Housing Market

Take Advantage of the First Time Homebuyer’s Tax Credit!

Now is the time to take advantage of the first time homebuyer’s tax credit. Check out this video to learn more on how to take advantage of this opportunity. If you have any questions please email me at lindsey@jimbigelow.com.

North Star Ranch Video

Enjoy a video tour of this extensive ranch style property. Get a chance to see the outside of the house with a nice pool area. Then venture back into the barn, which contains a single stall that can be converted into a double stall barn. Get a view of the wash room, tack room, small arena area and the hay storage located in the lofts of the barn. This property has beautiful scenery and comes fully equipped as a functional ranch. Enjoy your tour of North Star Ranch.

Short Term Loans Now Available to First Time Borrowers

WASHINGTON (MarketWatch) — Federal Housing Administration-approved lenders can now provide short-term loans to first-time borrowers eligible for the $8,000 home buyer tax credit.

But under guidance issued by the Department of Housing and Urban Development late last week, the loans must be on top of — not instead of — the minimum 3.5% down payment normally required on FHA-insured loans.

Buyers can still receive down-payment assistance from their parents, employers, nonprofit groups and certain government entities. But other than that, the down payment must come from their own funds.
Thus, FHA borrowers relying on the lender to finance the tax credit will have to come up with their own money for the 3.5% down payment. But after that, they can use the proceeds from the short-term loans to increase their down payments, cover their closing costs or buy-down their mortgage rate.

HUD did not estimate how many FHA buyers would benefit from tax-credit advances, which cannot result in cash back to the borrowers, cannot exceed the total amount needed for the down payment and closing costs and may not be for more than the anticipated tax credit due the borrowers.

To prevent third-party down-payment assistance outfits from “buying” the tax credit refunds from borrowers, the rules state that the buyer’s down payment may not consist of any funds provided by the mortgagee, the seller or any other person that financially benefits from the transaction. That prohibition specifically includes third-party entities that are reimbursed, directly or indirectly, by anyone benefiting from the deal.

HUD didn’t want to do anything that would allow “these seller-funded schemes back in,” a senior HUD official said at a briefing on the program. The department also plans to monitor the purchase of tax-credit transactions closely, warning that missteps would result in referral to HUD’s Mortgage Review Board, the Federal Trade Commission or the appropriate state attorney general’s office for disciplinary action.

Lending for Foreclosed Properties

Many buyers contact me who are pre-approved and want to buy a foreclosed property so that they can get a great deal. Foreclosed properties range in condition. Some just need some updating while others need structural, sheet rock, floor and other repairs. These homes are usually sold “as is” which means the owner/bank who now owns the property will not make repairs. This is where we get into a catch 22. Conventional, VA, FHA and Rural Development lending require that if there are repairs indicated by the appraiser, structural, termite & EMP report that those repairs be done prior to closing. I have had borrowers want to work on the home and do the repairs themselves prior to closing. This creates several problems. First of all you are trying to make repairs on a property that you do not own. There is a liability issue for the current owner/bank to have someone making repairs on a home they do not own. You can try and find a mortgage lender that offers a FHA 203b mortgage. If you find a lender that still does FHA 203b mortgages then you can buy a home “as is” and finance in repairs depending on appraisal. Be warned this type of mortgages take a lot of time to process and close and involve a lot of paper work. Make sure you give yourself a lengthy contract period to assure closing. The only other option is to obtain a construction mortgage through a banking institution. Construction lending will have their own guidelines for lending but most banks are requiring 20% down. (This will vary for each banking institution.) If you get a construction loan you will have a time frame to make the purchase of the home and make repairs. After repairs are done you could then refinance the home into a permanent 15, 20 or 30 year mortgage.

Appraiser Checklist

 

Here are some of the factors that appraisers Joni L. Herndon of Real Property Analysts/Gulf Coast in Tampa, Fla., and John A. Hillas of Hulbert & Associates Inc. in Modesto, Calif., say they consider when determining value.

 Incentives and concessions. Most of today’s buyers expect to pay the lowest possible price and still get some extras. Sellers and home builders are offering money toward closing costs, remodeling and decorating, upgrades, and association dues. The price set initially may not be the final price once concessions are factored out. Appraisers care about that final number.

 Closing date. Forget what comparable neighborhood houses sold for a few months back. Appraisers want prices from the most recently closed transactions. “If a sale was more than 45 days ago, even 35, the price may be irrelevant,” Hillas says.

