a home purchased in 2009.
    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.

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

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

Protect Your Home Value During Tough Economic Times

2009-12-13T20:50:00.001-08:00

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.

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!

To find out what your home is worth and for all your real estate needs in the Tulsa, Oklahoma area contact Darryl Baskin, McGraw Realtors, 918-258-2600 or www.darrylbaskin.com.

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.

New Info on Buyer Tax Credit!

2009-12-11T21:17:00.001-08:00

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.

Tax Credit Extension Q & A

2009-12-05T16:50:00.000-08:00

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

Big Mortgage Bank versus Small Mortgage Bank?

2009-11-29T18:00:00.000-08:00

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?

2009-11-23T14:34:00.001-08:00

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?

2009-11-23T14:31:00.000-08:00

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

2009-11-18T08:13:00.001-08:00

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!

2009-11-18T08:02:00.001-08:00

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

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

Homebuyer's Tax Credit Extended

2009-11-11T09:48:00.000-08:00

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?

2009-11-03T11:22:00.001-08:00

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.

Tulsa Historical Society

2009-10-19T19:09:00.001-07:00

The Tulsa Historical Society presents:

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

For more information on these FREE events visit their website or their facebook event page.

Tips for a Smooth Closing

2009-10-15T05:14:00.001-07:00

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.

Pre-nuptial Agreements

2009-10-09T08:59:00.000-07:00

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.

Update on Loan Options,Tax Deductions & Rates

2009-06-16T19:21:00.000-07:00

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

What Will Shape Mortgage Rates This Week?

2009-03-23T20:01:00.000-07:00

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

Change in FHA Mortgage loans

2009-03-12T10:05:00.001-07:00

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.

Credit Score Requirements Change for Home Loans

2009-03-10T21:40:00.001-07:00

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.

New Loans are Refinance Records

2009-02-03T13:05:00.001-08:00

In January, 2009, 70% of all loan applications were refinance loans according to Jeff Sargent of ONB Bank.

Tulsa Market & Mortgage Market Update "It's All Good!"

2009-01-23T15:07:00.000-08:00

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

Mortgage Announcement

2008-12-09T15:15:00.001-08:00

This just came to me today from local mortgage company who offered one of the few 103% loans available in the Tulsa area. Www/darrylbaskin.com/lenders

Friends,

Unfortunately, I have some disappointing news to share:

The 103% financing (both Conventional and FHA) are going away, effective today. We just received the news and I wanted to be able to share with each of you just as quickly as possible.

If you have ANY clients sitting on the fence thinking they may need maximum financing, please encourage them to register their loan TODAY, as close of business today will be our cut off date.

I look forward to the opportunity and privilege to assist each of you ~ I look forward to new and better product announcements in our future.

Respectfully,

Julie Van Boening
Professional Mortgage Planner
First Mortgage Company
824 N Sycamore
Broken Arrow, OK 74012
(918) 251-9297 Office

(918) 520-4515 Cell

Next year may surprise naysayers

2008-12-03T12:44:00.000-08:00

Get ready for real estate rebound
Next year may surprise naysayers
By Bernice Ross, Monday, December 1, 2008.
Inman News

