If you are thinking about purchasing a home for the first time, you may not know that your credit will be one of the key factors in determining whether you are approved for a mortgage and your mortgage interest rate. Your credit score is calculated using five major factors: Payment history – Creditors will look at any…

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Getting a pre-approval letter will get you ahead of the game, and keeping your credit quiet will help you to the finish line! Here are some other pointers in the “winning the game” of closing on a home with a mortgage!   We know that buying a home can be intimidating with so many steps.…

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Has the housing market finally run out of steam?  Buyers found the lack of available homes too much in April with all major regions failing to show any activity gains.  The Pending Home Sales Index from the National Association of Realtors was down 1.3% to a reading of 106.4, following two monthly increases including an…

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This is an interesting read on why mortgage rates rise and fall. Check it out. Thank you Marcie and Chris Hines with Cornerstone Home Lending for letting us share this with our friends!

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Our friends Tom Rosser and Kaitlin Dion at Gateway Mortgage Group have some tricks up their sleeve that are helpful to everyone involved in the home buying process. Read these tips before you think about buying a home: 1. Save for a down payment:  20% down is ideal, but it is not required.  However, the…

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There is so much to do in April around the Metro! We’ve put together some fun events going on during the second part of the month that we hope is helpful to you and your family! April 15-18: Oklahoma City Dodgers vs. Nashville Sounds at 7:05pm. The Dodgers home games are held at the Chickasaw Bricktown Ballpark.…

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Oil has been trading in the 30’s for quite some time and even dipped into the 20’s last week.  This will most certainly lead to a slow down in the upper end of the real estate market.  That makes this a good time to think about purchasing your FIRST home. Homes with lower asking prices…

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Today’s Topic: Property Flipping This only applies to buyers using the FHA loan.  Here is the current rule: If a property is re-sold 90 days or fewer following the date of acquisition by the seller, the property is not eligible for an FHA insured mortgage. (Note: resale date is the date of the contract.  So…

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Today’s Topic: Escrow Account   As we move into the middle of the year escrow account set up amounts are starting to rise. This is because taxes are due in December.  The account has to have the funds to make that payment.  A July closing with a September 1st payment escrow account on a typical $200,000…

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Funds for Closing As a part of every loan we have to verify the borrower has the funds for closing.  Very often the borrower’s plans and the lenders requirements don’t match.  The sooner buyers know the lender requirements the better. It could save some processing headaches or a denied loan. Here then are some things…

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