 Condition and curb appeal. Appraisers typically find several properties with similar interior and exterior features to determine value. When markets are healthy, blemishes matter less, but when markets soften, problems—a dated kitchen or barren lawn—can reduce prices and deter buyers. “The difference in value is not just the repair costs but the time and hassle to make them. It’s better for sellers to do work in advance,” Hillas says.

 Foreclosures. Appraisers technically shouldn’t consider neighborhood foreclosures when valuing a home, since foreclosures don’t meet the Appraisal Institute’s definition of a property reasonably exposed in a competitive market, says Herndon. “But when several neighborhood homes are abandoned, it’s hard not to caution sellers that this is a troubling trend and may affect home values,” she says.

 Changing demographics. If a house is in an up-and-coming area, the value can be expected to rise. A location that’s perceived as safe also may help attract the increasing number of single female buyers.

 Economic clouds. If there’s an oversupply of comparable homes for sale, or if the local job market is suffering, buyers may be hesitant to invest. Hillas advises setting prices aggressively from the get-go.

 Chemistry. It’s hard to account for those times when buyers fall in love with a house, despite a high price, poor condition, or tough economy. “Emotional attachment is a factor that can’t be predicted,” says Herndon. Hillas agrees, “It’s what makes it harder to appraise homes versus commercial buildings, where buyers care more about the bottom line.”

 

Jim Bigelow    Bigelow Group  Realtors  918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

7 Steps for Removing Mold From Listings

 

What Is Mold?

Mold is a type of fungus made up of tiny microscopic organisms that can grow practically anywhere, such as on ceiling tiles, wallpaper, wood, paints, carpet, and insulation. It multiplies via spores and shows itself in a variety of colors, from greens to browns to pinks, grays, blacks, and yellows. The most common mold growth area in the house is the bathroom, since mold grows on moist materials.

If you spot mold in one of your listings, you’ll first want to size up the problem, and then create a plan for safe and complete removal.

If the mold is found in a small area, less than 10 square feet, removal can be a do-it-yourself project. Here’s how:

1. Wear a face mask, goggles, and rubber gloves. Don’t touch mold with bare skin.

2. Seal off the area to prevent the tiny spores from spreading to other parts of the house during the removal process. Open the windows and cover heat registers and ventilation ducts.

3. Wash the affected hard surface areas with a mild detergent solution, such as laundry detergent and warm water. As an added step, wipe the area with a solution of a quarter-cup bleach and one quart of water. (Warning: Do not mix ammonia and bleach; the fumes can be toxic.)

4. Dry the surface completely. Use fans and dehumidifiers or natural ventilation.

5. Apply a borate-based detergent solution. Don’t rinse. This will help prevent the mold from growing again. (Look for “borate” listed on the ingredient labels of laundry or dishwasher detergent.)

6. Don’t take shortcuts. Never paint or caulk over moldy surfaces. The paint will peel and the mold will resurface.

7. Call a professional. Just when you think you finally won the battle against mold, you might see dormant spores reappear or even spread to clean areas of the house, particularly if proper removal procedures weren’t taken. You may need to call a mold remediation company to resolve the problem.

Sources: The Truth About Mold (Dearborn, 2008) by Susan C. Cooper and Mike Buettner; EPA; Washington State Department of Health

Jim Bigelow    Bigelow Group  Realtors  918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

Recession Job Hunt

Recession Job Hunt

Competition for Jobs in a Slow Economy

Veterans discharging from the Armed Services meet new challenges. Job Fair lines are getting longer as unemployment rates climb. Don’t panic/plan to adapt and succeed.

Be versatile, mobile, and plan to go where the jobs are. It’s likely you have full or partial paid move coming, courtesy of Uncle Sam. If you are willing to relocate, and a prospective employer does not have to pay moving expenses; you have become a hot commodity.

Read the papers and explore companies own websites. Focus on new contracts or a company product. This gives you an in, while others are on their way out. Take part time work if it is available, seasonable or temporary. Any of these can help you pay the bills, and possibly get you an audience with the decision makers once the economy revives.

To succeed at a Job Fair, prepare before hand on the position you want. Be prepared to tell a prospective employer how you will mesh with his organization and what skills you will bring to a position.

Research the company for specific openings the employer is looking to fill. Don’t waste time handing out resumes that don’t relate your skills for the job. The goal of job hunting is to get a second interview.

Follow up, get a business card and don’t call, a hand written thank you note, referring to the Job Fair makes you more noticeable. Send a fresh resume on nice paper, and always send a cover letter with every resume.

