Winter and Holiday Home Tips
November 17, 2009
As the holidays are approaching, many of us are thinking about where we are going to put all the relatives that will be coming into town. Along with working out sleeping arrangements, we begin to look around our Tulsa home. We want everything to be perfect and in working order, especially if the in-laws are coming. There is nothing more embarrassing than when your mother-in-law walks into your kitchen and finds thinks in disarray such as knobs loose on cabinets, broken tiles, or whatever else she may find to make us look unworthy to be married to her son.
Now, is the time to start and find all those little things that might need repaired and fix them, long before anyone comes a callin’.
The following list should help you go room to room and look for obvious repairs.
Kitchen Look for:
- Loose knobs on cabinets.
- Broken tile.
- Are all appliances in working order?
- Knobs on the stove.
- Light bulbs or other lighting.
- Clear off counter tops – you do not want your kitchen to look cluttered especially if family members will be helping you fix the meals.
Bathrooms Check for:
- Faucet leaks.
- Sinks or tubs draining slow.
- Broken tile.
- Missing or stained grout.
- Light bulbs.
- Fan in working order.
- Living Room Check for:
- Dirty carpet.
- Lighting.
- Curtains and upholstery in need or repair or cleaning?
Bedrooms Check for:
- Dirty carpet.
- Dust on everything.
- Room in the closet and chest of drawers for their clothing.
- Light bulbs.
Front door and walkway:
- Be prepared to clear snow and ice from both.
- Watch the roof for hanging icicles which can be an accident waiting to happen.
- Now, that you know you are prepared for guests it is time to winter proof your home.
- Remove all hoses from exterior faucets.
If you have pipes that freeze often, remember to leave the water dripping on cold nights.
If you plan to leave, have a neighbor keep an eye on your home.
Be prepared for power and heat outages. Always know where the flashlights and candles are and have an alternative heat source such as a fireplace or a place to go in case you do not have heat.
Remember to buy batteries and have them close by the flashlight.
Keep a few gallons of drinking water just in case a pipe burst.
Do not warm up your car in the garage with the door down.
Do not use kerosene heaters in small areas.
Close the chimney damper when you are not using it.
Keep your snow shovel ready to use.
Check all windows and doors for drafts and replace weather stripping if needed.
In the attic, be sure that the insulation is not covering vents.
Now, your home is ready for guests and cold winter nights. Cuddle up, read a book, and enjoy the time you have before the guests arrive.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Tulsa Mortgage Modifications
June 6, 2009
Tulsa Mortgage Modifications include Second Mortgages
New Tulsa home loan modifications have been changed by the federal government to now include second mortgages instead of only first time mortgages and even new cash incentives are making Tulsa short sale deals better than ever.
The new modifications allows a few homeowners another chance at a loan modification loan that can help them save their home, many that were turned down due to a second mortgage such as home equity loan or line of credit hindered the process.
Due to these new efforts, homeowners are able to take the short sale route instead of ending up another Tulsa foreclosure statistic.
All loan modifications were created to help make Tulsa real estate loans more affordable, in most cases by lowering the interest rate, lengthen the term of the loan, or by reducing the amount of the principal. These loan modifications loans are not refinancing loans that pay off the old loan with a new refinancing loan.
The Making Home Affordable new second-lien program will give first time mortgage borrowers modified loans that will lower their payments on their second mortgage as long as both lenders for the first and second mortgage are participating in the program.
At this time there are twelve mortgage companies in the program such as Bank of America, Wells Fargo, Countrywide, and Citibank, to name a few.
Eligibility for Tulsa homeowners includes:
- Must be living in the home.
- Unpaid principal balance that is not larger than $729,750.
- A loan originating on or before January 1, 2009.
- A mortgage payment that is more than 31 percent of their gross monthly income; and have
a mortgage payment that is not affordable. - This new program now only lowers the payment, but lending companies can opt to wipe out a second mortgage for a lump-sum payment from the government.
