Tulsa Mortgage

Oklahoma Mortgage rates hit a new low: 30-year fixed at 3.87%

2012-02-02T11:51:00.001-08:00

According to a CNN Money Article from 2-2-2012
Just one day after President Obama detailed a proposal to enable millions of homeowners to refinance to record-low mortgage rates, those rates notched another record.

The 30-year, fixed rate fell to an average of 3.87% and the 15-year fixed dropped to 3.14% for the week ending February 2, both the lowest rates ever recorded in the 40-year history of the Freddie Mac Primary Mortgage Market Survey.

Frank Nothaft, vice president and chief economist at Freddie Mac said the rates fell to new lows after the fourth quarter gross domestic product report last week showed that the economy was growing at a rate that fell short of expectations.

The new record rates were "fortuitously timed" for the Obama administration to announce its latest refinancing proposal, said Greg McBride, senior financial analyst at Bankrate.com.

The plan, which requires approval by Congress, would allow borrowers who are current on their mortgage to save an average of $3,000 a year by refinancing into loans backed by the Federal Housing Administration

To Apply for a mortgage Refinance or Purchase and take advantage of the low rates today, log on to our website http://www.zfgmortgage.com

Oklahoma Mortgage Tips for the New Year

2012-01-25T12:45:00.001-08:00

There is no time like the present to make changes to your Oklahoma mortgage loan, changes that could save you hundreds of dollars this year. You may already realize that you can save a lot in interest by refinancing your loan into one with a lower rate, due to the historically low current mortgage rates. You may also know that if you have paid down your home balance and acquired 20% equity in your property, you can save hundreds by canceling your private mortgage insurance policy ”PMI”. If you have an adjustable rate mortgage (ARM) that will be resetting this year, you may also know that refinancing into a fixed rate loan could save you from the impending “payment shock.” Even knowing all this, depending on your situation, there may be other valuable tips that can help you have a more productive mortgage this year.

If you do not have a fixed rate mortgage or a traditional ARM, you may have an option ARM loan that is not a very common loan in today’s mortgage market. This type of a loan allows you to decide between four different payment amounts each month for a certain amount of time. It may be tempting to stick with the lowest payment option, but if you can at all afford it, try to make the monthly payment that would allow you to pay off your mortgage in 30 years. If you can’t make that payment every time this year, at least try to make the interest-only payment during those months that you cannot make the 30-year payment option. If you consistently make the minimum payment option, not only will you be making no contribution to your loan’s principal, but you will not be covering the monthly interest charges and the negative balance gets added to your loan total. This means your loan balance is actually increases, instead of decreasing each time you make the minimum payment! With today’s real estate property values decreasing due to the high amount of foreclosures & un-employment, If you are planning on staying in your home for many more years you should consider simply refinancing into a 30 or 15 year fixed rate mortgage loan to avoid the temptation to make the minimum payment.

No matter what type of Oklahoma mortgage loan you have, it is often a good idea to make at least one extra payment to principle to further pay down the balance on your home loan. In fact, if you can consistently make one extra payment a year towards the principle balance on your loan, you will be able to pay off a 30-year mortgage loan in only 25 years, and in the process you will save yourself thousands in interest charges over the life of the loan.

Another tip is to consider the lifestyle changes you expect this year. If you are adding a new family member to your household this year, whether it be a new baby or an aging relative, you may need to get a cash-out refinance or a home equity loan in order to add on that new room or make necessary repairs or remodeling. If you have a child leaving for college this year or simply moving out, you may want to make a financial plan to throw more money toward your mortgage than you could have realistically done before. Another common reason that home owners obtain a cash-out mortgage refinance is to do some debt-consolidation mortgage.
These types of mortgages help homeowners lower their monthly bills by taking all of their current loans and rolling them into one. This means that multiple loans are replaced with a single loan and that single loan usually becomes due over a longer period of time at a lower interest rate, therefore lowering the amount due per month drastically. This also makes it easier for homeowners to keep track of their bills with one easy payment. If you have credit cards, a car loan, and a student loan, it can become difficult to keep track of due dates. After consolidating your loans you no longer have to worry about keeping track of multiple due dates as well.

Every homeowner’s mortgage situation is unique, but regardless of your particular home loan type, you should take some time to sit down and evaluate how your mortgage is working for you. Making some small changes may net you hundreds in savings this year!!

Call or Apply online if you would like more details on any of the loans discussed in this article.
918-459-6530
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Should you Choose a 15 Year Fixed Rate Mortgage in Oklahoma

2011-12-12T12:14:00.001-08:00

If you have been looking into buying a home or refinancing your current Mortgage in Oklahoma, you may have heard the term “15-year Mortgage” thrown around. While most Home Loans in Oklahoma are paid back over the course of 30 years, for those with the financial ability and budgeting skills, a 15-year fixed rate mortgage may be a much better option in the long run.

A 15-year loan is just what it sounds like: a home loan that must be repaid back within a 15 year period. It has a interest rate that is fixed throughout the course of the loan. Because it has to be repaid twice as fast as a 30-year mortgage, the monthly payments will be greater on a 15-year loan.

While this may sound too expensive for you to afford, you should realize that because the loan is shorter, you will be able to obtain a lower interest rate on the 15-year mortgage than you would on a 30-year mortgage in Oklahoma. This means you will pay less interest over the life of the loan since the term is shorter and because of the lower rate. This lower rate may help offset the higher monthly mortgage cost, but in most cases even with the rate decrees the monthly payment on the 15 years is higher.

For example, let’s compare the difference in payments and interest between a 30-year $100,000 fixed rate loan at 4.5% and a 15-year $100,000 fixed rate loan at 3.875%. For the 30-year loan, your monthly payment would be $506.94. You would pay $733.44 a month with a 15-year loan. In terms of interest over the course of the loan, with the 30-year loan you would end up paying $82,404, whereas you would only pay $32,192 in interest with a 15-year loan. That is a savings of $50,212!

Plus you would own your home free and clear at the end of those 15 years. Can you imagine the freedom? What would it be like to have no more monthly mortgage payments? For some, the savings benefit is definitely worth the higher monthly payment.

Consider another benefit: With a fifteen-year Oklahoma mortgage loan you will be building the home equity much quicker than you would with a 30-year loan. This is because your initial payments go mostly to interest, but because the interest on a 15-year loan is so much lower and the payments you are making are greater, more of your money goes toward paying down the principal balance thus increasing your equity. If you decide to sell the house before your fifteen years are up, you will have more equity to put towards your next purchase.

Perhaps you might think that you could do just as well by taking out a 30-year mortgage and making an additional $225 payment to principle each month. This is an option to consider for borrowers that don’t want to be obligated to make a higher payment each month. While this option won’t give you the ability to pay off the loan in exactly 15 years it will get you close, in most cases the home would be paid off in 17 to18 years if you followed the extra payment schedule for the life of the loan. But doing it this will not get you a lower interest rate, and the savings won’t be as significant over the life of the loan.

If you think this Oklahoma mortgage program sounds like a good fit for your needs, talk with a mortgage professional to discuss your options. For as much as you would save, it is definitely worth exploring!

Call or Apply online Today http://www.zfgmortgage.com
918-459-6530

What?s a Reasonable Down Payment On A Home Purchase ?

2011-06-29T09:49:00.001-07:00

According to a recent New York Times article from 06-29-2011 pretty much everyone agrees it’s a good idea for home buyers to put some of their own money down when borrowing to buy a house. Having a stake in the property, the thinking goes, encourages homeowners to keep making payments on the mortgage.
But how much of a down payment is reasonable? Ten percent? Twenty? Five?

That question is part of a debate in Congress and among a cluster of federal regulatory agencies as they try to craft new rules for mortgage lenders following the housing debacle.

As part of the financial reforms mandated last year by the Dodd-Frank law, the agencies, including the Federal Reserve, the Federal Deposit Insurance Commission, the Department of Housing and Urban Development and the Federal Housing Finance Agency, among others, must set criteria for what constitutes a reasonably safe, plain-vanilla mortgage.

Lenders issuing such mortgages — what are to be called “qualified residential mortgages” — will be able to sell them to investors and avoid retaining any of the risk associated with a default of the loan on their own books. Loans that don’t meet the new standards won’t be considered qualified and will be considered riskier so the lender will have to retain 5 percent ownership. The goal is to encourage banks to thoroughly vet a borrower’s ability to repay the loan. In other words, the banks must have “skin in the game” for loans that don’t meet the standards by setting aside extra capital for possible defaults.

The agencies proposed requiring qualified mortgages to have a down payment of 20 percent, but that idea provoked a firestorm of opposition from an unusual alliance of banks, real estate agents and consumer housing advocates. The Center for Responsible Lending, which has been vociferous in urging financial reforms to protect borrowers, argued that 20 percent down, or even 10 percent down, would price many homeowners out of the mortgage market. Many creditworthy borrowers would find it difficult to meet the down payment rule and would end up paying more for their loans because lenders would boost interest rates on their loans to cover their extra costs, the center argued.

The group’s Web site has a chart showing the length of time it would take borrowers of different occupations to save enough for a 10 percent down payment. A public school teacher at the median salary of $33,530, for instance, would take 14 years to save enough cash to buy a $173,000 home.
Kathleen Day, spokeswoman for the center, said a borrower’s ability to repay a loan should be determined by thorough underwriting, that is, an assessment of risk through examining a borrower’s credit history, income and debt, by the lender.
“We’re not advocating for zero percent down,” says Kathleen Day, spokeswoman for the center. “We think down payments are good. But we think the market should set them, based on the underwriting.”
(Loans insured by the Federal Housing Agency, which can be obtained with small down payments, are exempt from the qualified mortgage mandates.)
Due to an outpouring of concern from the industry and consumer groups, as well as members of Congress, the regulatory agencies have extended the public comment period on the change to Aug. 1.

What do you think? Is it reasonable to set a minimum down payment for home loans?

