Oklahoma’s bad loan rate falls 25 percent

Found this article in the Tulsa world and wanted to share it with you.  Finally, some good news that what we’re doing i actually making a difference.  At least here in our beautiful state.

Fewer Oklahomans faced losing their home in May, as the foreclosure rate dropped significantly.Last month 877 foreclosures were filed, down 25.5 percent from April and down 29 percent from May 2008, according to a report from real estate data service RealtyTrac.

Oklahoma’s foreclosure rate of one for every 1,851 home loans was good enough for the state to drop from the 34th highest rate in April to the 39th in May.

Margo Mitchell, executive director of the nonprofit Consumer Credit Counseling Service in Tulsa, said the reduction in foreclosures was overdue good news.

“It’s good for people who are trying to keep their homes, and good for all of us who live around them,” she said.

Mitchell said part of the reason for the drop may be the increased willingness of mortgage companies to help those who are having trouble keeping up with payments.

However, the reduction in RealtyTrac’s numbers hasn’t yet translated into a reduction of Mitchell’s workload…(click here to read more)

Get Refinance Options In 24 Hrs Or Less!

==> www.ZFGMortgage.com/clarence

Clarence Fisher
ZFG Mortgage
918-407-7855

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Tulsa First Time Home Buyer: What If You’re Denied A Mortgage?

Qualifying for a home mortgage is a detailed and intricate process. Your approval or rejection depends on several key pieces of information. These include your debt-to-income ratio, your total stable income, and your credit score and history, among others. If you are rejected for a home mortgage, there are several things you can do next time you apply to improve your chances of being approved.

First, start by finding out exactly what went wrong with your last application. Your lender is legally obligated to give you a specific reason for the denial, if you inquire with him within 60 days of the rejection. Make sure you get something more helpful than something like “you did not meet our requirements.” You can legally push your lender to provide a more detailed answer, like if you had a poor credit rating, or if you did not have sufficient income. Figuring out what part of the requirements you did not meet will be helpful in fixing the problem. For example if your lender was nervous because you recently switched jobs, you should provide any related documents that show a history of steady employment history.

You should also make sure that your rejection was handled properly. A mortgage lender is required to make a decision on your loan application within 30 days. If it is denied, the lender must inform you in writing within the same period.

Another important step is to find out if there were any questions about your credit record. You are allowed to obtain a copy of your credit history from one of the main credit reporting agencies at no charge if you request it within 60 days of your rejection letter. You should review the information listed and look for any incorrect data. It is possible that someone else’s account information may have been slipped into your credit inadvertently, or there may be some late payments recorded that were not actually late. If you discover any mistakes, you can take it up with the credit bureau and challenge the information.

When the blunders are removed from your record, you may see a quick improvement in your credit score. If there are legitimate problems with your credit history, you will have to buckle down and start making payments in full and on time. You may have to close some credit accounts.

Do what it takes and be patient to create a score that will allow you to qualify for a home mortgage.

Click Here To Apply For Your New Home Now.

or Call me at 918-407-7855.

Clarence Fisher
Transaction Analyst
ZFG Mortgage
Tulsa, OK

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.zfgmortgage.com

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Tulsa First Time Home Buyer: How Much Home Mortgage Can You Afford?

This is the second part in an article series about figuring out just how much of a home mortgage you can afford. The first part explained the typical lender rules like the 28/36 ratio and the idea of shooting for a home price that is no more than about two times your annual salary. This article is focused on determining your total income and assets to find out the best price range for your next home mortgage.

Income/Assets
When trying to do the math on how much of a home mortgage responsibility you want to take on, you should definitely add up all your sources of income and your assets. Not only will your lender want to know this information when you ask for pre-approval, but it will help you determine just how much and which funds you are willing to tap into for your housing costs.

To add up your sources of income you should of course start with your gross yearly income from your job. Mortgage lenders do not trust income based on commission, bonuses or overtime pay as much as they do plain, old hourly or salary wages. So if a majority of your income is generated from these extras, you can determine your annual income best by averaging the last two or three years of your total income (normal wages and commissions, bonuses, and overtime pay.) This will help you to see the average amount you can expect to make.