There are also new short sale incentives available that are well worth checking out. A short sale is when the lending company accepts the amount of the sale as full payment on the mortgage. On the other hand, in some cases, the difference between the sale price and the amount left on the mortgage can be taxed, and the homeowner will have to pay the tax amount.
The new short sale incentive provides lenders with a $1,000 payment from the United States Treasury for giving the homeowner the opportunity to sell their home for than the amount owed on the Tulsa mortgage loan and for accepting the amount of the sale as full payment for the loan.
The lending company can also receive $1,000 for accepting a deed-in-lieu transaction. This means the deed will be transferred to the lender instead going through the foreclosure process.
Tulsa homeowners can also receive $1,500 in closing costs by agreeing to a short sales or deed-in-lieu deals. The United States Treasury will also pay up to $1,000 to help stop second mortgages from stopping the deal.
What do you Want in a Home
March 17, 2009
When it comes to purchasing a new Tulsa home for the first time you should prepare a checklist of the items that you know you desire with your new home and things that you can do without but would like to have. If you are purchasing your first new Tulsa home along with a spouse, it would be a great idea for both of you to sit down and prepare the list together to ensure that you both will find the dream home that is perfect for both of you.
Here is a checklist of what you should decide on before searching for a first time new home.
- Where do you wish to live? Do you plan to say in the same area or relocate in another part of the nation?
- What price range can you afford? Set a low and high price.
- Are you concerned about the school system? If you do not have children or do not plan to have any while you are living in this home you can skip this question.
- Do you desire a brand new home or an older home? Specify how old the home can be before being considered if you do have a preference.
- What kind of home do you desire – a one story, two story, condo, mobile home, split foyer, bi-level, or tri-level?
- What style of home do you like – traditional, contemporary, southwestern, and colonial or maybe you do not have a preference at this time.
- Would you be willing to do any type of repairs or remodeling? If so, how much?
- Will you need to live close to public transportation such as a bus line?
- Do you have any type of physical handicap such as using a wheelchair or other family member’s physical needs?
- Do you have a pet, what type of area do you need for them?
- What type of lot do you desire – one acre or larger, less than one acre, fenced yard, garage, carport, patio, pool, extra parking, barns, outdoor spas, view of a lake, etc…?
- How many bedrooms do you want?
- How many bathrooms do you want?
- What square footage do you desire? Set a low and high footage.
- What features do you want – many windows, spa in the master bathroom, no interior steps, work room, fireplace, laundry room, basement, attic, library, family room, great room, formal dining room, formal living room, breakfast nook, ceramic tile, wall to wall carpet, air conditioning, etc…?
- What type of community do you wish to live in?
- What features would you like in the community – public pool, basketball court, tennis court, golf course, clubhouse, gated community?
Any other features that might not be on this list that you wish to add.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
What Can You Afford in a New Home
February 5, 2009
When it comes to purchasing a Tulsa home for the very first time, you may not be ready for everything the lending company has in store for you. Before you rush out and apply with a lending company, you should do your homework.
Most everyone can be approved for a Tulsa home loan, no matter what their credit rating is however affording the monthly payments is another story. Of course, when you apply, the lending company or realtor is going to tell you they can get you approved for the loan. If you have a house in mind already, this could be a huge mistake. Let’s say the home is $130,000. You talk with the realtor and explain that you have a few bad things on your credit report and they reply do not worry, our lending company can get you in this home. Now, you proceed with all the paperwork and wait to hear what your monthly payments will be.
If you are like others looking to purchase your first home, you will think that you are going to get 8% interest which would bring the total of your home to $140,400 along with other fees. Now, divide that up by 30 years and your base payment would be per year $4,680. However, nothing is, as it seems. In some cases, the interest is compounded monthly or in other various ways. This changes the payment and if you do have any problems on your credit report you will be looking at a much higher interest rate up to 21% which would raise the price of the home at least $27,300 according to how they add the interest. In addition, if your credit is not perfect they will not give you a loan for 30 years you may be looking at only 20 years. All of a sudden now, your low monthly payment has reached near $2,000 per month all because of the interest rate.