If you would like to Apply for a mortgage in Oklahoma, Log on to our website at http://www.zfgmortgage.com

The 5 Most Important Facts Most Home Buyers Don?t Know

2011-05-20T16:51:00.001-07:00

For many things, people assume to know more than they actually do. This is especially dangerous in the home buying process. Recent Oklahoma Mortgage marketplace survey indicates that there are several aspects of the home buying process that continue to elude prospective home buyers. Here are some surprising results of our findings, along with five things most home buyers don’t know, but should:

1. FHA loans & 100% USDA Loans are available to all buyers

More than two in five (42 percent) prospective home buyers think that only first-time buyers qualify for an FHA & USDA loan, a mortgage insured by the Federal House Administration or by the United States Department of Agriculture. This is not the case. In fact, these loans are available to all buyers who meet eligibility requirements. Among the key attractions of FHA loan: a minimal or even no down payment in some cases, relaxed credit score requirements, low cost, and low interest rates. Key attractions of 100% USDA Loan zero down payment, relaxed credit score requirements, low cost, and low interest rates.

2. Mortgage rates vary daily

Fifty-five percent of prospective home buyers don’t realize that mortgage rates, which are determined by a slew of factors, can—and do—change daily (and sometimes more than once a day if certain economic reports are released). Just by monitoring rates, you could save yourself money. For example, a rate change of 0.125 percent to 0.25 percent could mean thousands of dollars in savings each year. To get the best rates, monitor them. The best indicator is the movement of the 10-year Treasury bond. And, don’t stop at the first rate you see—shop around.

3. Lender fees change and are negotiable

When you apply for a loan, the bottom line is that you’re going to have to pay lender fees. These fees—from origination fees to credit report fees to appraisal fees and more—can add up quickly. The good news, and what 34 percent of prospective home buyers don’t know, is that fees not only vary from one lender to the next, but that they’re negotiable. This is all the more reason to shop around for different mortgage rates from various lenders.

4. Interest rates on ARMs don’t always reset higher

While rates on adjustable rate mortgages (ARMs) do often increase after five years, they can also decrease. Prospective home buyers may not realize this because many people (57 percent) simply don’t know how adjustable rate mortgages work. The interest rate on an ARM is made up of two parts: the margin, which is a fixed percentage and the index, which goes both up and down with the general movement of interest rates. If you’re planning on living in a home only for a few years, an ARM could be a good loan option.

5. Pre-qualified doesn’t mean much, Loan-Approved Does!

Just because you have a “pre-qualification” for a home loan doesn’t mean you’ve secured financing, yet 37 percent of prospective home buyers believe it does. Most of the time when you’re “pre-qualified,” a lender has figured out approximately how much you can afford, but they haven’t run your credit or requested any sort of documentation to support/verify the information you provide. That is why it is so important to make sure your lender has fully approved your potential loan before you go out house hunting.

To Apply online and get a “FREE” Full-Mortgage Approval, Log on to http://www.zfgmortgage.com
918-459-6530 or 1-866-205-7266

Oklahoma Mortgage Rate Declines To Its Lowest Since January

2011-05-05T21:56:00.001-07:00

According to a Wall Street Journal article on 5-5-2011 the average rate on the 30-year mortgage matched its lowest level since mid-January this week, according to Freddie Mac's weekly survey released Thursday.

The mortgage averaged 4.71% for the week ending May 5, down from 4.78% last week and 5% a year ago, according to the survey.

Meanwhile, the 15-year fixed-rate mortgage averaged 3.89% this week, the lowest since the beginning of the year. It averaged 3.97% last week and 4.36% a year ago.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 3.47% this week, down from 3.51% last week and 3.97% a year ago.

And 1-year Treasury-indexed ARMs averaged 3.14%, down from 3.15% last week and 4.07% a year ago.

To obtain the rates, the fixed-rate mortgages required payment of an average 0.7 point, while the five-year ARM required an average 0.6 point and the 1-year ARM required an average 0.5 point. A point is 1% of the mortgage amount, charged as prepaid interest.

"Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week," said Frank Nothaft, vice president and chief economist at Freddie Mac, in a news release. "For instance, real economic growth in the first quarter fell short of the market consensus forecast and represented the slowest pace since the second quarter of 2010. In addition, both the manufacturing and service sectors exhibited growth at a slower rate in April."

But reports on the housing market were a bit more uplifting, he added.

"The National Association of Realtors reported pending home sales rose in March for the second month in a row to the highest index reading since
November 2010," Mr. Nothaft said. "Also, the Federal Reserve reported credit standards among commercial banks for prime mortgages were unchanged on net in the second quarter of the year, following two quarters of tightening."

Take advantage of the low mortgage rates, Apply online for a "FREE" Pre-Approval before its to late.
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The Ultimate Spring 2011 Home Buyers' Guide

2011-04-19T11:55:00.001-07:00

According to recent USnews article uncertainty remains in the market, but experts say purchasing a home is still a good long-term investment

Traditionally, spring is when prospective home buyers come out of hibernation and begin the hunt for their next residence. But with the economy still in flux, budget battles raging in Washington, and a housing market on shaky ground, many house hunters are wondering whether it's the right time to buy.

The wild card remains home prices, which are still down 31 percent from their pre-recession peak in July 2006, according to the S&P/Case-Shiller Home Price Index. While some experts see another wave of foreclosures further depressing home values regionally, others say the worst of the housing slump is over. "I'm hopeful the spring will be better because the job market is improving," says Celia Chen, senior director at Moody's Analytics, who expects housing prices to bottom nationally by the third quarter.

Despite the uncertainty surrounding the housing market, experts say for Americans poised to plant roots, the market climate can't get much better. "Confidence is building, prices are down, interest rates are wonderful for a 30-year fixed rate mortgage. It's a good time to borrow money," says Dorcas Helfant-Browning, managing partner at Coldwell Banker Professional Realtors.

To help consumers sort through the pros and cons of buying this spring, U.S. News gathered house-hunting advice from the experts:
Get qualified and determine your budget. Interest rates on 30-year fixed-rate mortgages are at historic lows—about 4.69 percent, on average, nationally—but experts concede that qualifying for a mortgage this spring might be more challenging than it has been in the past. "The big constraint on [housing] demand this year is going to be the availability of mortgages," says Chen. "Lenders are still being very cautious."

Although there are signs that the credit markets may be loosening a bit, even some of the most credit-worthy consumers may still be unable to snag the best interest rates on mortgages. Consumers with lower credit scores could also face higher down payment requirements, says Keith Gumbinger, vice president of mortgage information website HSH.com. "You'll need good credit to get the best pricing," he says. "We're talking about a FICO 740 or above for the best possible pricing."
Would-be home buyers must jump through additional hoops, as lenders are demanding more financial documentation from applicants. "You need to be able to fully document your income and all your assets," Gumbinger says. "Your debt loads relative to your income need to be pretty low. You can't have the leverage you used to be allowed several years ago."
Despite these obstacles, qualifying for a mortgage is an essential step, says Diann Patton, Coldwell Banker Real Estate consumer specialist. "Too many people put the cart before the horse," Patton says. "It's so important to know exactly what you qualify for and have that pre-approval letter in hand before you even look at houses."
Knowing how much you can borrow to finance a home purchase is important, but it shouldn't be the only consideration when looking at your budget. "Look at what you qualify for and then what you really want to have as excess capital," says Helfant-Browning. "Provide yourself a savings plan, an entertainment fund, and give yourself a little cushion. Don't buy at the top of what you qualify for, but what's comfortable, so you can do all the other things in life you wish to do."

Think local, not national. Don't let national headlines about plummeting home values or foreclosure trends spook you, says Patton. "Real estate is not global, it's local," she says. "I could sit and talk to people from Wisconsin or New York or Manhattan, [and] their market could be 180 degrees different from my own market."
Over the next year, experts say the trajectory of home prices will vary widely from region to region, state to state, and even city to city. For example, home values in Minneapolis are expected to increase 21 percent by 2018, while prices in Austin, Texas, are projected to rise only 8 percent, according to Moody's Economy.com.
Prospective home buyers should pay extra attention to the local economy and job market when thinking about purchasing a home. "You need to look at the long-term economic prospects for your area. Not even just the housing market—what does job growth look like projected out? What does the population growth look like?" says Tara-Nicholle Nelson, a consumer educator for Trulia.com.

In general, markets with a diverse and varied economy are more likely to see the job and population growth that fuels home-value appreciation over the long term. "Places where you see big companies moving and creating a lot of jobs, that's where you want to be. It maximizes the resale prospects for your home," she adds.
Do your homework. With so many resources available for house hunters, it's easy to get overwhelmed by an avalanche of information. Start by using online research tools such as Zillow, Realtor.com, and Trulia to get a broad sense of your market. Consider hiring a real estate agent with expert knowledge of the local community, but don't be afraid to get your hands dirty.
"People should get more assertive about the DIY research and preparation they want to do," Nelson says. "We're seeing regular home buyers with spreadsheets. It's not that they're not looking to their professionals for advice, they just want to make sure they feel comfortable with it on their own."
After looking at the big picture, drill down to more specific metrics by neighborhood, such as how long a home has been on the market, list-price to sell-price ratios of comparable properties, and the percentage of listings in a given market with price reductions.
Although it's advantageous to have a good feel for your housing market, the decision should correlate more with your personal goals than any national trends or local statistics. "You have to make your real estate decisions and decide on your strategy based on your personal life and family vision more than anything that's going on in the market," Nelson says.
Plan to stay put. During the housing boom, homeowners were virtually guaranteed to make money or at least break even on their homes, regardless of how long they owned the property. But the luxury of rapid price appreciation is another casualty of the financial crisis and housing market collapse. These days, would-be home buyers should avoid purchasing a home unless they plan to stick around for at least five years.

"People need to buy today because they're buying the family home," says Helfant-Browning. "This is not buying an investment you're going to live in for a year and flip. People need to be in five, seven, or eight years to break even."
That length of time could be even longer in particularly hard-hit markets, Nelson says. "It used to be you could count on whenever you bought [a home], you'd be able to turn it around at, or more than, what you paid for it," she says. "Now, the more hard-hit your market has been by the real estate recession, the longer you should be comfortable staying put. The most powerful thing you can do to avoid locking in losses on your home is to plan to stay in it a long time."