Companies who are hiring include: Banfield, Farmers Insurance, Gentiva Health Services, ITT Corp, M.A.R.S. International, Pricewaters, Service Master, 7-11, and Quik-Trip. Pick the positions you want, and refine your efforts accordingly, or find a company that looks like the right fit, learning all you can, and fine tuning your approach.

As a military retiree, dedicated to the military personnel and their families, I urge you to contact Coleman White@Jimbigelow.com for all your real estate needs.

Coleman White 918-760-1317

coleman@jimbigelow.com www.jimbigelow.com

Jim Bigelow Bigelow Group Realtors 918-640-4657

www.jimbigelow.com jim@jimbigelow.com

Coldwell Banker Select

10 Things Every Remodeling Contract SHOULD Include.

10 Things Every Remodeling Contract SHOULD Include.

1.       The contractor’s name, address, Phone number, and license number.

2.       Details on what the contractors will and will not do.

3.       A list of materials for the project in your contract. This includes information about the size, color, model, brand name and product.

4.       The approximate start date and completion date.

5.       All required plans. Study them carefully for accuracy. Insist that you approve them and that they are identified in your written contract before work begins.

6.       Written notice of your right to, without penalty, cancel a contract within three business days.

7.       Financial terms, spelled out in a way that you understand. This includes the total price, payment schedule, and any cancellation penalty.

8.       A Binding arbitration clause, which you’ll need in the event a disagreement occurs. Arbitration may enable you to resolve disputes without costly litigation.            

9.       Everything you’ve requested. Consider the scope of the project and make sure all items you’ve requested are included. If you do not see a specific item in the contract, consider it not included. NEVER sign an incomplete contract.

10.   A warranty covering materials and workmanship for a minimum of one year. The warranty must be identified as either “full” or “limited”. The name and address of the party who will honor the warranty (contractor, or manufacturer) must be identified. Make sure the time period for the warranty is specified.

Jim Bigelow    Bigelow Group  Realtors  918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

What is a Rural Development Mortgage?

What is a Rural Development Mortgage?

Rural Development or also known as USDA Mortgage is a conventional mortgage that offers 100% financing. It can be used for the purchase of a new or existing single-family dwelling. Home must be owner occupied. Mortgage insurance is prohibited. No down payment required. 30 year loan term, fixed interest rate. USDA has a one time 2.0% guarantee fee, which is financed into the mortgage. USDA does not limit seller/builder contributions, however if in excess of 6% they will require an appraisal review.
Eligible Areas:
USDA loans can be made in rural areas, which in clued open country and communities up to 10,000 population, plus communities that are not a part of a Metropolitan Statistical Area with populations up to 20,000. To find out if a property is eligible you can visit http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
Applicant Qualifications:
Minimum 620 credit score. USDA mortgages have household income requirements and cannot exceed the moderate-income level. Contact a local lender to find out the counties median income.
For Example: Tulsa County
1 person = income cannot exceed $40,300
2 person = $46,100
3 person = $51,800
4 person = $57.600
5 person= $62,200

Property Characteristics:
Property must be contiguous to and have direct access to a hard surfaced or all-weather road; gravel is ok. The site value cannot exceed 30% of value. Generally 10 acres is the maximum acreage allowed. If property has an in-ground swimming pool a waiver is required from Rural Development and the swimming pool cannot be included in value of the property.

For more information about Rural Development contact Heather Jobe at First Mortgage 918-496-2241. You can also visit the Rural Development website at www.usda.gov

Heather Jobe / Mortgage Loan Officer
First Mortgage Company 918-496-2241
918-698-8939 hjobe@firstmortgageco.com

Jim Bigelow Bigelow Group Realtors 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select

