The Importance of Using a Local, Reputable Lender

Not using a local, reputable lender when buying a home can cause many problems during the sale. Luckily, we have an app that shows you all of our preferred mortgage broker friends.

Looking to sell your Tulsa area home? Get a free home value report
Looking to buy a Tulsa area home? Click here to browse Tulsa homes for sale

When you’re buying a home, always make sure that you use a trusted local lender or mortgage banker. This means someone who’s in town, who’s reputable, and who your real estate professional has used before.

Unfortunately, we’ve had some bad experiences that included delayed closings and last-minute closings that busted because this advice wasn’t followed. Luckily, those sellers were able to sell again quickly, but what a headache for everyone involved!

Not using a local, reputable lender can cause a host of problems.

To see all of our preferred mortgage broker friends and save yourself this frustration, download our mobile app Homekeepr. They all do an incredible job.

If you have any questions about finding a reputable lender, please feel free to reach out to us. We’d be happy to help!

What Loan and Down Payment Options Are There in Tulsa?

Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hey everyone, thanks for joining me again today. I am here with Randi Wright of Cityscape Home Mortgage, who is going to let us pick her brain today about some different loan types available in Tulsa, and the down payment options that you have as a buyer. There are many different avenues, let's get into the details.

Many people think you need at least 20% down to buy a home, but that's just not true anymore. You can get an FHA loan for just 3.5% down right now! Another option is conventional financing, where you can get away with just a 5% down payment. 

In addition to these popular options, there are also rural development loans and VA loans for veterans that don't require any down payment at all!

It's important to talk to a lender before you decide to buy, so you can determine your goals and discover the best option. If you have any questions for us, feel free to give us a call or send us an email. We look forward to speaking with you!

What Should You Know About Tulsa Mortgages?

Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

Most of the time before someone has a property in mind, we are dealing in estimates. We can estimate your property tax, home insurance and interest rate, and will provide you with all the information with a good faith estimate or a closing cost worksheet that will show all the costs involved. We like to estimate on the high side so you don't have any surprises.

Once you've found a property, we can get real specific with the numbers and find out exactly what your costs will be. We like to do this so you have planned ahead for your down payment and you don't have any surprises when it comes to qualifying. 

Why is the loan process so important? Well, it's the best way to look at a house. If you haven't had your credit pulled lately, you have no idea what you qualify for. You could find a house that you absolutely love, and be forced to forget about it because either you don't qualify or somebody who is pre-approved will buy it.

Buyers are afraid that giving someone like Randi a call will mess up their credit, but that's not true. When you're shopping for a home loan, you have a certain amount of time for your credit to be pulled so you can see if you could afford the house. 

Finally, in this market we have low inventory, so buyers need to act fast. Talk to a lender before you go out looking for homes, so you know what's going on. You have a ton of buying power right now, with rates still near historic lows. The more rates rise, the more expensive your dream home is going to cost. 

If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you soon!

The Importance of Preparing a Strong Offer

Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

Usually we see a lull in the market around this time of the year. With summer coming to an end and school starting up, market activity starts to slow down. This year, however, has proven to be different - recently, we've seen many of our listings sell quickly and with multiple offers.

This is great news for sellers, but what should you do if you're a buyer? Because there are so many multiple offer situations, sellers have a lot of power right now. This means if you want to get the home of your dreams, you need to make a strong offer. If you are going to need help with closing costs, you may have to pay the full list price in order to get to the closing table. 

In order to compete with other sellers and differentiate yourself, you need to make sure the terms of your offer are better than the others. Sellers ultimately care about the bottom net number, so it is crucial you make a strong offer at the beginning of negotiations. A seller doesn't need to accept your offer; you need to make a good, clean offer if you are going to be taken seriously.

A real estate professional can help you navigate this tricky market. We are expert negotiators and can help you put together an offer that will set you apart from the rest of the competition. If you have any specific questions about our Tulsa market, or need a hand buying or selling a home, don't hesitate to reach out to us. We can help you get the most out of your real estate experience!

