Posts Tagged With: Mortgage

Whats The Best Home Loan option for your situation?

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In an effort to originate more mortgage loans and provide more flexibility for the consumer, The Government & mortgage lenders have created many different loan programs to suit a wide range of needs and goals for each & every borrower. In fact, there are so many options out there that it might become confusing for borrowers to decide which loan is right for them. For example, you can get fixed rate loans for terms of 10,15,20 30 and with lender like ZFG Mortgage you can even get any thing in between 10 to 30 years. You can also get adjustable rate mortgages with fixed rate periods from 3 to 10 years. can get ARM loans that allow you to pay only interest for a certain amount of time. With so many options, it can be challenging to pick the right one for your situation. The following are a few guidelines that can help you make a smart educated decision.

Determine How Much You Can Afford

Different home loans require different payment amounts each month. Adjustable rate mortgages are designed to provide low monthly payments at least for a year or two (the payments may jump up dramatically thereafter.) A 30-year fixed rate payment will probably be higher than an ARM loan initially but may balance it out over time. If you decide to go with a 15-year fixed rate mortgage your payment will be much higher because you are attempting to pay off the loan in half the time.

The key is to determine exactly how much you can afford. It may be helpful to use the lenders’ rule of thumb to figure this out. Basically your total monthly debt, including your mortgage payment+Property Taxes+Homeowners Insurance should not equal more than 42 percent of your income. So for instance, you make $5,000 a month. Forty-Two percent of that would be $2100. If you have debts each month equal to $800, then you have $1300 that you can safely put towards a mortgage payment each month. Your lender can help you figure this out, but it would be smart to know how much you are comfortable paying before you apply for a loan, as some lenders may offer you bigger loans than you really want.

Determine How Long You Plan to Stay

How long you plan to stay in your home can often be a big determining factor in which loan makes the most sense for you. If you are certain you will be moving within a few years, it generally makes most sense to take advantage of the low initial payments of an ARM loan. (Be careful though Plans do change & If the market turns sour for mortgage rates and you are unable to sell your home as you initially planned you may have to pay more money to refinance into a new fixed loan later or simply make higher payments when your rate adjusts down the road.) If you plan to stay in your home long-term, however, a fixed rate loan may provide the best predictability and terms. In today mortgage market we always recommend that borrowers go with the fixed rate option. Mortgage rates have been rising since early May 2013 & probable will keep rising until they get back to normal levels.

Determine Your Financial Goals

Finally, the type of home loan you choose should also be a product of your overall financial goals. Some people find it extremely attractive to pay off their mortgage as soon as possible in order to be free of debt and to free up cash for other things, like college tuition for children. If this is your goal, you should consider the 15-year fixed rate loan. If however, your plans are more about saving on your own while taking advantage of the valuable mortgage interest tax shelters, a 30-year fixed loan will probably suit you better. You can always make an extra payment once in a while to pay down your balance quicker if you so choose.

The better informed you are going into a discussion with a mortgage company, the better prepared you will be to make a smart decision on the loan programs available. Considering your price range, your time frame, and your long-term financial goals can give you this edge when you apply for a mortgage home loan.

To Apply for a home loan with the #1 rated mortgage lender in Oklahoma for the last 4 years, Click the link below

Apply Now

or Call 918-459-6530 

ZFG Mortgage

http://www.ZFGmortgage.com

NMLS:193207

 

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Stagnant Economy is driving mortgage rates to the 2nd lowest level of 2013!

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The drumbeat of mediocre economic news continues, and interest rates have settled, with fixed rate mortgages sliding to a place near their lowest levels of 2013.

 The retreat for rates–taking Freddie Mac’s Fixed-Rate Mortgage Indicator (the overall average rate for 30-year fixed-rate mortgages–conforming) from a 3.63 percent high in March to the present 3.41 percent–has seen us move to the bottom end of the recent range, excepting the 2013 floor of 3.34 percent seen in January. An equivalent peak for rates was seen as recently as last August, and our current bottom-of-the-bottom record low of 3.31 percent was achieved in November, so we still fit right in between those markers.

The difference in mortgage rates from recent peaks to valleys may be more psychological than fiscal, though, since the difference in payment between 2013 highs and this week’s average is just $11.37 per month for a $100,000 30-year fixed rate mortgage.

Mortgage rates near yearly low

According to Freddie Mac’s weekly rate survey— found that the overall average rate for 30-year fixed-rate mortgages (conforming, non-conforming and jumbos) eased by a single basis point (0.01 percent) to 3.41 percent, its second lowest rate of 2013.

The Freddie Mac’s 15-year companion also dropped by one basis point (0.01 percent) to 2.65 percent for the week ending April 19.

FHA-backed 30-year fixed-rate mortgages followed along with their own decline of just one basis points (0.01 percent), falling to an average rate of 3.29 percent, while the overall average rate for 5/1 Hybrid ARMs failed to move at all, holding an average 2.61 percent for the week.

Housing markets helped by low mortgage rates

Housing markets are no doubt helped by persistently low mortgage rates. However, it would be a mistake to think that improvement will come in a straight-upward line, what with high levels of unemployment and caution about prospects for economic improvement just ahead. Although housing starts bounced 7 percent higher for March, all of the gain was concentrated in the multifamily portion of the market.

A slow growth period: Here and abroad

Overall, it seems to us that the economy is neither growing much nor declining much, but rather treading water at a moderate pace. Including China’s rate of growth sliding below 8 percent, we are in a slow growth period here and abroad.