You may still be able to get the loan however, your mortgage payments may be very hard for you to achieve each and every month. This can become a major problem down the road if you go ahead and purchase the home if you do not believe you can afford the payment.
The best thing to do before finding the home of dreams is to get pre-qualified for a home loan that you know you can afford. To learn what you can afford, sit down, make a list of all of your total income per month, all of your payments including credit cards, etc, and then see what you have left. Now, out of this amount what can you comfortably afford to pay to own a home? When you talk with a lending company stick to your guns – have a low and high figure for your monthly mortgage payment and do not go over what you know you can afford. If you do, you may default on the loan and not only lose your home but any good credit that you now have on your credit report.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Home Owner Tips – Garbage Disposals
January 3, 2009
Every now and then, the garbage disposal goes on the blink and we surely do not want to pay those outrageous prices to have a plumber come out for simple problems.
Before we get started, you must know there are two types of garbage disposals, which are batch feed and continuous feed. Batch feed is activated by a turning a stopper and continuous feed is activated by a wall switch. The major problems seen with both types of garbage disposals involved leaks, clogs, or jams.
For any problem with your garbage disposal, the most important thing to remember is that you should put your hand in the disposal and always use tongs or pliers that might be stuck in the disposal. The second rule is never use a commercial drain cleaner such as Drano in a garbage disposal. The third rule is shut off power at the main electrical connector prior to working on any electrical connections.
Whirring noise or if the disposal stops working all of a sudden – the disposal is jammed. To fix the problem, turn off the garbage disposal and wait a few minutes. Next, press the reset button found on the bottom of the motor housing. This should do the trick.
If the above did not work, you should look at the disposal under the sink. Do you see a small crank or socket? If so, you can use an Allen wrench and turn the flywheel. Alternately, for the crank you can turn the crank to do the same thing.
If your disposal has neither, you can use a broom handle. Place the broom handle at an angle against the blade and move the blade back and forth until it moves freely. Now, press the reset button again and you are done.
If you have a clog in the garbage disposal, you will need to dismantle the trap. Once you have it ready you will need to use a snake to clean out the clog.
If you notice water dripping, under the sink from your garbage disposal it is more than likely a seal is worn and will need to be replaced.
Other common problems with garbage disposals:
Will not turn on – If this happens, you need to check and make sure power is going to the disposal. You should also check the fuse or breaker box, make sure the wall switch is working, or for batch feed disposals, and check the stopper switch.
If the motor on your disposal is humming but it is not grinding the flywheel could be jammed or you could have frozen bearings. If after freeing up the jam, you still have the same problem, you will more than likely need a new disposal.
If you cannot find the problem or are unable to fix the problem, it will be time to call an expert plumber.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Understanding Mortgage Rates
December 7, 2008
So, you are thinking about purchasing a Tulsa home and need some information on a mortgage. Let’s define a mortgage. Usually a mortgage means a long term loan which the borrower (that’s you) acquires by completing an application offered by a bank, online mortgage broker , wholesale mortgage company, independent mortgage broker, lender or sometimes the seller of real estate. Finance mortgage companies hold a claim to property until debt is paid off. These loans are usually typed in the way of a contract.
How do you know what the mortgage rates will be?
Mortgage rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the mortgage rate would be 6%. You will find mortgage rates posted at most lending companies.
What types of things determine what mortgage rates will be?
- Inflation affects mortgage rates. When inflation rises so does mortgage rates. This happens because lending companies will lose money that will be paid back to them in the future.
- How much credit people are seeking and how much is available.
- The rate that other institutions charge each other for their short-term loans. (Federal funds rate)
Are mortgage rates different for different types of loans?
