mortgage Oklahoma

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

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.

Call or Apply Online Today!
918-459-6530
Toll Free 1-877-205-7266
http://www.zfgmortgage.com

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.

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

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
http://www.zfgmortgage.com
Oklahoma Mortgage Specialist

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

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 homes—with the same loans—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 rates—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

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

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

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. 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. 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. 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. 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. 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. 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

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.

“This ranking corroborates exactly what the Chamber uses to sell the Tulsa region 365 days of the year,” said Mike Neal, president and CEO. “We 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.”

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
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