Will 2009 boom or will it be more doom and gloom?
Now you're probably thinking: "A real estate boom in 2009? You've got to be kidding!" While the market may not exactly boom in 2009, there are a number of factors that may signal a dramatic improvement over the next 12 months. Here's what's happening that could make 2009 better than anyone anticipates.
1. The 10-year real estate cycleAll markets are cyclical. While markets differ dramatically, a 10-year cycle is common in many places. The Southern California market provides an excellent illustration. In 1960, 1970, 1980 and 1990, the real estate market was at its lowest point plagued by excessive inventory, foreclosures and short sales. By 1994, the market had stabilized from the downturn in the early 1990s. As market values were beginning to climb, the Northridge Earthquake hit. Extensive damage throughout the area sent the market into a tailspin. It took another three years for the market to stabilize again. The beginning of the next upswing began in earnest in 1998. The market peaked in 2005 -- seven years into the cycle -- and then began the current downward trend.
Given a 10-year cycle, California should be pulling out of the bottom and be on its way to a more normal market. This appears to be happening, despite the financial meltdown. The California Association of Realtors reported a 63 percent increase in sales in September. Radar Logic reports increases of year-to-year sales (2007 to 2008) ranging from a low of 16.3 percent in San Jose to a high of 74.3 percent in Sacramento. DataQuick reports that September sales were up from a low of 29.4 percent in Ventura County to a high of 106.1 percent in Riverside County as compared to September 2007. Mike Kelly of Keller Williams Sonoma reports that his market has only two months of foreclosure inventory and about four months of short-sale inventory. Foreclosures and short-sale inventory are rapidly being depleted in other areas of the country as well. As this inventory disappears, prices will stabilize and will eventually begin to rise.
2. Pent-up demandAcross the country, sellers and buyers have been telling their agents that they are waiting for the presidential election to be over before they buy or sell any real estate. Now that the presidential election is in back of us, the bailout is in motion and the most recent stock market plummet seems to have passed, look for a substantial uptick in buyer and seller activity. People still marry, have children, retire and have to relocate for their jobs. Many of them postponed selling or buying waiting for market conditions to improve. Look for this pent-up demand to make its way into the market in 2009.
3. The credit crunch easesCredit is still tight. As one loan officer put it, "We're back to qualifying buyers the way we did in the 1980s. If you don't have a credit score of 740, forget it!" The bailout in conjunction with the new guidelines for FHA, Freddie Mac and Fannie Mae will result in more money in the system. Many credit unions are flush with cash and some are even making zero-percent-down loans to highly qualified buyers. As credit eases, buying and selling becomes easier. This will be particularly true in the jumbo market where highly qualified buyers are still having problems obtaining financing.
4. Inventory and days on market declineThe amount of inventory and the "days on market" statistics are the best harbingers of market changes. Prices always lag behind these statistics. When there is a strong seller's market with upward pressure on prices, there may be only two or three months of inventory. Price stability normally occurs when there are six to eight months of inventory. Thus, when there has been a shortage of inventory, it can take 12 to 24 months before the market recognizes that there is an oversupply. The converse is true for a buyer's market with downward pressure on prices. Unless you're tracking inventory and days on market, you may not be aware of the shift until months after it started. Currently, inventory and days on market are dropping in many areas.
5. DemographicsIn 2008, the size of Gen Y (born 1977 to 1994) surpassed the size of the Baby Boom generation. Gen Y wants to own real estate. Some researchers claim that there will be a boom in the Gen Y "Mommy Market." While members of Gen X (1965-1976) are delaying both marriage and children, the typical Gen Y mom currently has 2.7 kids. This population explosion is being lead by Latina and Asian women. Gen Y is just now beginning to hit their early 30s, the time when they are most likely to buy their first home. On the other side of the coin, baby boomers (born from 1946-1964) are most likely to buy a second or a retirement home between the ages of 50 and 60. While builders have cut back substantially on the numbers of new homes being built, an increase in future demand and a limited inventory will result in higher prices.
The question is not whether there will be another real estate boom -- there will be. The real issue is how long it will be before it starts. Watch your local market's inventory levels and days on market to see what your future will hold.
Bernice Ross, national speaker and CEO of Realestatecoach.com, is the author of "Waging War on Real Estate's Discounters" and "Who's the Best Person to Sell My House?" Both are available online. She can be reached at bernice@realestatecoach.com or visit her blog at LuxuryClues.com.
***

For financing on your home purchase or refinance, please call me.

Karen Heston
http://kheston-boklo.mortgagewebcenter.com/Default.asp?bhcp=1
918-488-7353
800-947-2655 x7353

Fed Helps Housing

2008-11-25T16:39:00.000-08:00

The plan should keep interest rates on loans eligible for purchase by Fannie and Freddie down, even if the demand for mortgage-backed securities weakens with the slowdown in the global economy. That, in turn, should provide support for housing markets, supporters of the plan said.
In another significant development for borrowers, Freddie Mac said it's eliminating upfront fees charged to lenders for fixed-rate purchase loans and no-cash-out refinancings for "super conforming" mortgages above the $417,000 conforming loan limit. Because Fannie and Freddie are competitors, it's common for one to follow the other's lead on fees.
The Federal Reserve today said it would buy $100 billion in debt from Fannie Mae, Freddie Mac and the Federal Home Loan Banks, and $500 billion in mortgage-backed securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. The Fed also announced a separate $200 billion program to lend money to holders of asset-backed securities collateralized by debt such as student loans, auto loans and credit cards.
Since the collapse of the "private label" secondary mortgage market in August 2007, Fannie, Freddie and Ginnie Mae -- which securitizes mortgages guaranteed by the Federal Housing Administration -- have become the conduits for funding the vast majority of U.S. mortgage lending, buying or guaranteeing more than three in four single-family mortgages.
The National Association of Realtors, which has been pushing for the Treasury Department to buy up mortgage-backed securities under the $700 billion Troubled Asset Relief Program (TARP), welcomed the new Fed plan. NAR estimates that every 1 percent reduction in interest rates can generate 500,000 home sales.
"We commend the Fed decision because it will directly bring down long-term interest rates,” said Lawrence Yun, NAR chief economist. "The level of investment should be aggressive enough to bring interest rates down in a meaningful manner. As we've seen in past recessions, home sales rise when mortgage interest rates fall."
NAR will continue to push for a temporary, government-financed, interest-rate buy-down program to get rates down to 4.5 percent or less, Yun said, as part of a proposed package of stimulus measures to bolster housing markets (see story).
The Fed's purchases of mortgage-backed securities could bring down rates on 30-year fixed mortgages by 50 basis points, or half a percentage point, Yun said. A government interest rate buy-down probram would bring rates down another 200 basis points, a much greater impact that would provide "a good chance for a housing market and economic recovery," Yun said.
James Lockhart, director of Fannie and Freddie's regulator, the Federal Housing Finance Agency, said the $600 billion Fed program should be a "major boost" to mortgage and housing markets.
The additional liquidity will help reduce the large interest rate spreads between mortgages and Treasuries, resulting in lower mortgage rates over time, Lockhart said.
But the National Association of Home Builders said confusion over the extent of federal support for Fannie and Freddie's long-term debt obligations has also pushed spreads on that debt in relation to Treasury yields to record highs. That, in turn, has an impact on interest rates. The government needs to explicitly guarantee Fannie and Freddie's debt in the same way the Federal Deposit Insurance Corp. has guaranteed senior, unsecured bank debt, NAHB said.
The Fed's announcement came on the heels of other good news for borrowers -- Freddie Mac said it's eliminating or reducing delivery fees on "super conforming" mortgages of between $417,000 to $625,500 that it purchases after Jan. 2. Mortgages with note dates after Oct. 1 are eligible for the new pricing and credit requirements.
Fannie and Freddie's new chief executive officers indicated in October that such changes were in store. After the companies were placed in conservatorship in September they began reevaluating pricing of their loan guarantees with an eye to increasing liquidity to mortgage markets and a reduced emphasis on maximizing returns for investors (see story).
Freddie Mac also said this week that its retained portfolio of mortgages and mortgage-backed securities grew at an annual rate of 43.6 percent in October, to $763.7 billion -- reversing two months of negative growth. The retained portfolio peaked at $798.2 billion in July, but shrank as Freddie pared down holdings of mortgage-backed securities. Growth for the year to date was 7.1 percent at the end of October.