LANDSCAPING TIPS That Wow Buyers

LANDSCAPING TIPS That Wow Buyers
1. Use decorative Architectural elements like a new mailbox, planted window boxes, and a low fence wrapped in vines to catch attention particularly during winter months when few plants are blooming. Colors should complement the landscape and home. Just don’t overdo it, Too much can seem like tacky lawn ornaments.
2. Add splashes of color with every changing season. A landscape should provide a new display of color, textures and fragrances. It is best to use one or two and repeat them. Example: white iceberg roses that bloom in spring, summer and fall as a backdrop, in front , a contrasting punch or purple salvia or lavender that will flower at the same time, as an accent a crape myrtle tree that provides changing leaf colors in fall and interesting branches during the winter.
3. Let them hear the water. The sound of water appeals to buyers, and you shouldn’t just reserve this for backyards. A small fountain accent with rocks provides a pleasant gurgling sound, blocks street noise and is affordable.
4. Maintain a perfect lawn. A very green lawn demonstrates tender loving care, so be sure your home doesn’t have brown spots. Some rocks, pebbles, boulders, drought tolerant plants and ornamental grasses will generate more kudos, especially in drought areas.
5. Light up the outside. Good illumination allows buyers to see the home at night and adds drama. Sellers should use low voltage lights to highlight branches of specimen trees, a front door, walk, and corners of the home. But less is better. The yard should not resemble an airport runway.
6. Size Trees and shrubs to scale. These should be planted in the right scale for the house so that they don’t block windows, doors, and other architectural features on the homes façade. A large two story home can handle a redwood, Chinese Pistache, sycamore or scarlet oak, but a single story cottage is better paired with a flowering cherry, crabapple or eastern redbud. Too many trees cast too much shadow and cause potential buyers to worry about maintenance and costs.

Jim Bigelow Bigelow Group Realtors 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select

Post 9/11 GI Bill

Post 9/11 GI Bill

Veterans Administration rejects veterans transfer rights in it’s final rule. The Post (9/11 GI Bill) removed some restrictions on current service members sharing educational benefits with family members, but reject requests for the same transfer rights given to veterans. VA officials said they could not allow veterans to share benefits with family members, because transfer rights are, by law, limited to people who are in the service on August 1, 2009, when the new GI Bill Program begins.

Also rejected was living stipends for people using the new GI Bill for distance learning and rules for veterans suffering traumatic brain injuries that would provide them full payment even if they are not full time students.

Veterans who plan to attend colleges or universities the rules revise procedures that reduce tuition under a matching fund program.

The new GI Bill Program features monthly benefits that cover the cost of tuition and fees at a four year public college or university, plus a $1,000 annual book allowance, and a monthly stipend for renting a two bedroom town house in the same zip code as the college campus.

The VA is responsible for payment of benefits tuition directly to the school, but the stipend is paid to the student, and the Defense Department is responsible for setting rules for how current service members will be able to share earned benefits with a spouse or children.

The VA final rules involve the transfer of benefits. Some benefits can be transferred to a spouse or children, along with basic benefits. When benefits are transferred, a spousal divorce, or a child’s marriage will not terminate benefits, although a service member can reduce or rescind the transfer of benefits at any time or any reason.

Veteran’s educational benefits are not marital property that can be divided in a property settlement after divorce. Living stipends will not be paid to the spouse of an active duty service member, and will not be paid to a service member using the GI Bill while still in service.

Reduced tuition can be offered to people attending a university of medicine, but not to law students. Reduced tuition has to be guaranteed for a full academic year. One new feature of this Post 9/11 Bill is the Yellow Ribbon Program in which the VA will match dollar for dollar reduction in tuition at private institutions. VA hopes to have a list of institutions offering Yellow Ribbon Program reduced tuition later this year.

As a military retiree, dedicated to the military personnel and their families, I urge you to contact Coleman White@Jimbigelow.com for all your real estate needs.

Coleman White 918-760-1317

coleman@jimbigelow.com www.jimbigelow.com

Jim Bigelow Bigelow Group Realtors 918-640-4657

www.jimbigelow.com jim@jimbigelow.com

Coldwell Banker Select

Oklahoma Bond Money is Back!!

Oklahoma Bond Money is Back!!
Owning a home is a goal for most families. More often families face the obstacle of lack of funds for down payment and closing costs. Oklahoma Bond Money is available statewide and offers down payment and closing cost assistance. The state has Targeted Areas and Non-Targeted Areas designated by the U.S. Department of Treasury in Washington, D.C. using census statistics. Mortgage loans made in Non-Targeted Areas require the borrower be a first-time homebuyer. A first-time homebuyer cannot have any home ownership interest in his primary residence for the last three years. Mortgage loans made in Targeted Areas do not have first-time homebuyer requirements.
Oklahoma Bond is issuing funds starting 4/28/09 at 10:00 A.M. Oklahoma Bond works in conjunction with the following type of mortgages, FHA, VA, Rural Development and HUD-184.
Oklahoma Bond money offers up to 3.5% of down payment/ closing cost assistance. This could mean first time homebuyers could walk in with little money down and have the dream of homeownership.
$31,000,000 has been issued to the state of Oklahoma and it can be used in ANY county in the state of Oklahoma.
There are a few requirements for bond money:
1. You must be a first time homebuyer. (A first time homebuyer is someone who has not owned property in the last 3 years) Your lender will require last 3 years of tax returns to prove you have not owned property.
2. Minimum credit score must be 620 or above.
3. There are income restrictions. A borrower must not exceed $57,600 for 1-2 person family and $66,240 for 3 + family. Income is calculated off gross income vs. net income.
4. Interest rate is set by the Oklahoma Bond and has been issued at 5.83%. This rate is 30 year fixed mortgage and it cannot be bought down lower.
5. You must work with a lender who is approved to work with Bond Money.
6. Maximum sales price for new construction or an existing home is $189,682.
You must occupy the purchased home as a primary residence. You must purchase a home no later than 8/14/09. Funds are limited so they could run out of funds prior to 8/14/09. If you have been thinking about buying a home…. now is the time. This program is allowed to be used and get up to $8,000 tax credit.
For more information you can visit www.ohfa.org or contact Heather Jobe at First Mortgage Company at 496-2241 x 230.