Yes, the higher the credit risks of the loan, the higher the mortgage rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
Therefore, mortgage rates can be a big factor when you are looking for a loan. This may not be a big difference but when you are talking about several thousand dollars, it does become an important deciding factor. Mortgage rates vary from state to state and from lending companies to lending companies. They can also very according to the length of the loan and the amount of money borrowed.
There are many companies online today that can give you the current mortgage rates for the city and state that you live in. Without even leaving home you will be able to check the current rates and find lending companies in your area that have the lowest mortgage rates available. You can even find companies online where you can apply for loans when you find a good mortgage rate.
Do not apply with a company just because their mortgage rates are lower than the last one you checked out. Be sure you check every option in every loan package to insure that you are in fact getting the best type of loan with the options that you need.
Be sure when you talk with different lending companies concerning mortgage rates, be sure you have all of your information together and that you know what you want. You will be able to check out the mortgage rates and other loan options from different loan companies. Be sure you shop around as each loan company may be different in the options or their mortgage rate charges they have available.
Remember that mortgage rates can change from day to day, be prepared to apply for a loan when the mortgage rate is where you want it to be. Check the mortgage rates often by visiting the sites online that keep accurate records or have an updated feed available with the current prices of mortgage rates in your area. Be sure you are up to date on what mortgage rates are when you talk with a lending company. If they seem to be a lot higher than you expected then ask them why they are in fact higher than you found on the internet. If they cannot give you a good explanation, find another lending company.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Types of Mortgage Lenders
November 2, 2008
Okay you have decided to buy a new Tulsa home and you are wondering where to start. The first place to start is to understand the different types of mortgage lenders available. There are many different types of mortgage lenders.
Mortgage Bankers
A mortgage banker is a mortgage lender that is big enough to sell loans to places like Fannie Mae, Ginny Mae, Freddie Mac, and other loan companies. Some will in fact service the loans that originate while others may not. These mortgage bankers have wholesale lending divisions to mortgage bankers.
Mortgage Brokers
Mortgage brokers are mortgage lenders that originate loans to sell them to wholesale lending companies. The mortgage broker has been doing business with these wholesale companies for a while. Mortgage brokers do not do any underwriting or funding. They also only work with wholesale lending companies that have a wholesale loan department within their company structure.
Wholesale Lenders
Wholesale lenders are a type of mortgage lenders that may not have their own retail branch; they may only work with mortgage brokers. Wholesale lenders offer their loans to mortgage brokers at a lower cost that is available at the retail branch to the general public. The mortgage broker can then add his own fee. To you that would mean that you are paying around the same that you would if you went to the retail branch of the wholesale mortgage lender.
Portfolio Lenders
This mortgage lender is lending money and originating loans on their own behalf. They do not sell them on the secondary market quickly. Because of this, they do not have to go by the guidelines set forth in the Fannie May or Freddie May guidelines. A portfolio lender can determine their own rules for their loans based on your credit. Most of the time portfolio lenders are large banks and savings & loan companies. If you pay your payments on time for a year it becomes known as seasoned, after it becomes seasoned it is then marketable even if your loan does not meet the guidelines set forth by Fannie Mae. When the portfolio lender sells your seasoned loan it then frees up their money so they can make more loans.
Direct Lenders
Direct lenders are mortgage lenders that fund their own money. This can be large or small lending companies. They usually have a credit line where they can draw money to fund all of these loans. Most of the time direct lenders draw up the loan in their own company name.
Correspondents
Correspondents are mortgage lenders that do their own loans and instead of selling them into pools, they sell these loans to a sponsor, which is a larger lending company. The sponsor then sells these loans like they were a mortgage banker to companies like Ginny Mae, Fannie Mae, or Freddie Mac. Sometimes, correspondents fund the loan themselves or the funding may come from a larger lending company.
Banks and Savings & Loans
These mortgage lenders are similar to portfolio lenders
Credit Unions
Credit Unions are similar in operation to correspondents, although a large one could act as a portfolio lender or a mortgage banker.