If you are expecting a big raise or promotion in the next year or two, you may want to include that future income in your calculations, especially if you want to qualify for a bigger loan. To play it safe however, you should just use your past income history in the computations.

A side note in determining how much you can afford: if you are currently a two-income household, you should consider whether you plan on having two-incomes permanently, or if you may face the possibility of having only one in the near future. Based on what you decide, you may or may not want to have the second income included in the assessment of your loan application.

You should also take into account any dividends you receive yearly from financial investments, as well as any child support or alimony you currently collect each year.

In terms of assets, your mortgage company will want to know what sort of things you have that could be liquidated into cash if needed. This could include pulling money out of your Roth IRA account for a down payment or monthly home mortgage payments in times of emergency. You should look at the balance in your savings accounts also to determine your total assets.

If you are currently a homeowner, one of your greatest assets may be the amount of equity you currently have built up in your home. Once you sell your home, that equity could go far in contributing to your next down payment and/or closing costs.

Finally, add up the cash value of things like your life insurance policy, your pension plan, and any corporate savings plans you are involved with. While these are definitely assets of last resort, but your mortgage lender will want to factor them into your lending risk factor. For this reason, you may want to be more conservative in your price range than what your lender actually quotes you. This way you will give yourself a safety zone that will help prevent dipping into your long-term savings.

Watch for the last part of this article to instruct you in totaling up your liabilities and debts to estimate how much of a home mortgage you can truly afford.

Click Here To Apply For Your New Home Now.

or Call me at 918-407-7855.

Clarence Fisher
Transaction Analyst
ZFG Mortgage
Tulsa, OK

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.zfgmortgage.com

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Tulsa First Time Home Buyer: Finding A Mortgage Online

With the advent of the internet, many aspects of life and business have become easier and less time-consuming. One such aspect of life is finding a mortgage. You can even apply for a mortgage online. Whether you want to apply directly through a website or just get helpful information about mortgages before you visit us in person, applying online can help get you the best loan deal possible.

If you simply want to educate yourself about the mortgage process and rates before contacting us, you can search through our site online.  Besides being able to do this at any time of day and from the comfort of your home, you can also find almost any loan information you are looking for on the internet.

Most mortgage sites will offer information about the interest rates they offer, as well as descriptions of the various loan programs they offer. You can also learn the important mortgage terms like underwriting, closing costs, and escrow, and what they will mean for your loan. Many sites will also provide you with great mortgage calculators that can help you figure out your variable costs for different types of loans. Even if you don’t apply for a home mortgage online, you can still gather the information you need to approach us for the right loan.

You can apply online and we will have lenders compete for your business.  I will contact you by phone after you have filled out the online application, but at least you can fill it out at home with all the pertinent information in front of you.

Anytime you apply for a home mortgage online, be aware that there may be “hidden” fees that are not disclosed on the site. We have NO hidden fees. For the most thorough and safe quote, you should contact us personally to guarantee the deal you are promised. If you are a borrower with poor credit, you should know you’ll have a harder time getting qualified online because lenders will have to verify several financial documents with you to see what type of loan features they can offer you. Still, today almost any mortgage search should start online as you can extract so much valuable information to prepare you for your first visit with us.

Apply for y0ur new home now. Just click here!

Clarence Fisher
Transaction Analyst
ZFG Mortgage
918-407-7855

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.zfgmortgage.com/clarence

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Tulsa First Time Home Buyer: Common Mistakes

Buying a home is likely the biggest purchase you’ll ever make. Such a weighty decision should be carefully made because many of the associated purchase terms will last the entire length of your home ownership. In addition to making all the right decisions, you should know what the wrong decisions are and how to avoid them.

Mistake #1: Choosing the Wrong Agent
One huge mistake many first time home buyers make is choosing the wrong real estate agent. A good agent can be one of your greatest assets in the buying process. She will be knowledgeable and experienced and typically be able to answer any questions you have. A good agent can help you when you have second thoughts about a purchase by showing you the pros and cons of buying the property. She can also help you get your deposit back in necessary.

If you pick an agent that seems incompetent or untrustworthy, you’ll feel alone in the buying process and perhaps let many important questions go unanswered. Try getting referrals from friends to find the right real estate agent. You can also check into properties that the agent has sold previously to find out if they are qualified in their field.