Call me for more information
Karen Heston
918-488-7353
Toll Free 800-947-2655 x-7353
***

Oklahoma's 2009 FHA and Conventional Loan limits

2008-11-18T09:30:00.000-08:00

FHA LOAN LIMITS*:

1 UNIT - $271,050
2 UNIT - $347,000
3 UNIT - $419,400
4 UNIT - $521,250

CONVENTIONAL CONFORMING LOAN LIMITS:

1 UNIT - $417,000
2 UNIT - $533,850
3 UNIT - $645,300
4 UNIT - $801,950

Give me a call so I can assist you for your next purchase or refinance
Karen L Heston
918-488-7353
800-947-2655 x-7353

What Is The Deal With Mortgage Rates?

2008-10-30T06:49:00.000-07:00

Who Can Figure From One Day To The Next If Rates Will Be Up Or Down?
October 30, 2008

If you have been tracking mortgage rates of late, you might feel a bit tuckered out. I am now referring to the latest turmoil in the markets as "Vuja De," which is the opposite of Deja Vu, meaning "we ain't never been here before." Our rates have gone up, down, then up back up again; often it all happens during the same day. Since February 6, 2008 we have seen mortgage rates more volatile than ever in the quarter century I have been tracking them.

However, in the last few months since the credit crunch hit, the volatility has gone through the layers of our ozone. During the past couple of weeks we have seen them hit their record high point for the year, then begun a nice downward spiral, then momentarily dropped to some very nice lows for hours or a couple of days at a time, then immediateley swung back to near record highs for 2008.
What is going on with mortgage rates?

Normally, in what used to be referred to as stable market times, mortgage rates would increase and decrease based on US Treasury sales, the mortgage backed securities market (MBS), the various economic reports of the day and the constant struggle to avoid the evil lurking in the shadows known as inflation. Real inflation decreases a bond’s yield, and thus any hint of inflation is going to bring down the value of a mortgage bond, which translates to an immediate increase to mortgage rates. In good times, when the economy is slowing down or showing signs of stability, this means that the yield is safe, so more investors purchase these securities and mortgage rates go down. That is how it works in what used to be called "normal times." I have found that the term "normal times" is a very relative term, as what we have experienced of late are not what I would like to call normal.

In times past, when all economic indicators pointed to a slowing economy, and US Treasury and bond yields were down, ordinarily mortgage rates would decrease immediately. That is not the case today. Most of the economic reports released lately show that our national economy is slowing down, which used to translate to a decrease to mortgage rates. But that hasn’t been the case. Oil prices have plummeted, gold has dropped somewhat and commodity prices have also decreased during the past few months. In normal times, this should have made mortgage rates decline, but they often did not decrease as one would expect. Our national unemployment continues going up as well as foreclosures. Home values in many parts of the country are down. This really should stimulate home buying in many sectors as it will bring balance to those markets, as they were highly inflated and will make housing affordable once again to those overated areas.

Here in Tulsa we have remained stable and it seems a shame we have had to pay the price due to the rest of the nations ill beggotten gains and greed. Yesterday the consumer confidence index slipped to a record low not seen in 41 years, and mortgage rates shot up. After the FOMC reduced the fed funding fee by 1/2%, mortgage rates again increased.

We should all be happy we are in Tulsa, knowing that our home prices are still appreciating and our local economy is still creating jobs and developing new areas that will bring new employment. The mortgage rates will decrease and faith will be restored to the markets. Remember that rates were normally at 9% before October, 2000 and we didn't see loans below 7.5% often until a tragic event in 2001. These national events will all pass and everyone should remain positive and stay in the home buying and selling mode.
Have a great day and please call me for any updates on rates or the economy. Stay optimistic and keep the faith.