Home prices are expected to appreciate slower than they have in the past, so the direction of your career—and the location you think you'll ultimately end up—are important factors in deciding whether to buy. "We've seen a lot of people struggling with mobility concerns around careers right now," Nelson says. "You really want to know what your career path and trajectory is going to look like for the next five, seven, 10 years, and if you're feeling like you need to be able to move around the country for work, then buying now is not the right idea."

While the housing market might look gloomy 10,000 feet up, experts say the financial advantages of home ownership still remain. "If you're going to pay to live in something every month, why not own it?" Helfant-Browning says. "By getting a 30-year fixed-rate mortgage, 10 years from now when the rents in the community are usually going to be substantially higher, the only thing that will change for you is your home owner's insurance and your real estate tax."

For more information regarding a Oklahoma Mortgage or to Apply online for “Free” Pre-Approval
Log on to our website http://www.zfgmortgage.com
Or Call 918-459-6530

5 Ways to Save When Mortgage Shopping

2011-04-19T11:40:00.001-07:00

According to a recent Zillow article.

Did you know that borrowers spend twice as much time researching a car purchase than they do a home loan, even though the average home costs five times more than the average car? It’s true. In a survey commissioned last year by Zillow and Harris Interactive, it was learned that the typical borrower only spends five hours researching their home loan, while car shoppers spend 10 hours.
As a result, borrowers can lose thousands of dollars in mortgage costs due to lack of preparation. To avoid losing out on your hard-earned dollars, here are a few tips to help you take control of the mortgage shopping process:
1. Get your finances in order. Before you even start mortgage shopping, assess your finances. Determine what you can afford. As a rule of thumb, the total cost of your mortgage payment — including any taxes and insurance—should not exceed 30 percent of your take-home pay. You’ll also want to get a good ballpark estimate of your credit score. Your credit score impacts your interest rate as well as your eligibility to get a loan. Currently, one-third of Americans cannot get a home loan because their credit score is below 620.
2. Pick the mortgage type right for you. There two main types of mortgages: Adjustable-rate mortgages (ARM) and fixed-rate mortgages. Adjustable-rate mortgages have fixed rates for a short period (usually 3, 5 or 7 years) and then readjust. These loans are generally considered riskier because the interest rate and payments can increase when the loan adjusts. However, if you are only planning on living in your house for a shorter period, these loans may make sense for you, especially because you’re likely to obtain lower rates.
A fixed-rate mortgage is just that—the rate is fixed. Many people like this type of loan because the interest rate stays constant throughout the period of the loan. With both fixed and adjustable-rate loans you can select various repayment periods. The most common term is 30 years, but if you can afford the higher monthly payments of a 20- or 15-year term loan, you will save money with the lower rate and quicker payoff period. The most important factors in selecting your loan type is the length of time you plan on staying in your home and your risk tolerance.
3. Take advantage of your 30-day window. There is no such thing as too many loan quotes. Borrowers may shy away from getting multiple loan quotes, fearing their credit will be impacted when multiple parties check their credit within a short period of time. However, you have 30 consecutive days in which multiple pulls of your credit score, or “rate shopping,” won’t affect your credit. With that in mind, take advantage of the 30-day window and get as many loan quotes as possible to get the best rates and terms. Note that in order to compare quotes apples-to-apples, it is important to get quotes from lenders around the same time as rates can change daily. It is always wise to double-check the rate you get from a single broker or bank to make sure you really are getting a good rate and that you find a lender that you trust.
4. Compare quotes. Getting loan quotes from multiple sources and comparing those quotes to choose the best loan seems time-consuming. But it doesn’t have to be. Much like what Kayak.com does for travel, there are many websites that allow you to enter your loan request information once and get loan multiple quotes back from multiple lenders, all on one screen.
5. Check the reputation of lenders and brokers. Whether you have already received loan quotes or are researching lenders to contact, do your homework by checking their background. Have they been in the business a long time? If found online, are they accessible? Do they have any third-party reviews and ratings? Reviews and ratings can be an invaluable resource because you can get unbiased feedback from people who have worked directly with the lender.
Remember that shopping for a mortgage could save you thousands of dollars—and who wouldn’t want to do that?
For more information regarding a Oklahoma Mortgage or to Apply online for “Free” Pre-Approval
Log on to our website http://www.zfgmortgage.com
Or Call 918-459-6530

What It Takes to Get a Home Loan

2011-04-18T23:40:00.001-07:00

According to recent Kiplinger article Lenders loosen their grip, but your credit history will decide whether you get a mortgage, car loan or credit card.

When the financial crisis hit, many banks became tightfisted, and plenty of potential borrowers walked away empty-handed. But financial institutions have emerged from the recession stronger and ready to lend. "Credit is available. No question about it," says James Chessen, chief economist for the American Bankers Association. "Banks are being careful because the economy is still weak, but I don't know a bank out there that's not anxious to make a loan."

More from Kiplinger.com

• 12 New Rules for Your Money

• Making Sense of Financial Reform

• Quiz: Financial Truth or Bunk
Keep in mind that from mortgages to car loans, your credit history and score matter more than they did prior to the crunch. Rates are at rock-bottom levels for borrowers with top-tier credit -- generally credit scores above 720. Before you shop rates, get your credit reports at www.annualcreditreport.com and check for errors. And buy your credit score from Equifax for $7.95 (or get a free score that's similar to the ones that lenders use from CreditKarma.com or other sites like freecreditreport.com). That way you can see where you stand before you apply for a loan.

Mortgages: Stricter Rules

Mortgage lenders want to make loans now, and they may even bid against one another for your business. But lending standards remain tight, and you must be prepared to produce a mound of paperwork to document your income and assets.

Rates are as low as they were in the 1950s, so going through the motions could pay off. In mid September, the average interest rate for a 30-year, fixed-rate conforming loan -- a mortgage of $417,000 or less -- was 4.5%, according to HSH Associates, a mortgage-tracking firm. The initial rate for a 5/1 adjustable-rate mortgage (a fixed rate for five years, followed by annual adjustments) was 3.6%.

Fannie Mae, Freddie Mac and the Federal Housing Administration continue to dominate the mortgage market, setting the standards for the loans that lenders make and sell to investors. So lenders strive to dot every i and cross every t when they qualify you.

If you're buying or refinancing the mortgage on your primary home, you'll need a minimum down payment of 5% to 10% for a conforming loan or 10% to 15% for a conforming jumbo loan (125% of a metro area's median home price, up to $729,750). With 20% or more down, you avoid private mortgage insurance, which typically costs 0.5% to 1.5% of your loan amount per year.

Fannie Mae and Freddie Mac allow a minimum credit score of 620 if you have at least 25% equity in the property or a score of 660 with equity of less than 25%; you'll get the best rate if your score exceeds 720. The FHA will soon require a minimum credit score of 580 to qualify with a down payment of 3.5%, but FHA lenders often impose a higher minimum score of 670.

In addition to your credit, lenders will also scrutinize your ability to pay, starting with your ratio of debt to income. Monthly housing expenses (principal, interest, taxes, hazard insurance, private mortgage insurance and association fees) shouldn't account for more than 28% of gross monthly income. Total debt shouldn't exceed 36% of gross income, but in some cases lenders stretch the maximum to 45%.

Chris Bennett, a loan officer with HomeServices Lending, in Charlotte, N.C., says that he surprises borrowers "all the time" with preapproval of their loan when they aren't expecting it. Even people with lower credit scores may qualify if they have stable employment, a history of paying rent and credit lines on time, and money in the bank or in a retirement account.

However, Bennett also counsels some borrowers to delay their home purchase long enough to improve their credit score, eliminate debt, get a raise and save more money. They might earn a better interest rate, improving their buying power. Plus, he says, "it's not good to lay out every bit of cash you have if you won't have money for a rainy day."

Prove it. At a minimum, you must supply your pay stubs for the past 30 days and W-2 forms for the past two years. Lenders will want to see bank, retirement-account and investment statements for the past 60 days. Bennett says three types of borrowers will face additional requirements:

If you're self-employed or if 25% or more of your income is from commissions or bonuses, you must provide two years of tax returns. Lenders will average your income over the past two years to figure your debt-to-income ratio. If you have pursued opportunities to reduce your taxable income, you may not have sufficient income to qualify even though you may have a lot of money in the bank. Community banks, credit unions and other lenders that typically keep their loans on their own books are the best bet for borrowers with low incomes and high assets, says Bennett.

If you want to rent out your home and buy a new one, you must provide a signed lease for a minimum of 12 months. You can use only 75% of rental income to help qualify for the mortgage, and you must have at least 30% equity in your former home.

If you and your spouse are relocating for work and your spouse doesn't have a job yet, you must qualify for the loan based on one income unless your spouse has a signed agreement with an employer to begin work within 45 days of closing the loan.

Even if you qualify, you can throw a monkey wrench into the final loan approval if you take on new debt that could affect your credit score or your debt-to-income ratio. Some lenders pull another credit report just before closing. Another possible sticking point is the appraisal. Overly generous appraisals helped to fuel the housing bubble. Now, miserly ones may thwart your closing, says Guy Cecala, publisher of the newsletter Inside Mortgage Finance. Lenders will estimate the value of your home conservatively, and appraisers are generally following suit, especially if the local market is in flux.

Home Equity: Lower Limits

Several years ago, home values were rising so rapidly that you could build a pile of equity practically before the ink was dry on your settlement papers -- and then borrow against it to pay for everything from home repairs to college tuition. But as prices have tumbled, lenders have tightened their criteria for approving fixed-rate home-equity loans and variable-rate lines of credit.

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Now in most cities you'll be able to borrow no more than 80% of the appraised value, less the mortgage. In some cities you may get away with 90%, says Keith Gumbinger, of HSH Associates. But in areas where prices have plummeted, such as parts of Florida, Nevada and California, the loan-to-value ratio goes as low as 60%.

You'll need a credit score of at least 720, as opposed to the 650 to 680 you could get away with a few years ago. And as with first mortgages, you'll have to document income and assets. Interest rates depend on the amount you borrow and your location. Recent rates averaged about 5.3% on home-equity lines of credit and 7.4% on loans, according to HSH.