Mistake #2: Failing to Set a Budget
Paying more for a mortgage loan than you can truly afford can lead to many problems. If your mortgage bills seriously overtax your resources, a financial emergency could end up sending you into default and foreclosure. You might also find that the home you bought is too expensive to allow you to save for the future. Heavy monthly mortgage payments could also limit your ability to carry on your former lifestyle in terms of entertainment and leisure purchases.

Before you even begin looking at houses, calculate the maximum amount you’d comfortably be able to commit to a monthly mortgage payment. A good rule of thumb is to not let your monthly debt exceed more than 36% of your monthly pre-tax income.

Mistake #3: Making Credit Purchases During the Application Process
You are qualified at the beginning of a loan process based on your existing financial income and obligations. This means that if your monthly bills increase during the application process, your loan approval status could be reviewed and your application could be denied.

Lenders want to protect their investment in your loan by ensuring that you will be able to afford your monthly payments. Any added installment purchases will decrease your ability to pay for a home, in their opinion. You should avoid making any large purchases until your home loan closes. These would include cars, major appliances like washers or dryers, computers, expensive gadgets and gizmos, and new home furniture. Once your loan closes, it is up to you whether you can afford these items or not.

There are many, many mistakes homebuyers can make, but if you avoid the three listed above and do your best to stay informed of all the important details of the sale, you’ll do well.

As always, call with any questions. 918-407-7855 or Apply Now for your new home.

Clarence Fisher
Transaction Analyst
ZFG Mortgage

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.zfgmortgage.com/clarence

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Tulsa First Time Home Buyer: Finding The Right Lender

When you’re ready to purchase a home, what type of lender should you choose? Today, there are probably many more choices available than you might think. Knowing a little about each lending source will help you make the best decision for your mortgage loan.

A mortgage broker will not actually fund your loan. They will originate the loan but then find another lender for you. Usually they deal will wholesale lenders who will underwrite the mortgage.

Wholesale Lenders
These lenders will typically outsource to brokers for loan origination, although some will actually do it themselves. They sell loans to brokers, at a lower cost than banks will offer to the public.

Correspondents
After originating and closing individual loans, these lenders will sell the loans to a larger company known as their “sponsor.” The sponsor will underwrite the loan and then package the loan with others in a pool and resell it Fannie Mae, Freddie Mac, or Ginnie Mae. Credit Unions generally fall under the category of Correspondents.

Portfolio Lenders
Unlike most other lenders, these lenders actually have their own money to lend and will originate their own loans. These commonly include the bigger banks as well as savings and loan institutions. They do not have to follow Freddie Mac and Fannie Mae guidelines because can insure their own loans. After their borrowers demonstrate at least a year of payments made on time, the portfolio lenders will package these now “safe” loans and sell them off in the stock market, netting additional profit for further loans. This means the individual loans will be sold to other investors, but borrowers usually continue making mortgage payments to the portfolio lender.

The second part in this article series will discuss which organizations make the best lenders and why!

For more info call Clarence Fisher 918-407-7855

Clarence Fisher is an Expert Residential and Commercial Transaction Analyst for ZFG Mortgage in Tulsa, OK.

ZFG Mortgage
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146

www.ZFGMortgage.com/clarence

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First Time Home Buyer: Understanding Closing Costs

When purchasing a home, not only do you have to come up with a down payment, you’ll also have to pay the lender for closing costs. This is really a plethora of fees jumbled into one term.

Lenders will usually give you a “Good Faith Estimate” of the closing costs when you consult them about a loan. They will not know what all the actual costs will be, as many involve third parties, so their estimate is their best guess based on their experiences with loan origination.

What are these fees?

Below are just a few of the most common charges and what they mean.

Lender Fees Points: This is the term for loan origination fees. A point equals one percent of the loan amount and goes to the lender.

Mortgage Broker Fees: Since the majority of loans are handled through brokers, many loans include a fee called the mortgage broker fee. It may include the points as well as Broker Processing fees.

Tax Service Fees: This is a service that keeps an eye on your property tax payments. This helps the lender make sure you are on track with your tax payments and safeguards their investment.