Sincerely,

Jeff Sargent
President
ONB Bank & Trust Co
Residential Mortgage Division
8908 S Yale, Suite 250
Tulsa, OK 74137
Office: 918;392-6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com

Still Money to Lend

2008-10-27T07:59:00.000-07:00

So call me!
BOk Mortgages Show Growth
TULSA-BOK Mortgage Group and its regional partners are bucking the national trend. BOK Financial said its Mortgage Groupl is well-funded and is looking for new business in all regional markets. The national mortgage market has declined to 25 percent this year, but BOK's has grown by more than 15 percent in 2008 compared to 2007.

Call me for a new mortgage or refinancing an exsisting one.

Karen Heston
Mortgage Banker
800-947-2655 x-7353
(918)488-7353
kheston@bokf.com

Do Not Let The National News Scare You-Tulsa Still Remains a Great Place To Buy & Fund a Home!!!

2008-09-24T06:50:00.000-07:00

It Is Still A Great Time To Buy & Finance a Home In Oklahoma

Our Tulsa and Oklahoma economy remains robust, despite the headlines that play out daily on the national media. There are still many mortgage programs out there that enable people to go out and purchase a home. If you watch and read the national news, it is often frightening and creates undue stress to folks here in Oklahoma. Please remember that Tulsa was recently named one of the top 10 best places to live and work in the US. I think it came in 5th place out of the top 100 because of the affordability for homebuyers and the many other amenities that our city has to offer. Do not let the national news get you down. Back in 1983-1987 our economy was hurt by our dependence on local oil related businesses.
This year, we have been blessed by the fact that we still have so many companies that are energy related and it has helped our local economy remain stable.
There are still jobs out there to be had, homes to be bought and mortgages to help buyers achieve their dreams of home ownership.
Get in the game if you are thinking about buying a home. Contact a realtor and please feel free to call our bank for any questions that you have regarding financing your dream home.
You can reach us at 918.481.6833.
Have a great week!

Jeff Sargent
President
ONB Bank & Trust Residential Mortgage Div
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
jeff_sargent@onbbank.com
Direct Line: 918.392.6572
Cell: 918.636.0630

Member FDIC
An Equal Opportunity Lender

Float or Lock?

2008-09-16T10:50:00.001-07:00

This was just forwarded to me by Julie VanBoening at First Mortgage in Tulsa.

<http://www.agentxsites.com/>   <http://www.mortgagexsites.com/>

There are only four pieces of economic news scheduled for release this week and one of them is a highly important inflation reading. We also have another Federal Open Market Committee (FOMC) meeting, which likely will not bring a change to key short-term interest rates. There is a pretty good possibility of seeing a fair amount of volatility in the markets and likely mortgage rates the next several days.

The first report of the week is August's Industrial Production data tomorrow morning. This report gives us a measurement of manufacturing sector strength by tracking output at U.S. factories, mines and utilities. It is considered to be moderately important but could cause movement in mortgage rates. Analysts are currently expecting to see a 0.3% decline in production. A higher level of output could lead to higher mortgage rates, while a weaker than expected figure should help push rates slightly lower.

August's Consumer Price Ind ex (CPI) will be released Tuesday morning at 8:30 am ET. The CPI is one of the most important reports we see each and every month. It is considered to be a key indicator of inflation at the consumer level of the economy. There are two readings in the report- the overall index and the core data reading. Current forecasts are calling for no change in the overall reading and a 0.2% rise in the core data reading. A larger increase in the core data would likely lead to higher mortgage rates Tuesday, while a smaller increase would be good news.

The FOMC meeting will adjourn at 2:15 PM Tuesday. There is little debate about a possible change to key short-term interest rates at this meeting. The overwhelming consensus is that there will be no change to rates at this meeting. However, the post-meeting statement could very well lead to volatility during afternoon trading as investors dissect it in an effort to find the Fed's expected next move. The wild card is how the ma rkets react to the statement. If we see significant weakness in stocks, the bond market may benefit as a safe-haven from the volatility. This could lead to lower mortgage rates Tuesday afternoon and Wednesday morning.

August's Housing Starts report will be released early Wednesday morning. This report will probably not have much of an impact on the bond market or mortgage rates. It gives us a measurement of housing sector strength and mortgage credit demand, but is usually considered to be of low importance to the financial markets.

Late Thursday morning, the Conference Board will release its Leading Economic Indicators (LEI). This index attempts to measure economic activity over the next three to six months. If it estimates an increase in activity, the bond market will probably fall and mortgage rates will rise slightly. If it shows weaker than expected readings, the bond market may rally and mortgage rates should fall. Current forecasts are calling for a 0.2% decline from July's reading.

Overall, I expect to see some pressure in bonds tomorrow as investors prepare for Tuesday's events. Tuesday will most likely be the most important day of the week with the CPI release and the FOMC meeting. If the CPI eases inflation concerns and the Fed statement doesn't reveal any negative surprises, we will most likely see mortgage rates move lower for the week.