Car Loans: Better Rates

When you need to borrow money to buy a new set of wheels, credit isn't the major stumbling block anymore. Loan approvals are up from last year in every credit category, according to CNW Research. "Most people have good enough credit to qualify," says Greg McBride, of Bankrate.com. "The down payment is what's problematic for people without a lot of savings." Lenders are looking for 10% down on a new car and 20% for used cars.

The average rate from the manufacturers' finance companies was 4.5% in August, versus 6.9% in January 2009. Automakers and their finance companies, desperate to prop up sales, are aggressively promoting low-rate loans on new cars for top-tier borrowers. Expect to see 0% offers on 2010 models as dealers clear their lots for the 2011s. And even though the new model year is still fresh, rates as low as 1.9% and 2.9% for 60 months recently made up a sizable number of offers.

Low rates aren't limited to new-car buyers. After welcoming their first child, Andrea Hewitt and her husband, Josh, decided "it was time to grow up." They traded in the 2004 Honda Accord coupe Andrea had bought when she was single for a more family-friendly 2008 Nissan Altima sedan. The dealer offered a loan at 5% for five years, which the Hewitts bargained down to 4.29%. If they had purchased the extended warranty, the dealer would have knocked the rate down to 0.9%. The trade-in took care of a chunk of the loan balance, and the Hewitts put down another $1,500 to keep their payments low. While the best financing deal is often at the dealer, make sure you have a backup plan in case you don't qualify for the lowest rates. At big banks, good credit will get you rates below 4% for five years on new cars and about 4% to 5% for used cars. Some credit unions are beating even those rates. If you don't belong to a credit union, you can probably find one for which you're eligible at www.creditunion.coop.

Credit Cards: High Scores

Despite fewer credit-card delinquencies, most large issuers have not relaxed their standards; they continue to require higher credit scores and offer lower credit limits than before the recession. If you have fair or poor credit, you'll have a tough time qualifying. Even if you have a credit score of 740 or 750, you would be approved for a credit card but might not qualify for the lowest rate, says Bill Hardekopf, of LowCards.com.

If you have excellent credit, whether or not you qualify for the lowest rate, your mailbox has probably been peppered with credit-card solicitations. Mintel, a market-research firm, expects issuers to send out three to four billion offers this year, compared with two billion a year ago, most of which will be for rewards cards. A lot of rewards cards have attractive perks, but now you're more likely to be charged an annual fee (often waived for the first year). Teaser rates as low as 0% are also making a comeback, although balance-transfer fees at many banks have risen to 5%.

To qualify for the best offers, pay on time, even if it's just the minimum. You could receive a reminder -- and a spike in your interest rate -- if your payment arrives even one day after the due date. If your card issuer lowers your credit limit, you may receive a separate notice or see it announced in your monthly statement. Many issuers no longer charge over-limit fees, but with others, exceeding your limit can cost up to $29 in fees and will probably mean an increase in your interest rate.

Hold your balances below 30% of your total credit limit. If your charges creep above that ratio, it's a red flag that lowers your credit score and could prompt the issuer to raise your rate (you must receive 45 days' notice). It's better not to close accounts because you increase the ratio of your outstanding balance to your available credit, which can hurt your credit score. Issuers can no longer charge inactivity fees, but if you are being charged an annual fee for a card you no longer use, it's worth it to close the account and take a small hit on your credit score.

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9 Items Homebuyers Desire in 2011

2011-04-18T23:32:00.001-07:00

According to Yahoo Finance Article Today's homebuyers want it all.

Some items on the shopping list: a home in great condition with rooms that can do double duty. Areas that mingle indoor and outdoor living -- patios, porches, decks and outdoor rooms -- are always a plus. And so are those features that offer a little luxury, like garden tubs, first-rate appliances and high-dollar countertops.

More from Bankrate.com:

• What Will $200,000 Buy?

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They're also going back to basics: searching for solid, well-maintained properties that will give them their money's worth.

"I think this year they're buying properties that are in good mechanical condition that have inherent value," says Ron Phipps, president of the National Association of Realtors.

But more than anything, buyers want to drive a hard bargain.

[Click here to check home loan rates in your area.]

They want "great deals," says Patricia Szot, president of the MetroTex Association of Realtors. "And no matter where a seller prices their property, they're looking to negotiate."

Here are nine items popular with buyers this year:

Homes in Good Condition

Buyers demand homes that are well maintained, Phipps says. "There's not a lot of flexibility in that." The attitude is: "I'd rather spend the money getting into the house" and not have to spend more money later, he says. Buyers don't want an unknown expense hanging over their heads.

Pat Vredevoogd Combs agrees. "I'm not working with too many people who want a fixer-upper," says Combs, past president of the National Association of Realtors and vice president of Coldwell Banker AJS Schmidt in Grand Rapids, Mich.

One big reason: With most transactions, "buyers have limited amounts of cash," Phipps says. "Even if they want to do a fixer-upper, they don't have the money to do it."

"Buyers have enough money to buy," he says. "They don't have enough money to buy and improve. And the lenders make it really difficult."

Rock-Bottom Bargains

Buyers "are more focused on negotiating, drawing limits in their mind and focusing on the strategy," says Justin Knoll, president of the Denver Board of Realtors.

Some of it is a point of pride, he says. "They want to tell their friends and family that they really got a smokin' deal."

They "want value," says Alice Walker, president of the Greater Nashville Association of Realtors. "They are very picky. They're just a lot more critical. They are not going to settle because they know they don't have to."

Her advice to sellers: Repair, update, clean and stage. "You have got to remove every obstacle possible for the buyers," Walker says.

The more-for-less approach even holds when buyers consider bank-owned properties, says Joan Pratt, real estate broker, Re/Max Professionals in Castle Pines, Colo. "They want the short sales and the foreclosures and they want them to look like they're owner-occupied," she says. "They don't want to paint. They don't want to put carpet in. They don't want to clean."

And they're surprised when they don't find it, Pratt says.

Outdoor Living Areas

"The thing that we've seen over the past couple of years is more outdoor living areas," says Laurie Knudsen, president of the Charlotte Regional Realtor Association. Some popular features: Screen porches, outdoor kitchens, two-way fireplaces.

"It's a selling point if a house already has it," she says. And "it's going to make it more competitive on the market."

Incentives

Call it "Rock-bottom deals, part two."

Along with pricing, "it's all about incentives," says Mabel Guzman, president of the Chicago Association of Realtors. To pique buyer interest, sellers offer everything from gift cards for new furniture and paint to financial assistance at closing.

Szot agrees, and laments that it's made the road more difficult for sellers.

"Not only are (buyers) asking them to lower the price, but they are asking for a lot more," Szot says. "So negotiations are a lot more difficult now."

Practical Green Features

Call it "Yankee frugality," says Phipps. But what he sees on buyer shopping lists is a home that is easy on the planet because it's easy on the wallet.

Buyers are looking for things like triple-glazed windows, high-efficiency boilers and energy-efficient appliances. "The buyer of today wants to make sure that the ongoing operating costs of the house are as controlled and economical as possible," he says.

Another popular item: nontech green features. Buyers are looking at the sun exposure in relation to energy efficiency, he says. And that's something that will vary with the area and region, he says. "In some areas, you want larger overhangs to minimize the sun," Phipps says. "In my area (New England), lots of windows on the southern side to maximize the sun would be smart."

Open Kitchens

"The wall between the kitchen and the family room is evaporating," Phipps says.

"The kitchen is becoming part of the gathering space," he says. "And it's ironic -- it's the way it was 300 years ago. We've come full circle."

Repurposed Materials

Buyers like a material that looks or feels natural, even if it's not the genuine article, Phipps says. For example, "granite (for counters) is still popular, but it doesn't have to be granite," he says. "It can be stone, another natural material or something that looks like stone."

"We're seeing lots of different materials and lots of reusable materials, which is interesting," he says. "Also a lot of unusual uses of hardwood -- like pine flooring (reclaimed and) reused for counters," or terra cotta slabs -- beautifully glazed -- used for countertops, he says.

Smaller, Less-Formal Homes

Buyers are buying smaller homes, but they want to be able to use and reuse every inch of space, Phipps says. "They are being much more strategic and efficient with how they use it."

Formal spaces that might only be used three or four times per year are disappearing. "The slipcover rooms are gone," says Phipps.

That's "led to a repurposing of space," he says. Formal living rooms have been added to great rooms or converted into home offices or entertainment rooms.

"Three to five years ago, if they could get a loan that would get them into a McMansion with stone and tile and brick and more rooms than they needed, they would do it," says Jeff Wiren, president of the Portland Metropolitan Association of Realtors. "Now they're saying 'I don't know if I want to heat that place and clean it.' They're being much more realistic."

Touches of Luxury

Buyers like luxury. And sometimes the amenities that convey that feeling of living large are relatively simple or inexpensive.

One example: coffee bars in the master bedroom. "It's like a butler's pantry in your bedroom," Pratt says. "An area for your coffee pot and accoutrements and a little fridge."

The feature has been popular, especially in high-end homes, for about five years, she says.

Another luxury touch: high-dollar finishes in less-expensive homes, Knoll says. Granite counters and stainless steel appliances, marble tiles in the bathrooms and vessel or undermount sinks continue to impress, he says.

Buyers also like "a living space where you can have barstools and do some entertaining," he says.

Says Knoll, "There is a sex appeal about housing, and they do get excited about those kinds of things."

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"FREE" Pre-Approval

Your Initial Meeting With a Mortgage Professional at ZFG

2010-12-21T11:12:00.001-08:00

The loan approval process generally begins with an initial interview where you and a mortgage professional discuss the potential loan. You will need to send information to us to verify your income and long term debts.

You may prefer to talk ZFG before house hunting to determine in advance how much you can afford and the mortgage amount for which you can qualify. This step is called pre-qualification and can save you time and trouble by making certain you are looking in the correct price range.

