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

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

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

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

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.6 Tulsa 4-27-2010
Time Running Out To Cash In On First-Time Homebuyer Credit.
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$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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ZFG Mortgage Oklahoma ZFG Mortgage Oklahoma just earned the TOP MERCHANT status on merchant circle.
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Purchasing a home in Oklahoma or anywhere else at anytime is a big deal, but buying your first home can be quite overwhelming. I wrote this article to make future home owners aware of a few things first time buyers should know. First of all, realize that the old adage is true; location, location, location is always the most important thing. Start by picking an area you like, in an excellent neighborhood, with a home that fits your present and future needs, and then you can get started on the details. The most important things to consider are listed below:

Your Financial state and Plans for the Future:
Evaluate the price of your current monthly rent so that you will be able to compare that with all the costs of buying and owning a home. One of the most important things to do is count your savings and see if you really have enough to cover the down payment and closing costs if they are needed on your loan. Weigh your current income and job security (any upcoming promotions or pay increases?) and how they correspond with your plans for the future. If you plan to move within the next 3 to 5 years, you will definitely need to choose a different type of Oklahoma Mortgage than if you plan to be in the same place for the next 10 years, whereas if you plan to move within a few years, it may be more economical to keep renting until then.

Current Oklahoma Real Estate Market Conditions and Mortgage Loan Programs:
Check out the property prices; if they are rising, now could be a good time to buy, but if they are falling, buying now could end up costing you money if you try to sell in the future. Look at the market’s current interest rate. Next, learn about the available Oklahoma Mortgage products. Learn the difference between fixed rate mortgage and ARM mortgage and interest only mortgage. Your credit score which is determined by your credit history will make a significant difference in the kind of Oklahoma Mortgage loan and interest rate you qualify for. Programs like the 100% Oklahoma USDA Mortgage and a Oklahoma FHA Mortgage allow you to purchase a home with little or no money down. You can check with your Oklahoma Mortgage lender to see if you qualify for these products.

Costs involved with buying a home:
As unpleasant as it is, you will need to calculate the closing costs into your budget for buying a house. These costs include attorney’s fees, real estate appraisal fees, the title fee, credit report fee, the lender fees, a property inspection fee, and state mortgage taxes. You can find out from your lender what all of these fees will equal by obtaining an initial fee worksheet or a good faith estimate. Usually the total closing costs equal around 3.5% of the total loan amount. Also you can’t forget about the down payment, which can be as much as 20% of the cost of the home with a conventional /conforming loan. If you don’t have enough money saved for the down payment and or closing costs, there are Oklahoma Mortgage products that allow you to purchase a home without a down payment or closing cost out of your pocket. This is done by rolling the closing costs into the loan and by getting a 100% Home Mortgage loan, but that will result in a larger overall loan.

Something often forgotten by first time home buyers is the recurring cost of owning a home. Real estate taxes and homeowners insurance are required when you own a home. And these costs vary based on many different factors. Usually these cost end up being escrowed, meaning each month on top of your monthly principle and interest mortgage payment you will be required to pay 1/12 of the annual cost of each to the lender. The home lender will in turn be responsible for paying both at the end of each year or when it comes due. One thing to keep in mind is what is called the “31/50 rule.” This is that your monthly housing payments should not surpass 31% of your gross monthly earnings, and that all of your monthly debts should not be more than 50% of your total gross monthly income. If you can keep to this guideline you can afford a house.

If, after evaluating all the costs of buying and owning a home, you decide that you can’t afford it right now, it is wise to wait and keep saving. It is better to rent now while saving for that down payment or consolidating your monthly debt than to jump into water over your head. If you decide that now is the time to buy, start early, because closing takes time, and find an Oklahoma Mortgage professional you can trust.

Apply Online at http://www.zfgmortgage.com