The Time is Right for Move-up Buyers

Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

Hi! It’s Jennie Wolek with the The Wolek Group at Keller Williams Realty Advantage in Tulsa, Oklahoma.

Today, I want to talk to you about a trend our team is seeing a lot of lately - the TRADE-UP PURCHASE. A trade-up involves selling your current house and getting into that larger, or maybe even luxury, home you’ve always dreamed of, OR making the move to trendier, or more coveted, neighborhood. This is something we’re helping MANY of our clients with lately!

There are a couple of different reasons why we’re seeing this happen in Tulsa. First of all, savvy buyers want to take advantage of what are STILL historically low interest rates. Simply put, right now you can get more house for your money. Secondly, purchasing a larger or luxury home now locks in any future appreciation - as the real estate market appreciates over time you’ll gain the appreciation and equity on a more expensive property.

There are many different ways to accomplish the trade-up. You can sell your existing property first, and then purchase and move into your dream home. Or, with the go-ahead from your lender, you can purchase your new home, and THEN sell your first property after you’re already settled. Many of our clients these days opt to keep their current house as an investment property, which allows them to enjoy the lifestyle they’ve dreamed of, while still having their first mortgage paid down, or off, by tenants. Of course, that option also provides a solid income stream for later in life - real estate is always a great investment!.

Whatever way you choose to accomplish your trade-up, The Wolek Group is ready to help you! With our team of specialists, including full-time listing and buyer’s representatives, we promise to make your transition as smooth and easy as possible - as ALWAYS, our primary goal is to get YOU where you want to be.

So, if you’re curious about the value of your current home, or if you want to take a look at a few potential trade-up properties to see what’s out there, give us a call at 918-706-9845!

Mortgage Information for First-Time Home Buyers

Looking to buy or sell a home in Tulsa, Oklahoma? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (918) 706-9845 for a FREE home buying or selling consultation to answer any of your real estate questions.

Mortgage Information for New Buyers

 

Today I have Howard Doak with me from Cityscape Home Mortgage in Tulsa and he is going to be speaking with us about buying a home.

What are some options for first-time home buyers or people who can put down a limited down payment?
Currently, there are three different programs that make it easy for first-time buyers to purchase. There is the newer Rural Development loan, the VA loan, and there is also bond money (which is limited right now).

What advice would you give to buyers in the Tulsa market right now?
The #1 thing that I would tell all of my clients is to contact their lender before they take any steps towards buying a home. Talking with your lender before a transaction can decrease the amount of paperwork needed if money is gifted towards a down payment, and it also helps your lender predict what actions might be necessary later down the road. I would also suggest that people keep ALL of their financial paperwork. This includes bank statements, paychecks, etc. New home buyers get frustrated when their lender keeps asking them for the same documents over and over again, but it is all part of the process.

The burning question that I hear all the time is what is mortgage insurance?
Mortgage insurance is an insurance policy that is taken out to protect the lender in case of a default on the loan. A policy like this will occur most frequently when less than a 20% down payment is put towards a home. Monthly mortgage insurance payments will vary depending on the credit score, the down payment, and the type of loan.

How to avoid mortgage insurance:
If you want to avoid paying mortgage insurance, then put a large down payment towards your house (upwards of 20%). If you don't have a large amount to put down, we can do a combo loan, where I do a first and a second mortgage to avoid mortgage insurance. You can also buy out mortgage insurance with a one-time fee. There are also programs that have limited mortgage insurance.

Mortgage insurance will automatically drop off when you reach 78% loan-to-value. You can request that the insurance be dropped at 80%, but you will need approval from your lender.

If you would like to contact Howard with any questions, you can reach him at 918 622 0900 or visit his website.

As always, contact me if you're looking to buy, sell or invest in Tulsa real estate. I look forward to speaking with you soon.