To complete the 1003 Mortgage Application, you will need to gather:

• A purchase contract for the house (if you have one)

• Your bank account numbers and the address of your bank branch, along with checking and savings account statements for the previous 2-3 months

• Pay stubs, W2 withholding forms, tax returns for two years, or other proof of employment and income verification

• Credit card bills for the past few billing periods, or canceled checks for rent or utility bill payments, to show payment history and amount of revolving debt

• Information on other consumer debt such as car loans, furniture loans, student loans and retail credit cards

• Balance sheets and tax returns, if you are self-employed

• Any gift letters, if you are using a gift from a parent or relative or other organization to help pay the down payment and/or closing costs. This letter simply states that the money is in fact a gift and will not have to be repaid.

Having these items on hand when you visit the mortgage company will help speed up the application process. Usually an appraisal fee will have to be paid when you submit the mortgage application. After you speak with us, you should have a general idea if you qualify for the size and type of loan you want. After the mortgage application, we will let you know if you qualify for the loan within a couple of days.

If you would like more information regarding the loan process or would like to get Pre-Approved
Log-On to our website at http://www.zfgmortgage.com
or call 1-877-205-7266

How To Improve Your Credit

2010-12-20T14:55:00.001-08:00

If you have had credit problems, be prepared to discuss them honestly with a mortgage professional. Responsible mortgage professionals know there can be legitimate reasons for credit problems, such as unemployment, illness or other financial difficulties. If you had a problem that's been corrected, and your payments have been on time for a year or more, your credit may be considered satisfactory.

1. If you are currently in excess debt, there are four ways to control it: If your credit is not in terrible shape, you can reduce your other expenses, even if it means making hard choices or changing your lifestyle to fit your income. Consider selling a second car, taking equity out of your home, applying for a non-secured signature loan, obtaining a loan from a relative, selling your home and paying off your debts with the proceeds and then renting, cashing out your 401K/retirement benefits or selling family heirlooms, jewelry, etc.

2. If your credit is already damaged or one of the above isn't an option, go through Consumer Credit Counseling Services (CCCS). Check your yellow pages for the local number. CCCS may be able to help you pay off your debts as if you were in a Chapter 13 bankruptcy, but you don't actually file for bankruptcy.

3. If CCCS won't take you, you may want to consider bankruptcy. Claiming Chapter 13 bankruptcy takes longer than a Chapter 7, but your credit will end up in a little better standing. Chapter 13 bankruptcy gives you up to 5 years to pay off your debts. The disadvantage is that you're in bankruptcy for up to 5 years plus your credit report shows your bankruptcy for 7 more years after you have finished paying off your debts.

4. If you are so far in debt that you can never repay it, then the best solution may be a Chapter 7 bankruptcy. A Chapter 7 bankruptcy is the least desirable from a credit standpoint, but you are typically out of bankruptcy in 6 months and you don't have to repay any debt. The disadvantage is that this shows on your credit report for 10 years from the date of filing your bankruptcy. Creditors are starting to tighten their credit requirements, and you may have a tough time getting future financing.

If you're debts are under control now, but want to improve your bad credit history, the most important factor is to make your monthly payments on time. Use pre-addressed envelopes enclosed with your statements to mail your payments and call the company if you don't receive your usual statement. Also send your payment as early as possible if you carry a balance. Most companies calculate interest on a daily basis, so the sooner they receive your payment, the less interest you'll pay.
Don't procrastinate. It's the day your payment is received that counts, not the postmark date. Give the post office sufficient time (five business days is a good guideline) to deliver your mail. Late payments may mean late fees, higher interest, and/or a negative mark on your credit report.
Never send cash. Open a checking account if you don't have one, or spring for a money order and keep your receipt. Finally don't forget to tell your creditors your new address when you move.
If you are worried about making payments, make a list of your debts and when the payments are due. Contact your lenders immediately if you think you will have trouble meeting the monthly payments to arrange a payment schedule.
Taking money from your retirement account or tapping the cash value of your life insurance policy to pay bills or living expenses may have serious implications you haven't considered, so try to get advice from an expert before you take any major financial actions.
Credit cards can be invaluable in a crisis, since they allow you to charge items and pay them off over time. But they can also be dangerous if you aren't careful and charge more than you can afford. If you do use credit cards, choose those with the lowest interest rates and pay them back as soon as you can to cut your costs.

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Mortgage Rates Improve at the start of New Week 12/20/10

2010-12-20T12:27:00.001-08:00

December 20, 2010

After last week’s fluctuations in mortgage rates, this week has started on a good note with mortgage rates seeing overall improvements in pricing.

All of the current conforming mortgage rates have dropped .125% from Friday. Today’s 30 year fixed mortgage rate is 4.750%, the 15 year fixed mortgage rate is 4.125% and the 5/1 ARM is 3.250%. These are the best mortgage rates available with 1% origination point to borrowers who have maintained excellent credit and approval status.

Today’s FHA 30 year fixed mortgage rate is 4.500% which is .125% lower than last week and still slightly lower than the 30 year conforming mortgage rate. The 15 year FHA fixed mortgage rate is 4.000% and the FHA 5/1 ARM is 3.250%, both remaining the same from last week. FHA mortgages have higher closing cost (APR) due to applicable FHA fees and an upfront mortgage insurance premium charged at closing.

Jumbo mortgage rates had mixed results today. Today’s 30 year jumbo mortgage rate is 5.250%, which is a decrease of .250%. The current 15 year jumbo mortgage rate remains the same at 5.000%. The jumbo 5/1 ARM is 4.125%, which is an increase of .125%.

Today’s Well’s Fargo Oklahoma 30 year fixed mortgage rate also saw improvement and is currently 4.875% (5.065% APR) which is a decrease of .125%.

MBS (mortgage backed securities) prices are up today +9/32 (FNMA 30 yr 4.5 at 102.11), approximately 28/32 higher than Friday. Mortgage rates are driven by MBS prices and move in the opposite direction. While the end of December is normally an unpredictable period, the first half of this month has already proved to be erratic with prices that have fluctuated in both directions.

ZFG Mortgage surveys more than a dozen wholesale and direct Oklahoma lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard 1 point origination.

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Mortgage Rates Jump to 7-month high, Lock in before its to late!

2010-12-16T12:30:00.001-08:00

According to an article in the Wall Street Journal’s Market Watch on 12-16-2010— Mortgage rates jumped again this week, with rates on the 30-year fixed-rate mortgage reaching a seven-month high and the 15-year fixed-rate mortgage above 4% for the first time since the end of July, according to Freddie Mac’s weekly survey of conforming mortgage rates.
“Market concerns over stronger economic growth that, in the near term, could lead to an increase in inflation have sparked a rise in bond yields and mortgage rates have followed,” said Frank Nothaft, chief economist of Freddie Mac, in a news release.
Interest rates on the 30-year fixed-rate mortgage averaged 4.83% for the week ending Dec. 16, up from 4.61% last week. The mortgage averaged 4.94% a year ago.
Fifteen-year fixed-rate mortgages averaged 4.17%, up from 3.96% last week. The mortgage averaged 4.38% a year ago.
Adjustable-rate mortgages also rose, with the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaging 3.77%, up from 3.6% last week. The ARM averaged 4.37% a year ago.
And 1-year Treasury-indexed ARMs averaged 3.35%, up from 3.27% last week. The ARM averaged 4.34% a year ago.
To obtain the rates, all mortgages required an average 0.7 point. A point is 1% of the mortgage amount, charged as prepaid interest.
“The growth in retail sales excluding automobiles in November was twice that of the market consensus forecast. Industrial production showed the biggest gain in November since July, according to the Federal Reserve Board. And consumer sentiment, as measured by the Thomson Reuters/University of Michigan index, rose to a six-month high in December,” Nothaft said.
“As a result, interest rates for 30-year fixed mortgages this week were the highest since the week of May 20 of this year,” he said.
Housing starts also showed a modest rebound in November, the Commerce Dept. said Thursday. See Economic Report on housing starts.
And foreclosure activity took its biggest drop in nearly six years and filings fell under 300,000 in November, RealtyTrac said Thursday
Reversing course?
But it’s possible that rates will head lower in the weeks ahead, said Paul Anastos, president of Mortgage Master, an independent mortgage lender based in Walpole, Mass.
“I don’t think we will hit the lows that we did hit, but I think the rates will bounce back,” Anastos said. “I don’t see enough good economic trends to say that the rates will stay high.”
Those in the market to buy a home shouldn’t change their approach as a result of higher rates, he said. More important to prospective buyers is whether they have a job, are confident they’ll keep it and are sure that the home is affordable for the long term, he added.
But for those in the market to refinance, act now if it will save you money or — if you also believe that rates could reverse course — get your paperwork in order before rates do drop so you’re ready to take action when it’s time, Anastos said.
“There are definitely a lot of people who missed the opportunity,” he said. When rates are near record lows for such a long stretch, “you almost get complacent that the rates will continue to stay low.
If you are looking to refinance or purchase a home, now is the time to act and lock in rates before they incress even more.

For a “Free Pre Approval or Mortgage Check-up” Log on to
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Oklahoma Mortgage Specialist

F.H.A. Rule Changes for Mortgage Borrowers

2010-11-29T12:08:00.001-08:00

According to article from the New York Times on 11-28-10 HOME buyers with sketchy credit who are unable to qualify for conventional mortgages may now find it more costly and difficult to obtain loans insured by the Federal Housing Administration.
Related

More Mortgages Columns
New rules that went into effect this month adjust the two types of mortgage insurance paid by consumers for loans insured by the F.H.A., which is part of the Department of Housing and Urban Development.

One change raises the annual insurance premium, paid monthly by the borrower, setting it at 0.85 percent to 0.9 percent of the loan balance, depending on the down payment or equity owned; the amount used to be 0.5 percent to 0.55 percent. The other change lowers the one-time upfront insurance premium that borrowers must pay, to 1 percent of the loan balance from 2.25 percent.

The upfront premium is paid in a lump sum at closing or added to the loan balance, unlike the monthly premium, which is paid over the life of the loan in addition to the interest and principal.