Credit Report: As a routine part of the application process, the lender will pull your credit report to determine how big of a risk you’ll be as a borrower.

Document Preparation: You’ll pay some relatively high fees for this because document preparation for loans are long and very detail-oriented.

Wire Transfer Fees: Although not a large fee, many lenders include this.

Third-Party Fees Appraisal Fees: This is the payment that goes to the appraiser who inspects the house. Appraisal is a very important step in the mortgage application process as it lets lenders know that the house is worth what they are loaning you to buy it.

Flood Certification: Your lender must find out if your potential property is located in a federal flood zone. They must pay an outside party to certify this information.

Title Insurance: A title company will be involved to research the history of the property and then a title insurance policy will be drawn up to protect both lender and borrower against any future losses due to claims against the property or title. This article has only listed a handful of the possible fees. Other fees you might pay at closing include lenders inspection fees, underwriting fees, administration fees, attorney fees, and appraisal review fees.

This should have get you aquainted with the fees associated withthe closing costs of your new home.

To get approved for your new in home in the next 24 Hrs Call ZFG Mortgage Transaction Analyst Clarence Fisher Today at 918-407-7855 or APPLY NOW ONLINE.

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Toll Free 1-877-205-7266 | Fax: 918-459-6535

www.zfgmortgage.com

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Can You Afford To Buy That New Home?

When you feel its time to get into a new home, there are lots of factors to consider. The most important being ” Can I afford to buy?’ As simple as that sounds, it can actually be a very loaded question. You should do some preliminary research to make sure you know the answer.

The first issue at hand is to determine how much of your monthly budget you can put toward a mortgage payment. You need to consider all of your current debts, how much income you have now, and how much income you anticipate in the near future. Most lenders will take a look at your debt-to-income ratio to make a rough estimate of how much your monthly mortgage payment should be.

The ratio is a percentage based on your total monthly debt, including mortgage installments, divided by your monthly gross income. A safe bet is to keep your debt down to about 30% of your monthly income (although some lenders will allow it to be up to 45% of your income.) To find out how much mortgage debt you can take on monthly, try this formula:

Gross Monthly Income ($)
X 0.30
——————–
Total Monthly Debt
- Non-Mortgage Debt
———————
Allowable Mortgage Payment

In the formula above, the non-mortgage debt should include any credit card bills, student loans, car payments, monthly utility bills, and your monthly entertainment and travel expenditures. Once you’ve discovered how much you can pay each month in mortgage fees, you can move on to your next set of considerations.

Consider that the mortgage payment you calculated does not mean all the money will be going to the principal and interest of your loan. It will probably include your yearly property taxes (usually a percentage of your home’s worth) and also private mortgage insurance payments (if your down payment is less than 20% of the loan total.) This might mean that after figuring in the tax and insurance you may not be able to afford as much house as you thought.

Your calculations so far will be a preliminary figure to find out if and how much you can afford. When you actually sit down with a mortgage lender, however, he or she will use a much more specific and complex combination of variables to decide your ability to pay off a mortgage. Lenders will start by evaluating your current and future income potential. They will then pull your credit report and evaluate your history of making payments. (The better your credit score, the easier it will be to acquire a loan.

Try to do everything you can to clean up your score before applying for a home loan.) Other considerations by lenders will include how much of a down payment you can contribute, the length of your proposed loan, your total amount of debt, the interest rate you’ll be paying on your mortgage, and also the probability that you’ll default on your loan payments. All of these factors together will determine the size of the loan you will be able to receive.

However, just because you are offered a certain amount of money doesn’t mean that it is truly in your best interest to borrow that much. You have to decide what size payment is within your comfort zone. Don’t forget that there will be lots of associated costs with buying and owning a new home. Before you actually get into your home you may have to pay for realtor fees, a down payment, and closing costs.

After the home sale, in addition to the mortgage payment, you might have to pay for homeowner’s insurance, new furniture or appliances, maintenance and upkeep of your new place and the cost of any repairs of remodeling you decide to do.

Buying a home is an exciting and sometimes overwhelming process. Taking a look at your financial status and all the potential fees before starting the application process will help you to feel secure in your ability to afford the purchase.