If I were considering financing/refinancing a home, I would.... Lock if my closing was taking place within 7 days... Lock if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

Julie Van Boening
Professional Mortgage Planner

824 N Sycamore
Broken Arrow, OK 74012
(918) 251-9297 Office

Great News for Oklahoma

2008-09-08T12:46:00.000-07:00

By Richard Mize
Real Estate Editor
Oklahoma is No. 1 in home value gains — at a time when homeowners in most of the rest of the country are wondering what hit them in their equity.
The Sooner State led the nation in appreciation, first among the 50 states, for the period ending June 30, the federal government said Tuesday.
With values in a historic general national decline in most of the country — and in a freefall in some places — values in Oklahoma rose 4.9 percent in the second quarter compared with the second quarter of 2007, according to the Office of Federal Housing Enterprise Oversight Home Price Index.
Nationally, values fell 1.7 percent during the same period. The U.S. purchase-only index tumbled 4.8 percent over the year, the agency reported.
Game on"Oklahoma is No. 1! Whew, am I glad football season is back. But wait, that is our housing market," quipped Mike Means, executive vice president of the Oklahoma State Home Builders Association. "Why? Two strong markets — Oklahoma City and Tulsa."
In fact, Tulsa ranked 10th among metro areas, with an increase of 4.87 percent. Oklahoma City ranked 17th with an increase of 4.68 percent.
Quarter to quarter, Tulsa values increased 0.91 percent and Oklahoma City values increased 1.87 percent, the federal agency reported.
"To me it affirms what we have been saying all along. We did not have the overheated market and did not have the investor-speculative market. Slow and steady was our pace and still is. Bottom line, our prices are still increasing, so if you don't buy now, the price is going up. Good news for Oklahoma, I say," Means said.
Repeat playThe federal agency's main index tracks all transactions, purchases as well as refinances. The new numbers echoed second-quarter statistics from the National Association of Realtors.
The Realtors reported that Oklahoma City and Tulsa were among 35 metro areas that showed gains in median home prices in the second quarter.
Oklahoma City's median price of $131,000 was 1.3 percent higher than the $129,300 recorded in the second quarter of 2007 and 4.8 percent higher than the $124,900 recorded in the first quarter, the Realtors said.
Tulsa's median price of $132,000 was 2.3 percent higher than the $129,000 recorded in the second quarter of 2007 and 8 percent higher than the $122,200 median price in the first quarter, the group said.
Gains on the ground"Oklahoma is very fortunate. This is the eighth straight year we are seeing steady increases in home appreciation," said Sam Rader, chairman of the board of Tulsa-based Coldwell Banker Select, which has 20 offices and 700 agents across the state.
"Here in Tulsa, and throughout the state, we have not experienced the sharp increases or decreases in home values that have occurred elsewhere. On the contrary, we have continued to see slight but steady growth during these uncertain times for other markets," Rader said. "This dynamic is fueled by the fact that our market is made up of solid demand from of home owners rather than from real estate speculators."
A strong defenseLawton home builder Steve Barnes, a former president of the state builders association, said the housing market also is benefiting from Oklahoma's strong economy, which is also generally out of step with the nation.
"It is simple. I am on a bank advisory board and see across the board what the different business sectors are doing," Barnes said. "Ag business is stable to very good with the crop prices, even with the fuel costs. Oklahoma being an oil- and natural gas-producing state, this (too) has a strong positive impact. Fort Sill, Altus Air Force Base, Tinker Air Force Base, Vance Air Force Base and the other defense industry businesses are huge impacts on Oklahoma.
"Many states are going backwards but Oklahoma has these three (sectors) pushing our economy where most do not."
X's & O'sThe inner workings of the housing sector itself in Oklahoma also sidestepped some of the factors that are causing other markets to fall, said Victoria Caldwell, a RE/MAX franchise broker-owner in Edmond and vice president of MLSOK.com, the metro Realtors' multiple listing service.
"We didn't have the unfounded appreciation that some of the areas hardest hit had. We also didn't have a mortgage market that was completely dependant upon nonconforming loans. The largest percentage of our properties can be purchased using conforming conventional and Federal Housing Administration-backed loans," Caldwell said.
Barnes said most Oklahoma home buyers "qualified for the loans they received."

If you want to apply for a mortgage please contact
Karen L Heston, Mortgage Banker
BOk Mortgage (918)488-7353

More Bond Money

2008-08-28T05:02:00.000-07:00

OHFA has announced a new bond allotment set for September 23, 2008. There will be $40,000,000 for the state of Oklahoma. The rate has not been set but it projected to be around 7%.

The funds are available for down payment assistance not to exceed 3% and are available to first-time home buyers. The definition of first-time home buyers is someone who has not owned a home in the last three years. A displaced spouse as a result of a divorce is also allowed.

Bond money is allowed for anyone who purchases a home in a "target" area.

The funds are on a first-come, first-served basis.