The decrease in the upfront premium, welcome though it might seem to some customers, does little to offset the effects of the monthly increase, which Andre Harriott, the president of the Access Mortgage Corporation in New Haven, Conn., called “really pretty hefty.”

“Everyone is really living paycheck to paycheck,” he said.

F.H.A. loans are usually taken out by buyers who cannot qualify under the stiffer down-payment requirements of Fannie Mae or Freddie Mac, the government-controlled buyers of loans. F.H.A. requires 3.5 percent, while Fannie Mae typically requires 5 to 15 percent or more, depending on the type of loan.

The changes, under an example provided by the F.H.A., mean that a borrower who puts 3.5 percent down on a $154,000 house with a 30-year fixed-rate mortgage at 5 percent (such a consumer typically earns a gross annual income of $54,000, according to the agency) and who finances the upfront premium into the loan will see monthly mortgage payments, including taxes, interest and the two insurance premiums, rise to $1,238 from $1,205. The example is based on median data, including property taxes put at about 2.5 percent of home value. That increase includes the drop in the upfront mortgage insurance, to $1,486 from $3,344 — but also includes the rise in the monthly insurance premium, to $111 from $68.

Last August, President Obama signed into law a bill authorizing the F.H.A. to increase premiums to shore up its insurance funds; the agency had been authorized to raise the annual premium to as much as 1.55 percent.

Conventional loans, which conform to Fannie and Freddie underwriting guidelines, do not require upfront mortgage insurance. But some may require monthly private mortgage insurance, if the borrower puts less than 20 percent down toward the purchase, or has less than 20 percent equity in a refinancing.

F.H.A. borrowers, meanwhile, can stop paying the monthly mortgage insurance only after five years and when their loan-to-value ratio reaches 78 percent, at which point they have 22 percent equity in their home.

F.H.A. loans are typically offered by niche direct lenders, and because of the insurance, they often carry interest rates equal to or slightly below those of conventional loans.

In October, the F.H.A. set a minimum FICO score of 500 for borrowers who want an F.H.A.-insured loan — the first time a minimum was set. It also introduced a new minimum down payment of 10 percent for borrowers with FICO scores below 580. (Those above 580 still pay a minimum 3.5 percent.)

The issue for the F.H.A, Mr. Harriott said, is that the realm of borrowers has widened. “We see executives of little companies, teachers, people making $200,000 a year, doing an F.H.A. loan, because they’ve gotten into a financial situation,” he said, adding that F.H.A. loans are perceived as safe by investors because of the insurance.

A version of this article appeared in print on November 28, 2010, on In The New York Times

To Apply for a Oklahoma FHA Mortgage log on to http://www.zfgmortgage.com

It's A Great Time To Buy Tulsa Commercial

2010-11-23T10:42:00.001-08:00

http://www.youtube.com/watch?v=WZ3F8S96pFE

Mortgage Bankers See Rates Rising.. ACT NOW!!

2010-10-27T12:47:00.001-07:00

According to a Wall Street Journal Article from 10-27-2010 Mortgage rates may be as low as they will go, with the average 30-year fixed-rate home loan on course to rise after hovering for months at historically low levels.

The Mortgage Bankers Association predicts rates on the 30-year fixed-rate mortgage will average 4.4% in the fourth quarter of 2010, increasing to a 4.7% average in the first quarter of 2011, and climbing to 5.1% by the end of next year. That is barring any "blockbuster" announcement from the Federal Reserve next month, said Jay Brinkmann, chief economist of the MBA, at the group's annual convention here

The Fed has said it could take more policy actions to stimulate growth, and Mr. Brinkmann said that is likely to come in the form of an additional purchase of Treasury securities. But the market has already anticipated that, and the move has already been priced into current rates, he added.

Mr. Brinkmann said he expects a pickup in purchase originations next year, but 2011 volume for mortgages to buy a home will still only be roughly at its 2009 level. Refinance business, however, is expected to drop next year, as mortgage rates begin their rise from record lows.

Still, potential home-loan customers needn't jump too fast. While the industry group predicts a steady rise from 4.25% on a 30-year fixed-rate loan, the second lowest level it has ever recorded, even a rate of 5.1% on a 30-year fixed-rate loan is historically low.

At the conference, many mortgage bankers commented that business right now is doing well, due mainly to high refinance volume in the low-mortgage-rate environment. A large concern for them, however, has been what happens when all the refinance business dries up.

"If [interest rates] do bump up a bit, it's a big concern on the refinance side," said E. Todd Chamberlain, executive vice president for Regions Financial Corp., speaking on a panel at the convention. Those who have recently refinanced may be in the same homesâ€”with the same loansâ€”for a long time, unwilling to give up their very low rates by moving or refinancing, he said.

Total mortgage volume is expected to be nearly $1 trillion in 2011, down from an anticipated $1.4 trillion this year and nearly $2 trillion in 2009.

The industry is expected to originate an annual $480 billion in purchase mortgages by the end of this year and $626 billion next year; it is expected to originate $921 billion in refinance mortgages by the end of this year, which is expected to shrink to $370 billion next year.

The MBA forecast predicts home sales will rise slightly next year, after dropping in 2010 from 2009 levels. Sales of existing homes will finish 2010 about 8% lower than last year, but sales should rise 2% next year and 16% in 2012. And sales of new homes will finish this year 13% lower than 2009, but sales should rise from that low base by 20% next year and 40% in 2012.

"We also see some upward indication on prices" in many markets, Mr. Brinkmann said. Nationally, prices are expected to decline 1% next year, but that decline is heavily weighed down by severely troubled housing markets, including those in Florida and parts of California, he said.

Mr. Brinkmann said that there has been a large decline in household formation throughout the country, with many adults who would rather live on their own sharing a roof with parents or roommates due to financial reasons. Others might be marking time in crowded apartments, though their families are increasing in size and they would rather move to a larger space, he said.

Those people might relocate as soon as the economy improves and more jobs are created: "There is tremendous pent-up demand that is going to respond quickly to job growth," he said.

Offsetting that, however, are mobility trends. Homeowner mobility is down, partly because of diminished equity in homes and now also because of low interest ratesâ€”it is now going to be more difficult for people to move when it means they will be giving up a 4.5% interest rate on their mortgage, he said.

If you looking to Refinance your Oklahoma Mortgage Act now!! Apply Online today at http://www.zfgmortgage.com or Call 918-459-6530 Toll Free 1-877-205-7266

Mortgage Tulsa | Oklahoma Mortgage | Oklahoma Home Loans

According to the Wall Street Journal Mortgage Rates Get Even Lower!

2010-09-03T14:36:00.001-07:00

http://online.wsj.com/article/SB10001424052748704206804575467513060873320.html?KEYWORDS=mortgage+rates

Now is the Time to Refinance your Mortgage!
Call ZFG Mortgage and take advantage of our skip 2 months mortgage payment refinances. Apply online today!! http://www.zfgmortgage.com

Home Mortgage Rates Are As Low as 4.25% Fixed!! Refinance Today

2010-08-25T16:21:00.001-07:00

Mortgage rates are incredible low right now, and for a limited time if you refinance with ZFG Mortgage you will also be able to skip your Next Two Months mortgage payments!! Call or Apply online for a "FREE" mortgage check-up today
918-459-6530 or http://www.zfgmortgage.com

Why Should You Refinance Your Mortgage!

2010-06-08T18:58:00.001-07:00

There are a multitude of reasons why you might want to take advantage of mortgage refinance. Here are a few of the main reasons:

To secure a low, fixed rate.Â Since Interest rates have probably dropped since you took out your current mortgage, you can refinance to take advantage of current historic low rates in mid 4%'s range. A percent decrease in your rate can equal thousand if not hunderds of thousands of dollars in saved intrest expense.

To switch to another type of mortgage.Â Mortgage refinance enables you to switch from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage or vice versa. Some homeowners take out an ARM only to discover that payment fluctuations are too stressful. You can refinance to switch to a fixed-rate mortgage easily.

To improve the terms of an ARM.Â Adjustable-rate mortgages come with features that you might improve upon with mortgage refinance. For example, ARMs have caps on how much payments can increase per year and over the life of the loan. If you are dissatisfied with your current caps, you can refinance for better features.

To lower monthly payments.Â You can use mortgage refinance to extend the repayment term of your mortgage or to lower your interest rates, and both options will substantially reduce your monthly payments.

To build equity in your home faster.Â Some homeowners use a mortgage refinance to take out a shorter-term mortgage to pay off the loan faster with less interest expense. If you choose this option, you will build equity in your home more quickly.

To convert home equity into cash.Â If your home has appreciated in value or if you are willing to take out a mortgage with a larger principal, you can take the difference in cash to cover your expenses.

Apply for a Free Mortgage Check Up Today at
http://www.zfgmortgage.com

Tulsa named best place to live in the U.S. OKC #10

2010-05-27T16:09:00.001-07:00

The secret is out. Relocate America has declared Tulsa the No. 1 place to live in America.

Relocate America's TOP 100 Places To Live! list is compiled using data regarding local economy, housing, education, employment, crime, parks and recreation, and other statistics used to make home-buying decisions.

Communities around the country are nominated by residents, and information is submitted about neighborhoods, the city's beauty, the quality of schools, recreational activities and economic growth. The TOP 100 Places to Live! list is published annually.

â€œThis ranking corroborates exactly what the Chamber uses to sell the Tulsa region 365 days of the year,â€ said Mike Neal, president and CEO. â€œWe are faring much better during the national recession than many of our peer cities because of our diversified industries, quality of life and cost of living.â€

Tulsa has also been identified as the fifth best city in the nation to ride out the recession, according to Forbes.com.

"We have one of the strongest real estate markets in the country, and Tulsa is experiencing job growth other cities are not during this national recession," said Bob Ball, economist for the Chamber. "Additionally, our cost of living is 11.5 percent below the national average. When you consider all of this quality of life data, Tulsa is an attractive community to both businesses and relocating families."

To view the Top 100 Places to Live!, visit RelocateAmerica.com.