Get approved for your new home in 24 Hours.  Call ZFG Mortgage Transaction Analyst Clarence Fisher at 918-407-7855.

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
918-459-6530 | Fax: 918-459-6535

www.zfgmortgage.com/clarence

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Refinancing Your Mortgage: Guessing Your Credit Score

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Tel: 918-407-7855 | Fax: 918-459-6535

www.ZFGMortgage.com/clarence

Your credit score is an extremely important and valuable asset. It can be used to determine everything from your rates on a home loan to whether or not you are accepted for an apartment rental or an employment opportunity.

Obviously it would be smart to find out what your score is and to what you can to keep it as high as possible. While the only way to truly know your credit score is to obtain a copy from one of the major credit reporting agencies, knowing the basics about credit and evaluating your credit past can help you know whether your score is in good shape or whether is needs some work.

First, a credit score is three-digit number between 300 and 850; the higher the number the better. A higher number reflects more financial responsibility on your part.   It is calculated based on how often you make credit payments on time, how much debt you carry relative to your credit limit, the length of your credit history, the types of credit you hold, and the numbers of inquiries on your record. The first three categories are the easiest to evaluate on your own.

Credit Payment History
Ask yourself , When did I last miss a loan or credit card payment? If you have never missed a payment, you are doing great. If it has been several years since you last missed a payment, its effect has probably been decreased on your credit score. If however you have missed payments within the past year, your score it still probably suffering from it and it is time to get back on track by making all your payments on time!

Also ask “How many of my loans and/or credit cards are currently past due?” Zero is obviously the best answer, but if you have more than two current delinquencies, take action now before you do further damage to your score. A 60-day delinquency or a 90-day delinquency is much worse for your score than a 30-day late payment is.

Your Debt-to-Limit Ratio
Ask yourself  “How many of my loans or credit cards currently have a balance? If you have 0-4 with a balance you are doing okay, but if you have 9 or more, you are in trouble! The follow-up question is “What is my total credit and loan balance, excluding mortgage debt?” If you only have mortgage debt or if your balance is less than $500, you are doing excellent. If you have $20,000 or more charged to various cards and loans, it is time to take action to reduce that debt. If you are somewhere in the middle, there is still room for improvement.

Perhaps the most important question here though is “What percent of my total credit limit does my credit card debt represent?” The best answer is to have a very low percentage, like blow 30 percent of you limit. Anything higher than that can be dangerous for your score and it is time to start paying down your balances.

Length of Your Credit History
Ask yourself How long ago did I get my first credit card? How long ago did I get my first loan? The longer the better, in this case. And definitely don’t expect to be considered for any major loans, like a mortgage home loan if your credit history is younger than six months old. You should try to have at least a couple years of credit behind you before you make a serious credit obligation.

Hopefully these questions have given you some good food for thought in terms of your credit score. Now you probably know some things you can do to improve your standings!

Call Me Today at 918-407-7855

Clarence Fisher

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Tel: 918-407-7855 | Fax: 918-459-6535

www.ZFGMortgage.com/clarence

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Tulsa First Time Home Buyer 101:3

Let’s move on today.  In our discussion of first time home buying in Tulsa, OK.  Of course these rules apply to buying a home anywhere so no matter where you purchase your first home one of the things you should consider is…

Extra Costs:
As unpleasant as it is, you will need to calculate the closing costs into your budget for buying a house. These costs include attorney’s fees, appraisal fees, the title fee, credit report fee, the application fee, the broker/lender fees, an inspection fee, and state mortgage taxes.) Find out from your lender what all these fees will total. Finally, you can’t forget the down payment, which can be as much as 20% of the cost of the home with a conventional loan.  If you don’t have enough money saved the down payment can be subsidized by the lender, but that will result in a larger overall loan.

As always feel free to call me at 918-407-7855 to discuss your options or the best way to make an unbelievable gallon of  Sun Tea.  Man, I can’t wait for summer!

-Clarence Fisher

http://ZFG Mortgage.com
918-407-7855

Zeshu Financial Group
5807 S Garnett Rd Suite I
Tulsa, Oklahoma 74146
Toll Free 1-877-205-7266 | Fax: 918-459-6535

www.zfgmortgage.com/clarence

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