For more information please call me.
Karen Heston - kheston@bokf.com
BOk Mortgage 918-488-7353
800-947-2655 x-7353

First-Time Homebuyers Tax Credit for Down-Payment By NAHB

2008-08-21T19:18:00.000-07:00

Strategic Home Buyers Can Use Tax Credit for a Down-payment
First-time home buyers can accelerate the receipt of the $7,500 from their tax credit and even apply it toward a down-payment.
National Association of Homebuilder's (NAHB’s) Web site explaining the tax credit — www.federalhousingtaxcredit.com — has been inundated by home builders and prospective buyers seeking information on the new benefit.
One of the most commonly asked questions since the credit was enacted concerns how it can be used for a down-payment, and new questions and answers related to this issue recently have been added to the Web site. (See questions 19 to 21.)
First-time home buyers (defined as those who have not owned a principal residence for three years) should be aware of several mechanisms that can narrow or close the gap between the time they purchase their home and the time they take the deduction on their income tax return.
NAHB successfully pushed for a rule that allows qualified home buyers making a home purchase in 2009 before the July 1 cut-off date to claim the $7,500 credit on their 2008 tax return — in effect, one year early. Also, home buyers who purchase a home after filing their 2008 tax return with the IRS in 2009, may file an amended tax return that includes the credit.
As a result, the qualifying home buyer can significantly reduce the time it takes to receive the cash benefit of the tax credit.
More fundamentally, strategic home buyers have a more effective option in their hands. Prospective home buyers, who are certain they qualify for the credit based on the income limits and the first-time buyer test, can adjust their income tax withholding today through their employer.
IRS Form W-4, which is typically submitted by most workers when beginning a new job, allows taxpayers to adjust the amount of automatic income tax withholding in anticipation of certain tax credits. The form states, “You can take projected tax credits into account in figuring your allowable number of withholding allowances.”
Home buyers who expect to claim the tax credit can reduce their withholding, thereby increasing their take-home pay (net of income tax) and allowing them to begin to claim the expected tax credit for use as a down-payment.
This is done by adding the expected credit amount to line 5 or reducing line 6 (additional withholding) of the Deductions and Adjustments Worksheet on the W-4 and recalculating their income tax withholding. Similar adjustments can be done by home buyers making quarterly estimated tax payments.
Home buyers must be careful to understand the rules for both withholding and the tax credit before submitting a revised W-4 form to their employer. In particular, buyers should consult IRS Publication 919, or check with a tax practitioner, to determine how much to adjust their withholding.
The 2008 version of the IRS publication allows taxpayers to enter the anticipated credit amount on line 9 of worksheet 8, with “other credits.” Buyers must be careful not to reduce their withholding by more than the amount of their expected tax credit, or tax penalties may apply when they file their income tax return. This helpful information was provided courtesy of the NAHB in an effort to assist first-time homebuyers with their purchase.

Thank you,

Jeff Sargent

Jeff Sargent
Residential Mortgage Division-President
ONB Bank & Trust Co
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com
Member FDIC

Freddie Mac Announces Workout Incentives

2008-08-05T17:07:00.000-07:00

Freddie Mac Announces Workout Incentives

Last week, the Federal Home Loan Mortgage Corporation, known more commonly as Freddie Mac, announced that it would double the amount of money it pays for each workout that keeps a delinquent borrower with a Freddie Mac-owned mortgage out of foreclosure. Freddie also announced it will start reimbursing servicers for the cost of door-to-door outreach programs, give servicers more time to negotiate workouts in states with fast foreclosure processes and make administrative changes intended to streamline the workout process.
"We are taking these steps because we want to reinforce the tremendous importance of workouts and reward their use," said Freddie Mac Vice President of Servicing and Asset Management Ingrid Beckles. "Giving our servicers more time and greater compensation to help troubled borrowers is fundamental to preserving homeownership and maximizing our efforts to minimize foreclosures."
According to Beckles, starting Aug. 1, 2008, compensation for repayment plans will rise from $250 to $500 while loan modification compensation will increase from $400 to $800. These changes took effect Aug. 1.
For short sales or pre-foreclosure sales, where Freddie Mac agrees to accept less than the full amount owed on a borrower's loan, compensation will go from $1,100 to $2,200 (also effective August 1. The higher amount recognizes the greater servicer staff time involved when negotiating property sales.)
Freddie Mac also said it will now reimburse the cost of leaving a door hanger up to $15 per mortgage and up to $50 per mortgage for a door knocking that results in the borrower contacting their servicer. Freddie Mac will also reimburse servicers up to $200 for additional fees paid to vendors for door knocking that results in successful alternatives to foreclosure. This policy is effective from Aug. 1, 2008, through March 31, 2009.
Freddie Mac also announced it is extending the time for foreclosures so servicers will have more time, if needed, to negotiate workouts with delinquent borrowers in Washington, DC, and 20 states with relatively fast foreclosure processes. Oklahoma is not among those states.
Freddie Mac's 0.86 percent single-family delinquency rate is a fraction of the most recent national single-family delinquency rate (6.35 percent) calculated by the Mortgage Bankers Association of America.

Thank you,

Jeff Sargent

Jeff Sargent
Residential Mortgage Division-President
ONB Bank & Trust Co
8908 S Yale Ave, Suite 250
Tulsa, OK 74137
Office: 918.392.6572
Cell: 918.636.0630
Fax: 918.392.6550
jeff_sargent@onbbank.com

Q & A for VA Home Loan & Eligibility Questions

2008-07-09T18:29:00.000-07:00

V.A. Eligibility - Frequently Asked Questions-US Dept of Veterans Affairs

Questions about who is eligible for a VA loan and reuse of eligibility for another VA loan.