Top 10 Places to Live

Tulsa, Okla.
Dallas-Ft. Worth Texas
Pittsburgh, Penn.
Raleigh-Durham, N.C.
Huntsville, Ala.
Houston, Texas
Albuquerque, N.M.
Lexington, Ky.
Little Rock, Ark.
Oklahoma City, Okla.
http://ww3.tulsachamber.com/news.asp?id=327&newsid=405
HTTP://WWW.ZFGMORTGAGE.COM

100% USDA MORTGAGE UPDATE

2010-05-22T00:25:00.001-07:00

OKLAHOMA 100% USDA GUARANTEED RURAL HOME LOAN

Designed as a resource for low to moderate income homeowners in rural communities, the USDA Guaranteed Rural Home Loan has helped many Oklahoma families obtain financing for homes not only in rural areas, but also in cities such as Owasso, Bixby, Glenpool, Coweta, Catoosa, Wagoner, Parts of Broken Arrow, Norman, Noble, and Jenks including many other Oklahoma cities.

While the USDA has guaranteed this loan, the money actually comes from traditional lenders like Golf Savings Bank. We underwrite the loan based on USDA guidelines and then sell it on the secondary market, just like a traditional loan.

One of the most attractive characteristics of the USDA Guaranteed Rural Home Loan is that it is one of the last home loans with 100% financing. I have helped many home owners get into a home with no money down. In fact, they usually are able to get their Earnest Money back as well.

The program also allows for 6% Seller Concessions to help cover the cost of the Buyers Closing Costs. Rates are very competitive with conforming and FHA loans, and there is no monthly mortgage insurance payment.

The two main qualifiers of the USDA Guaranteed Rural Home Loan program are:

The Property must be within a qualified area. This is easy to determine based on a USDA online map on our website http://www.zfgmortgage.com.
The Adjusted Household Income must not make exceed the published income levels for the area. This takes a little more work as it is unique to the USDA.
The loan is undergoing some changes right now. Traditionally, the USDA will provide financing up to 102% of the appraised value of the home. This covers the 2% Guarantee Fee that is mandated by Congress to help repay the cost of this program. Historically, this program runs out of money every year and then is funded again by Congress. Over the last 2 years, the program has exhausted its funds in the Spring. Last year it was quickly funded, this year, not so. The program is currently out of funds and is awaiting Congressional funding.

There is a Bill before Congress to make the USDA Guaranteed Rural Home Loan self-funding. This will enable the program to continue to exist without the need for Congress to continually allocate for funds. The Rural Housing Preservation and Stabilization Act increases the maximum loan guarantee fee that USDA’s Rural Housing Service has authority to charge for new housing purchases from 2.0 to 3.5 percent and allows an annual fee of not more than 0.5 percent per year on the balance of the loan. This will result in a nominal increased monthly payment of around $8 per $100,000 at 5% Interest Rate.

A modified version of the Rural Housing Preservation and Stabilization Act has been added to H.R. 4899, the Disaster Relief and Summer Jobs Act of 2010 and will hopefully be voted on soon.

We are still accepting applications based on the 3.5% Guarantee Fee, underwriting them and then putting them in suspense until the USDA gives us further direction.

If you need to close soon, I suggest using an FHA or conforming loan. If you have the luxury of waiting a few more weeks or months, than this is still the best loan on the market if you don’t have 20% down payment and you and your property qualify.

Apply online Today http://www.zfgmortgage.com

U.S. mortgage rates sink further

2010-05-21T10:21:00.001-07:00

http://www.latimes.com/business/la-fi-mortgage-rates-20100521,0,2503011.story
Rates start at 4.5% 30 Year Fixed and 3.375% 5 Year Fixed Mortgage. Apply online for a "FREE" Mortgage Check-Up & Pre-Approval!! http://www.zfgmortgage.com

Mortgage Rates Hit Lowest Level of 2010

2010-05-13T15:45:00.001-07:00

http://www.cbsnews.com/stories/2010/05/13/business/main6480250.shtml

Log on to our website for Free Pre-Approval for a Refinance or Home Purchase.
http://www.zfgmortgage.com

Mortgage rates drop for fifth consecutive week

2010-05-13T11:55:00.001-07:00

http://www.latimes.com/business/la-fi-mortgage-rates-20100514,0,2568549.story

http://www.zfgmortgage.com

Homebuyer Tax credit extended for active duty military

2010-05-03T17:19:00.001-07:00

Tax credit extended for active duty military U.S. servicemen out of the country for 90 days (since 2008) may have an extra year to get the tax credit, up to $8,000, for buying a home.

The active-duty rule is not new. It’s part of the current tax credit law, though its use is limited. The qualification must be for “official extended duty outside the United States for at least 90 days after 2008 and before May 1, 2010.”

Should that be the case, however, the homebuyer has an extra year to buy a home. He or she has until April 30, 2011, to secure a binding contract, and until June 30, 2011 to close on the home. Other conditions such as a maximum $8,000 for first-time buyers and $6,500 for move-up buyers still apply.

http://www.zfgmortgage.com

Who determines the market value of a property ?

2010-04-28T18:04:00.001-07:00

The seller of the property is the person who sets the price of the property (specially residential property), and not an appraiser. This is because sellers normally do not order an appraisal when selling their homes. Sellers wish to obtain the highest selling price possible for their homes and hence do not want to be bound by the appraiser's assessment of their home. The real estate agent, who receives a percentage of the price as compensation and often represents the seller in the transaction, normally assists the seller in setting the sale price.

The real estate agent performs a comparative market analysis (CMA). The appraisal laws in most states allow real estate agents to perform CMAs without an appraiser's license or certification. A CMA is a necessary part of the agent's preparation for a listing and consists of examining sales of properties in the area to arrive at a listing price. The reliability of the CMA depends upon the agent's experience and the characteristics of the property and the surrounding area. Typically, the agent will suggest a selling price to the seller based upon the analysis. However, the seller may not accept that price and choose to list the property for a higher price.

For more info log on to http://www.zfgmortgage.com

Overview of the Mortgage Loan Process

2010-04-28T18:00:00.001-07:00

Organize your documents

If you are buying or refinancing a home
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
If you wish to speed up the approval process, please also provide three months bank statements for each bank, stock and mutual fund account.
Provide recent copies of any stock brokerage or IRA/401K accounts that you may have.
If you are requesting a cash out refinance please provide a letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

If you are applying for a home equity loan.
If you are salaried: provide two years W-2 and one month of paystubs OR if you are self-employed: provide two years tax returns and a YTD profit and loss statement.
If you own rental property, please provide rental agreements and two years tax returns.
Please provide a copy of the note on your first mortgage. This will normally be found in your closing loan documents.
Please provide a signed letter explaining what you plan to do with the proceeds.
Provide a copy of divorce decree if applicable.
If you are NOT a US citizen, provide us with a copy of your green card (front & back), or if you are NOT a permanent resident provide us with your H-1 or L-1 visa.

Get Qualified

Getting qualified before you apply for a loan can help you understand how much you can borrow.
When buying a house, you may get pre-qualified or pre-approved. You can typically get pre-qualified over the phone or on the Internet in a few minutes. A pre-qualification is not as beneficial as a pre-approval where you have to go through a more rigorous process which includes verification of your credit, income, assets and liabilities. It is highly recommended that you get pre-approved before you start looking for a house. This will help you:

Find out the maximum house you can buy, so you don't waste time looking for properties you can not afford.

Puts you in a stronger position when you are negotiating with the seller, because the seller knows that your loan is already approved.

Helps you close quickly, since your loan is already approved.

Shop loan programs and rates

To shop for a loan you will need to:
Think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider an adjustable or balloon loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans.

Understand the relationship between rates and points. Points are considered to be prepaid interest and are tax deductible. Each point is equal to one percent of the loan. So for example 1 point on a $150,000 loan is $1,500. The more points you pay, the lower the rate you will get.

Compare different programs. Shopping for a loan can be difficult. With so many programs to choose from, each of which has different rates, points and fees, it's
hard to figure out which program is best for you. That's where an experienced loan officer can help you make a decision that's best for you.

Also, consider the ways you can use your mortgage as a financial tool. Very few mortgage brokers and loan officers have the knowledge it takes to provide mortgage planning strategies. If you want to utilize mortgage planning to add considerably more net worth over time by properly handling your debt and equity, then you must seek a Certified Mortgage Planning Specialist. Click here to learn why.

Obtain Loan Approval

Once your loan application has been received we will start the loan approval process immediately. This involves verifying your:
- Credit history
- Employment history
- Assets including your bank accounts, stocks, mutual fund and retirement accounts
- Property value

Based on your specific situation, additional documents or verifications may be required. To improve your chances of getting a loan approval:
Fill out the loan application completely.
Respond promptly to any requests for additional documents. This is especially critical if your rate is locked or if you plan to close by a certain date.

Do not make any major purchases. Do not buy a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have
an adverse affect on your current application.

Do not move money into your bank accounts unless it can be traced. If you are receiving money from friends, family or other relatives, please contact us.

Do not go out of town around the closing date. If you do plan to be out of town when your loan is expected to close, you may sign a power of attorney, to authorize another individual to sign on your behalf.

Close the Loan

After your loan is approved, you will be required to sign the final loan documents. This will normally take place in front of a notary public. Be prepared to:
Bring a cashiers check for your down payment and closing costs if required. Personal checks are normally not accepted.
Review the final loan documents. Make sure that the interest rate and loan terms are what you were promised. Also, verify that the name and address on the loan
documents are accurate.
Sign the loan documents.
Your loan will normally close shortly after you have signed the loan documents. On refinance and home equity loan transactions federal law requires that you have 3 days to review the documents before your loan transaction can close.

For more info http://www.zfgmortgage.com
or 918-459-6530

What is an FHA Loan?

2010-04-28T17:52:00.001-07:00

The Federal Housing Administration (FHA) was established in 1934 to improve housing standards and conditions and to provide an adequate home financing system through insurance of mortgages. Families that would otherwise be excluded from the housing market were finally able to buy the homes of their dreams.

An FHA loan allows you to buy a house with as little as 3% down, instead of the higher percentages required to secure many conventional loans. Taking advantage of the FHA loan program is a great way for first time buyers, or anyone with a shortage of down payment funds, to buy a home.