Now you understand what mortgage lenders are and how they work, you may be able to understand where to find a mortgage loan. Be sure to check with all kinds of lending companies before you make a choice for your mortgage loan.
Enjoy shopping for your new home and finding a mortgage lender that will help your dreams of owning a new home become a reality.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
What is Interest Only Mortgage
October 2, 2008
An interest only mortgage is a wonderful way for buying more home at a cheaper rate.
You can get the lowest monthly payment possible because you are not paying any money toward your principal. Your monthly payments are paying interest only. You can make other payments to your loan for the principal if you desire.
Usually interest only mortgages are for a term of 30 years, the first 5 to 20 years are the interest only years and the last 20 to 25 years is everything combined.
Before you talk with lending companies concerning interest only mortgage you need to understand the basics in mortgage/interest rates.
Why do you pay interest anyway?
Interest rates are a fee that is charged for using the lending company’s money for a specific time period for your interest only mortgage.
How do you know what the interest rates will be?
Interest only mortgage rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the mortgage rate would be 6%. You will find mortgage rates posted at most lending companies.
Are interest only mortgage rates different for different types of loans?
Yes, the higher the credit risks of the loan, the higher the mortgage rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
Interest only mortgages are you still interested?
With their usually less than fixed rates, along with interest only payments, an a short-term ARM a interest only mortgage could represent a way to have the lowest possible monthly payment and still be able to own your own home. However, all that flexibility comes with risks.
Some mortgage products, allow you to have your choice of payment plan, including interest only, fully amortizing or accelerating amortizing. These pick a price and pick a payment arms are gaining in usage, because they allow you to determine how best to apply your income to your mortgage.
If you are already qualified for an interest only mortgage, and if you have college, retirement or investment needs to take care of, you might consider adding interest only payments to your arm in order to more fully fund the other financial needs in your life. You can invest the money better elsewhere than paying down your mortgage balance. As far as maximizing your tax deduction, remember that not only is that vast majority of your payment already comprised of interest, but that only a fraction of every dollar in interest you spend is tax deductible, anyway.
Please consider that interest only mortgage will rise just like a river, complicating things for borrowers who do not have fixed loans. Whatever happens, it is crazy to assume that house prices and appreciation will continue indefinitely.
Most Tulsa home prices can keep rising only as long as there are Tulsa home buyers willing to pay more than the last one did. Buyers who want to use an interest only mortgage to best advantage must be ready to welcome one more problems in their life. People who choose a conventional fixed mortgage over an interest only mortgage select it just for the security and the knowing what their payments will be now and 20 years from now.
Deciding on the interest only mortgage with all the many investment to choose from, really depends on what your priority in life is to live better now in a hope that later your income will rise or buy less home for your money and feel more secure.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Making Great Real Estate Agents
September 20, 2008
As a Tulsa real estate agent, you more than likely find clients through word of mouth of satisfied customers. Due to this fact, you should be aware of what makes a great real estate agent and a very awful real estate.
Too many times, homebuyers or home sellers do not do their homework and wind up with a real estate agent they could almost strangle. The reason is they are more involved in the quest of new home. They want to hurry up and find home with all the amenities they desire and get packing or they want to sell their home quickly so they can move into their new home as well.
What should you look for in a real estate agent as a homebuyer or home seller?
Here is a list of the most popular things clients want to see in their real estate. By using this guideline, you should have a wonderful experience shopping for a real estate.
1. One that listens – Have you ever met a person that when you talk with them it seems to go in one ear and out the other? If you have a realtor like this, you have a terrible one. You need a real estate agent that will listen to your desires. If you give them an area, you wish to live, or a price range for your new home and the list you are given to see is in TimBuckTwo or $50,000 over your maximum range, you have a realtor that is definitely not listening.