Q: How do I apply for a VA guaranteed loan?
A: You can apply for a VA loan with any mortgage lender that participates in the VA home loan program. At some point, you will need to get a Certificate of Eligibility from VA to prove to the lender that you are eligible for a VA loan.

Q: How do I get a Certificate of Eligibility?
A: Contact a V.A. approved lender, such as ONB Bank & Trust Co - Residential Mtge Division or contact the V.A.

Q: Can my lender get my Certificate of Eligibility for me?
A: Yes, it's called ACE (automated certificate of eligibility). Most lenders have access to the ACE (automated certificate of eligibility) system. This Internet based application can establish eligibility and issue an online Certificate of Eligibility in a matter of seconds. Not all cases can be processed through ACE - only those for which VA has sufficient data in our records. However, veterans are encouraged to ask their lenders about this method of obtaining a certificate.

Q: What is acceptable proof of military service?
A: If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which identifies you and your social security number, and provides your date of entry on your current active duty period and the duration of any time lost.If you were discharged from regular active duty after January 1, 1950, a copy of DD Form 214, Certificate of Release or Discharge From Active Duty should be included with your VA Form 26-1880.
If you were discharged after October 1, 1979, DD Form 214 copy 4 should be included.
A PHOTOCOPY OF DD214 WILL SUFFICE.....DO NOT SUBMIT AN ORIGINAL DOCUMENT. If you are still serving on regular active duty, you must include an original statement of service signed by, or by direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters which shows your date of entry on your current active duty period and the duration of any time lost. If you were discharged from the Selected Reserves or the National Guard, you must include copies of adequate documentation of at least 6 years of honorable service. If you were discharged from the Army or Air Force National Guard, you may submit NGB Form 22, Report of Separation and Record of Service, or NGB Form 23, Retirement Points Accounting, or it’s equivalent. If you were discharged from the Selected Reserve, you may submit a copy of your latest annual points statement and evidence of honorable service. Unfortunately, there is no single form used by the Reserves or National Guard similar to the DD Form 214. It is your responsibility to furnish adequate documentation of at least 6 years of honorable service. If you are still serving in the Selected Reserves or the National Guard, you must include an original statement of service signed by, or by the direction of, the adjutant, personnel officer, or commander of your unit or higher headquarters showing the length of time that you have been a member of the Selected Reserves. Again, at least 6 years of honorable service must be documented.

Q: How can I obtain proof of military service?
A: Standard Form 180, Request Pertaining to Military Records, is used to apply for proof of military service regardless of whether you served on regular active duty or in the selected reserves. This request form is NOT processed by VA. However, Standard Form 180 is completed and mailed to the appropriate custodian of military service records. Instructions are provided on the reverse of the form to assist in determining the correct forwarding address.

Q: I have already obtained one VA loan. Can I get another one?
A: Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property. In either case, to obtain restoration of eligibility, the veteran must send VA a completed VA Form 26-1880 to the V.A.
Winston-Salem Eligibility Center. To prevent delays in processing, it is also advisable to include evidence that the prior loan has been paid in full and, if applicable, the property disposed of. This evidence can be in the form of a paid-in-full statement from the former lender, or a copy of the HUD-1 settlement statement completed in connection with a sale of the property or refinance of the prior loan.

Q: I sold the property I obtained with my prior VA loan on an assumption. Can I get my eligibility restored to use for a new loan?
A: In this case the veteran’s eligibility can be restored only if the qualified assumer is also an eligible veteran who is willing to substitute his or her available eligibility for that of the original veteran. Otherwise, the original veteran cannot have eligibility restored until the assumer has paid off the VA loan.

Q: My prior loan was foreclosed on, or I gave a deed in lieu of foreclosure, or the VA paid a compromise (partial) claim. Although I was released from liability on the loan and/or the debt was waived, I am told that I cannot have my used eligibility restored. Why?
A: In either case, although the veteran’s debt was waived by VA, the Government still suffered a loss on the loan. The law does not permit the used portion of the veteran’s eligibility to be restored until the loss has been repaid in full.

Q: Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
A: Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Q: Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
A: The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit. In addition, a surviving spouse who obtained a VA home loan with the veteran prior to his or her death (regardless of the cause of death), may obtain a VA guaranteed interest rate reduction refinance loan.
Also, a surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003, may be eligible for the home loan benefit. However, a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to have established home loan eligibility. VA will deny applications from surviving spouses who remarried before December 16, 2003 if received after December 15, 2004.

Q: Are the children of a living or deceased veteran eligible for the home loan benefit?
A: No, the children of an eligible veteran are not eligible for the home loan benefit.

This information provided by the US Dept of Veterans Affairs should assist with any questions that veterans or survivors of our country's heroes may have.

If you are a veteran and have not owned a home in the past 3 full tax years, please contact our office to discuss receiving bond assistance that could get you into a home with very limited funds.

If you need information regarding any VA benefits click on: https://iris.va.gov/scripts/iris.cfg/php.exe/enduser/home.php

Thank you and have a great day.