The FHA does not make home loans--it insures them. If a home buyer defaults, the lender is paid from the insurance fund. This is a perfect mortgage solution for those starting out or those having a tough time qualifying for conventional loans.
http://www.zfgmortgage.com

2010-04-27T17:57:00.001-07:00

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa & CBS news Ch.9 4-27-2010 Time Running Out To Cash In On First-Time Homebuyer Credit.http://www.newson6.com/global/story.asp?s=12385009

2010-04-27T17:53:00.001-07:00

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa 4-27-2010

2010-04-27T17:33:00.001-07:00

Time Running Out To Cash In On First-Time Homebuyer Credit.
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News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.9 Oklahoma City 4-27-2010

2010-04-27T17:31:00.001-07:00

News story on ZFG Mortgage and Client Mark Fritts on CBS news Ch.6 Tulsa 4-27-2010
Time Running Out To Cash In On First-Time Homebuyer Credit.
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$8,000 Government Tax Credit Deadline is approaching and Oklahoma homes are flying off the market!

2010-04-21T13:55:00.001-07:00

$8,000 First Time Home Buyer tax credit is expiring at the end of this month **9 Days to be exact**. Basically first time home buyers have until 4-30-2010 to get a home under contract to take advantage of the $8,000 tax credit. This deadline also applies to the $6,500 existing homeowner tax credit. Even though buyers have until 6-30-2010 to close on the home, they still have to have the home under contract by Friday April 30th. So this means people wanting to take advantage of the “FREE” money offered by our government, still have time to find a home and sell their home since the closing deadline isn’t till the end of June and still make the deadline and take advantage of the Tax Credits. If you were thinking that you would not qualify for a mortgage to purchase a home because of little credit or no down payment think again. There are loan options available for you, two mortgage products in particular that are offered by USDA and FHA allow future home buyers to purchase home without a down payment or purchase existing FHA/HUD foreclosed homes with as little as $100 down payment. If you would like more information regarding the tax credit or to see if you qualify for zero down or $100 down mortgage give ZFG Mortgage Tulsa a call today. 918-459-6530
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Blog title...

2010-04-17T00:57:00.001-07:00

ZFG Mortgage Oklahoma ZFG Mortgage Oklahoma just earned the TOP MERCHANT status on merchant circle.
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2010-04-16T23:49:00.001-07:00

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Tulsa Home Loans WWW.ZFGMORTGAGE.COM

2009-01-27T15:30:00.000-08:00

Broken ArrowMortgage Broken Arrow Home Loans
google8daf5cd0a010df03.html
Broken Arrow is the fastest growing city in the state of Oklahoma! With an extremely low crime rate, a wonderful school district, and a family oriented community, we decided to service mortgages all over the state of Oklahoma right here in Broken Arrow. We are proud to both live and work in this great city, and would love to help you with any Broken Arrow mortgage or home loan. Our Broken Arrow loan programs include fixed-rate mortgages, adjustable-rate mortgages, first-time buyer programs, and even less-than-perfect-credit loans. In addition, our professional mortgage Associates prepare a customized pre-approval letter along with a good-faith estimate so that you can shop the Broken Arrow real estate market with confidence!

Broken Arrow Refinance Broken Arrow Home Equity

ZFG mortgage is proud to offer some of the most competitive mortgage interest rates in the . The majority of the United States mortgage industry is forecasting a steady increase in interest rates throughout all regions of the country. That means that now is the perfect time to inquire about refinancing an existing home loan or applying for a home equity line of credit. We have an assortment of flexible loan options to fit every area homeowner’s unique situation, and best of all, we aim to provide superior service; with this key point in mind we conduct all of our loans with your pocketbook as our primary focus. If you have any questions regarding mortgages or home loans, please feel free to contact us at 918.459.6530. We look forward to serving you any way that we can!
Jenks Mortgage Jenks Home Loans

If you're considering purchasing a home in the wonderful city of Jenks, Oklahoma, we have a home loan to suit your needs! We specialize in mortgages and home loans all over the state of Oklahoma. Our Jenks home loan programs include fixed-rate mortgages, adjustable-rate mortgages, first-time buyer programs, and less-than-perfect-credit mortgage programs. If you would like more information about getting pre-approved for a Jenks home loan, please don't hesitate contact us at 918.459.6530.
Jenks Refinance Jenks Home Equity

Currently, our mortgage rates are some the best the nation has ever had. If you own home in the Jenks area and you’re considering refinancing a high interest-rate, or would like more information about our competitive home equity rates, now is the time. We offer a confidential and secure online application service, or if you prefer, you can call us at 918.459.6530 and one of our professional mortgage Associates will guide you through the loan application process.
Owasso Mortgage Owasso Home Loans

Considered one of the most desirable places to live in the Tulsa, Oklahoma area, Owasso’s real estate market is surging! There is a high demand for home loans in the city of Owasso due to a booming economy and record high commercial and residential construction. In fact, Owasso is supporting over 500 new homes per year! We will work with you to find the ultimate Owasso home loan for your unique situation, so whether you are looking to purchase a new or existing home, we have the Owasso mortgage for you!
Owasso Refinance Owasso Home Equity

If you already own a home in Owasso and would like more information on refinancing your home, you have come to the right place. We also offer home equity loans and lines of credit if you are looking to consolidate debt or remodel your Owasso home! Be sure to check out our daily interest rates; the most competitive rates in the state of Oklahoma. If you have any questions about Owasso Mortgages or Homes Loans, don’t hesitate to call one of our Mortgage experts at 918.459.6530. Call today!
Bixby Home Loans Bixby Mortgage

Here at ZFG Mortgage, we take pride in our ability to service the entire state of Oklahoma with superior customer service while offering the most competitive interest rates. However, we always prefer meeting a client face-to-face, and because Bixby, Oklahoma is right next door to our office in Broken Arrow,Oklahoma, we are happy to provide service to Bixby residents for all of their home-loan needs! Whether you need to refinance your current home, submit a new home loan application, or obtain a good-faith estimate, we have professional mortgage Associates standing by to answer any and all questions!
Buying a Home in Bixby?

The best way to start the home buying process is to obtain a pre-approval letter from your lender. There are several advantages to obtaining this letter; first of all, it will give you the upper hand in any multiple offer situations. The effect that will have on a perspective seller can be extreme, and more and more sellers are requiring a pre-approval letter before looking at any offers. A pre-approval letter will also provides you with an exact price range, giving you the added confidence of knowing what you can afford. Our mortgage experts will also be happy to provide you with a free good-faith estimate, which will allow you to adjust your monthly finances with precision. If you would like to get started on a complete online loan application, or to simply request basic information, feel free to e-mail us or call us at 918.459.6530

Zeshu Financial Group 5807 S Garnett Rd Suite I Tulsa, Oklahoma 74146Toll Free 1-877-205-7266 Fax: 918-459-6535
Tulsa Mortgage Rates, refinance Tulsa, OKLAHOMA MORTGAGE COMPANY
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Tulsa Mortgage Lender

2009-01-27T15:24:00.001-08:00

Since we opened our doors, ZFG Mortgage has provided superior service to Tulsa home buyers and home owners. We specialize in mortgage loans, mortgage refinancing, and home-equity loans. Whether you're a first-time buyer or an experienced real estate investor, we have the mortgage loan program for you. We are proud to offer you the necessary tools and information to help you make an educated decision when it comes to refinancing or purchasing a home in the Tulsa, Oklahoma area! Mortgage calculators, daily updated Tulsa interest rates, pre-approval letters, good-faith estimates and personalized service are some of the things that allow ZFG Mortgage to be Tulsa area Mortgage experts

Tulsa Lender Pre-approval Letter Tulsa Loan Application

Getting a mortgage pre-approval letter has never been more important. The first to take any well executed Tulsa area home search is the pre-approval process. More sellers are refusing to look at any offer in less there is a pre-approval letter attached. This process will not only give you a precise price range, but it will give you the confidence of knowing what you can afford. ZFG mortgage goes the extra mile with a custom good-faith estimate that will allow you to adjust your monthly finances with precision. Also, a pre-approval letter from a trusted mortgage company like ZFG mortgage will give you the upper hand in any multiple offers situation. If you would like to apply for a pre-approval on any one of our loan programs we offer three convenient ways, online with our secure server, by phone or in person with our professional mortgage Associates.

Tulsa Financing Home Loan Programs

We offer a large variety of Tulsa home loans including, fixed rate mortgages, adjustable rate mortgages, first-time buyer programs, stated income programs, home equity line of credit loans, and we even have “less than prefect credit” programs! If you are considering refinancing your home, check out are daily interest rates! We want you to remember we are here to help you anyway we can, we want your long term business as well as your referrals, which is why we always advise you to make choices based off of you and your family not our profit. If you have any question or would like to apply for a loan in person or over the phone please feel free to contact us at 918.459.6530

Tulsa Mortgage Refinancing Oklahoma Mortgage Refinancing

If you currently own a home within the state of Oklahoma, ZFG Mortgage can provide you with refinancing information and quotes absolutely free. At this time, Oklahoma mortgage interest rates are some of the lowest the state has ever seen, and ZFG mortgage is proud to have the most competitive interest rates in the Tulsa area! Our mortgage and home loan refinancing application is quick and easy. You can apply online with our secure server, by phone, or face-to-face with one of our professional mortgage experts. Our highly trained mortgage Associates will provide you with a custom report explaining the advantages and disadvantages of refinancing your current mortgage. Here at ZFG mortgage, our advice reflects your financial interests. If you have any questions about our refinancing programs, or for current interest-rate information, please do not hesitate to contact us at 918-459-6530.

Tulsa Home Equity loans Oklahoma Home Equity loans

There are countless reasons people need home-equity loans these days. We at ZFG Mortgage are happy to offer competitive interest rates and a quick and easy way to apply. We service home-equity loans the entire state of Oklahoma and have developed a straightforward and time-saving process for your added convenience. If you have any questions or would like to apply, please contact us at 918-459-6530.