2. One that works with you along the way – A great real estate agent will have leads ready for you to see in a very short time, explain to you about the house including any information they can find out about the sellers and even go so far as to have a list of lending companies that might help you. Will they not only give you this information, but also will go with you during the appraisal or help you fill out paperwork or whatever might be needed to make your home purchase go smoothly.
3. One that will help you objectively – You will more than likely fall in love with one of the first houses you visit, however, a great real estate agent will help you see everything there is to see a house before you sign the dotted line. You should have given your realtor a list of things you desire in a home such as location, size, and other amenities. When you see a home that has all the amenities you may want to sign the dotted line. Your real estate agent, if they are great, should remind you of all your stipulations and help you see all sides of the property. Is it smaller than what you envisioned, does it have a nice backyard for your dog, will it fit your lifestyle, etc…. If you are not happy with the purchase, later on you will not be as happy with the real estate agent.
4. One that understand the local market condition – If you are searching for a home in a different state than where you reside now using a local agent there may not be in your best interest. Think about it. Will your local agent know the good and bad parts of town, what the school district is like, what the neighborhoods are like, and so on and so forth? In order to learn about everything you need to know, you need a realtor that lives in the area and is an expert in their field.
Understanding Tulsa Home Equity Loans
September 19, 2008
Home equity loans are loans that is against the equity you have in your Tulsa home. You can use the money from this loan for any reason you want. It does not have a specified requirement. Interest rates a major consideration when applying for a home equity loan so let’s check out interest rates.
Why do you pay interest rates on home equity loans?
Interest rates are a fee that is charged for using the lending company’s money for a specific time period.
How do you know what the interest rates will be for home equity loans?
Interest rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the interest rate would be 6%. You will find interest rates posted at most lending companies.
What types of things determine what interest rates will be when you apply for home equity loans?
Inflation affects interest rates. When inflation rises so does interest rates. This happens because lending companies will lose money that will be paid back to them in the future.
How much credit people are seeking and how much is available.
The rate that other institutions charge each other for their short-term loans. (Federal funds rate)
Are interest rates different for different types of home equity loans?
Yes, the higher the credit risks of the loan, the higher the interest rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
By checking with different lending companies, you will find that interest rates are not the same for each company. As an example:
The interest rate for a 30 year fixed mortgage in:
- San Diego, California varies from 5.386% to 6.27%
- Bloomington, Indiana varies from 5.391% to 6.071%
The interest rate for a 10 year fixed mortgage in:
- Daytona Beach, Florida varies from 4.557% to 6.105%
- Memphis, Tennessee varies from 4.557% to 5.026%
Therefore, interest rates can be a big factor when you are looking for a Tulsa home equity loan. This may not be a big difference but when you are talking about several thousand dollars, it does become an important deciding factor. Interest rates vary from state to state and from lending companies to lending companies. They can also very according to the length of the loan and the amount of money borrowed.
Many people are now applying online for all types of home equity loans. This can be very convenient for many of us. There are also many companies online today that can give you the current mortgage rates for home equity loans for the city and state that you live in. Without even leaving home you will be able to check the current rates and find lending companies in your area that have the lowest mortgage rates available.
Do not apply for your Tulsa home equity loans with a company just because their mortgage rates are lower than the last one you checked out. Be sure you check every option in every loan package to insure that you are in fact getting the best type of loan with the options that you need.
If you decide to apply online for a home equity loans; check to be sure that the website is secure. You never want to give out personal information online unless the website has a secure server in which to submit your personal information. You can tell if the page that submits the information is using a secure protocol by checking the URL, if the URL looks like https:// then it is secure and all information submitted will be encrypted and will not be able to be read until it reaches its destination.
Before submitting information for a home equity loans, be sure that the lending company is a real company. If they are, in fact, legitimate they will have their physical address and telephone number posted in clear viewing somewhere on their website. You do not want to give out personal information concerning your bank account if you cannot be sure the company receiving the information is legit.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.