Interest rates will have a tough time getting any upward traction in such a climate, although we could have flares higher from time to time, as we did earlier this year. It may be a long slog, too, with at least one Federal Reserve official predicting perhaps five to 10 years of financial instability ahead, with the Fed continuing unusually low interest rates as policy.

Mortgage rates seem content to wander at about these levels, with an equal chance of rising or falling a couple of basis points.

If your looking for to refinance your mortgage in Oklahoma, Contact the TOP Rated mortgage lender ZFG Mortgage Today.

1-877-205-7266

http://www.zfgnortgage.com

 

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Basic Mortgage Terms You Should Know Before Applying For A Mortgage

ImageIf it is your first time applying for a mortgage, there are a number of terms you should know. Educating yourself on the various mortgage terms you will run into will help you make better decisions when deciding which home you want to purchase. When you sign a mortgage contract, your home is used for collateral and it is your responsibility to make sure your payments are made on time each month.

The first term you should know is principal. The principal is basically defined as the amount of money you borrow for your home. Before the principal is provided you will need to make a down payment. A down payment is the percentage you will put towards the principal. The amount of the down payment will often depend on the cost of the home. Once you pay off the principal, the home is yours.

The next term you will need to know is interest. Interest is a percentage that you are charged to borrow a certain amount of money. Along with the interest rate, lenders may also charge you points. A point is a portion of the total funds financed. The principal and interest makes up the majority of your monthly payments, and this is a method that is called amortization. Amortization is the method by which your loan is reduced over a given period of time. Your payments for the first few years will cover the interest, while payments made later will be applied towards the principal.

A portion of your mortgage payments can be placed in an escrow account in order to go towards insurance, taxes, or other expenses. The next term you will hear a lot is taxes. Taxes are the amount of money that you have to pay to your state or government. When it comes to your home, these are known as property taxes. These taxes are used to build roads, schools, and other public projects. All homeowners must pay property taxes.

Insurance is another important term that you will hear in the real estate community. You will not be allowed to close on your mortgage if you don’t have insurance for your home. Home insurance covers your home against floods, fire, theft, or other problems. Unless you can afford to repair your home if it is damaged, it is usually a good idea to get insurance for your home. If your home is located within a zone that is known for having floods, federal laws may require you to have flood insurance.

If the down payment you put towards your home is less than 20% of the total value, you will often be charged additional premiums on your insurance by the lender. This is done to protect you in the event that you default on your loans and fail to make payments. Without this, many people would not be able to afford a house. In most cases once you have paid off about 78% of the home, the lender will stop charging you insurance premiums.

These are the basic terms you will need to know before your purchase a home. Understanding these things will allow you to avoid many of the pitfalls that exist in the real estate field. You want an interest rate that is low, and you should always try to get a fixed interest rate if possible. This will allow you to focus your income on making payments towards the principal, and this will help you pay off the loan faster. A mortgage is an important part of your financial picture, and you want to make sure you pick a home that you can afford. If you fail to make your payments, you may lose your house.

 

If your looking for to refinance your mortgage in Oklahoma, Contact the TOP Rated mortgage lender ZFG Mortgage Today.

1-877-205-7266

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Using A Mortgage Calculator To Compare Loans

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A mortgage calculator is a pretty interesting tool. It is used on the websites of many lenders to show what the various options are in the loan products that they can offer. The hope is that an individual will come to the website, punch in the numbers to the loans they would like to have and see how much of a home they can afford to pay for each month. But, this little tool can do many more things for you as well. In home buying, you need every advantage that you can get to get the best interest rates, the best terms and the most highly affordable home loan that you can get.

The good news is that the mortgage calculator can provide all of these things to you. One of the best ways to use it is to compare the various types of loans that are out there. One of the comparisons you will want to make as a new home owner is to compare the two most common types of loans out there. These are the FHA which is backed by the Federal government and the standard conventional loan. This tool can help you to do just that.

These two types of loans are by far the most commonly used. They allow for individuals to secure the home that they want when they may not otherwise be able to purchase it. When you are considering which one of these two (or any other for that matter) is the right choice for you, take your time to consider what these loans offer. Use a mortgage calculator to help you to determine the cost of them too. This tool will allow you to see what will actually happen if you select the FHA or the conventional.

It will tell you how much the home loan will cost in total. It will tell you how much you are spending on interest as well. It will also help you to see how much you will have to pay in monthly payments. This is just some of what the mortgage calculator can provide for you. Because these two types of loans often have different interest rates, some have different terms and fees; you will want to see what all of that means to you in dollars and cents. This tool can provide just that for you. You will simply input the different information from the loans, click a button and have the answers. Go back and do it again to see what the other loan will provide.

This is the most ideal of ways to see the benefits of your home loan purchase. You can compare what the benefits of going with FHA are to that of going with a conventional style loan. Remember, this tool is free to use, offers no obligation to you and is a simple, easy to use product. What’s more is that the mortgage calculator can provide you with information about how to save money on the purchase of your home.

For more information on a mortgage or to get Pre-Approved for one in Oklahoma. Call 1-877-205-7266 or Apply online today

The site below has many different FREE mortgage calculators & other tools  

http://www.zfgmortgage.com/calculators

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

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

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Oklahoma Mortgage Tips for the New Year

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. 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 cant 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
http://www.zfgmortgage.com

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Should you Choose a 15 Year Fixed Rate Mortgage in Oklahoma

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

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

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 mortgage’s” 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 groups 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.
Were 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

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The 5 Most Important Facts Most Home Buyers Don’t Know

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

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Oklahoma Mortgage Rate Declines To Its Lowest Since January

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.
http://www.zfgmortgage.com

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