Jeff Sargent
President-ONB Bank & Trust/Residential Mortgage Division
918.481.6833 Member, FDIC

great JUMBO rates

2008-06-26T14:31:00.001-07:00

We have a JUMBO (loan amounts over $417,000) rate at 6.49% / 6.154% APR!

Call me for Details!

Karen L. Heston
Mortgage Banker
BOk Mortgage
p-(918)488-7353
f- (918)280-3390
Online application - click here
Virtual Business Card - Karen Heston

Back in the Headlines -Seller Funded Down Payments

2008-06-12T07:09:00.000-07:00

HUD again seeks end to seller-funded loans
Real estate roundup
By Inman News, Tuesday, June 10, 2008.
The following is a real estate news roundup:
HUD still trying to end seller-funded loans
The Bush administration is again moving forward with a proposal to ban seller-funded down-payment assistance for FHA-backed loans, reopening the public comment period on the plan for 60 days. The Department of Housing and Urban Development was forced to reopen an administrative proceeding on the rule change after a judge ruled it did not adequately explain its reasons for reversing past policy on seller-funded loans -- a practice it defended as recently as 2005 (see Inman News story).
Now HUD argues that the loans artificially inflate home prices and are three times more likely to end up in foreclosure. In a speech Monday to the National Press Club, Assistant Secretary for -Housing Brian Montgomery said that HUD had $4.6 billion in unanticipated losses -- mostly due to increased seller-funded loans -- and could require taxpayer assistance to continue operating for the first time in its 74-year history if it is not permitted to take action to mitigate its losses. No private mortgage insurance companies back such loans, Montgomery said, which now account for one-third of FHA's guarantee portfolio.
Nehemiah Corp. of America, one of three nonprofits that sued HUD in order to continue their seller-funded down-payment assistance programs, issued a statement saying the loans have been "enormously successful" in helping low- to middle-income families become homeowners, and calling HUD's decision to move forward with a ban "astonishing."

If I can assist you on any of your mortgage needs, please call me at
Karen L Heston
BOk Mortgage
918-488-7353

1st Quarter Mortgage Delinquencies Hit Highest Level Since 1979

2008-06-06T13:49:00.001-07:00

1st Quarter Mortgage Delinquencies Hit Highest Level Since 1979

The delinquency rate for mortgage loans on one- to four-unit residential properties stood at 6.35% of all loans outstanding at the end of the first quarter of 2008 on a seasonally adjusted basis, up from 4.84% in the first quarter of 2007, the Mortgage Bankers Association reported Thursday, based on its National Delinquency Survey.

The seasonally adjusted total delinquency rate is the highest recorded in the MBA survey since 1979.

The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure. The portion of loans in foreclosure was 2.47% at the end of the first quarter, up from 1.28% a year earlier. The portion of loans on which foreclosure actions were started during the quarter was 0.99% on a seasonally adjusted basis, up from 0.58% a year earlier, MBA’s survey found.

The increase in the overall delinquency rate was driven by increases in the number of loans 60 and 90 or more days past due, primarily in California and Florida, MBA reports. The 30-day delinquency percentage is still below levels seen as recently as 2002.

However, the rate of foreclosure starts and the portion of loans in the process of foreclosure both were at the highest levels recorded since 1979.

“The magnitude of the national increases is clearly driven by certain loan types and certain states,” Jay Brinkmann, MBA’s vice president for research and economics, said in a news release. “For example, while subprime ARMs represent 6% of the loans outstanding, they represented 39% of the foreclosures started during the first quarter.”

In contrast, prime ARMs represent 15% of the loans outstanding but 23% of the foreclosures started. Of approximately 516,000 foreclosures started during the first quarter, subprime ARM loans accounted for about 195,000 and prime ARM loans 117,000, but the increase in prime ARM foreclosures exceeded subprime ARM foreclosures by 29,000 and 20,000, respectively, over the previous quarter.

“The problems in California and Florida are extraordinary,” Brinkmann commented. The quarterly rate of foreclosure starts on subprime ARM loans in California was 9.24% and 8.25% in Florida, driving up the national average foreclosure start rate. California saw approximately 109,000 foreclosure starts and Florida 77,000 during the March quarter.

Mortgage Applications Fell Last Week

The Mortgage Bankers Association’s Market Composite Index for the week ended May 30 was 502.3, down 15.3% on a seasonally adjusted basis from 593.3 one week earlier. The results were adjusted to account for the Memorial Day holiday.

The Refinance Index fell 25.7% to 1496.1 from 2013.5 the previous week and the seasonally adjusted Purchase Index slipped 5.4% lower to 333.6 from 352.7 one week earlier. The Conventional Purchase Index fell 6.1%.

The refinance share of mortgage activity declined to 40.6% of total applications from 46.1% the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to 8.7% from 9.3% of total applications from the previous week.

The average contract interest rate for 30-year fixed-rate mortgages increased to 6.17% from 5.96%. The average rate for 15-year fixed-rate mortgages rose to 5.7% from 5.49%, and the rate for one-year ARMs fell to 6.8% from 6.92%.

© 2008 CreditandCollectionsWorld.com and SourceMedia, Inc. All rights reserved.

© 2008 CreditandCollectionsWorld.com and SourceMedia, Inc. All rights reserved.

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