Heather Jobe / Mortgage Loan Officer
First Mortgage Company 918-496-2241
918-698-8939 hjobe@firstmortgageco.com

Jim Bigelow Bigelow Group Realtors 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select

American Recovery/Reinvestment Act of 2008

American Recovery/Reinvestment Act of 2008

First time home buyers purchasing any kind of home, new or resale are eligible for the tax credit. To qualify a home purchase must occur on or after January 1, 2009 and December 2009. The purchase date is when closing occurs, and the title to the property transfers to the new home owner.

For married tax payers, this law test the home ownership of the buyer and his/her spouse. For example: if you have not owned a home in the last three years, but your spouse owned a principal residence, neither you or your spouse qualifies for the tax credit.

However, unmarried joint purchasers can allocate the credit amount to any buyer who qualifies as a first time home buyer.

Ownership of a vacation home or rental property does not qualify as a first time home buyer.

The tax credit is equal to 10 percent of the purchase price up to a maximum of $8,000 dollars.

The income limits for single tax payers is $75,000 and the limit for married tax payers is $150,000 filing a joint return.

This tax credit does not have to be repaid. You claim the tax credit on your Federal Income Tax return. Home buyers should complete IRS Form 5405 to determine their tax credit amount, and claim this amount on line 69 of their 1040 income tax return. No other forms or applications are required, and no approval is necessary.

Any home that will be used as a principal residence will qualify for the credit. The tax credit is refundable, which involves the government sending the tax payer a check for a portion or maybe all of the refundable tax credit.

For qualified veterans 100 percent financing is available through VA Guaranteed Loan Program. Veterans with 100 percent disabilities, certified by the Veterans Administration as service connected are eligible for property exempt status in the State of Oklahoma.

As a military retiree, dedicated to the military personnel and their families, I urge you to contact Coleman White@Jimbigelow.com for all your real estate needs.

Coleman White 918-760-1317

coleman@jimbigelow.com www.jimbigelow.com

Jim Bigelow Bigelow Group Realtors 918-640-4657

www.jimbigelow.com jim@jimbigelow.com

Coldwell Banker Select

30 Year Mortgage

Rates on a 30-year mortgage dipped this week after rising a week earlier, and remain just above record lows. The best rates are available to those with solid credit but rates below 5% for FHA mortgages have helped those with “no so perfect” credit.

What does it mean when you “lock in” a rate and is it a good idea?

Interest rates fluctuate based on a variety of factors, including inflation, the pace of economic growth, and Federal Reserve policy. While interest rates are hard to predict, if you think rates are on an upward trend, you may want to consider locking in your interest rate. (Before you decide to lock in, make sure that your loan can close within the lock in period. If it can’t, it won’t do you any good to lock in your rate.)

If you think interest rates might drop while your loan is being processed, you may want to “float” your interest rate instead of locking it in. You can lock in at least 5 days prior to your loan closing.

Jim Bigelow Bigelow Group Realtors 918-640-4657

www.jimbigelow.com jim@jimbigelow.com

Coldwell Banker Select

Heather Jobe / Mortgage Loan Officer

First Mortgage Company 918-496-2241

918-698-8939 hjobe@firstmortgageco.com

Check Out These Other Great Related Tulsa 30 Year Mortgage Blog and Article Posts

Support Under the Homeowner Affordability and Stability Plan: Three …

Homeowner Affordability and Stability Plan Fact Sheet | Bixby Oklahoma …

A Great Time To Be Looking For A Job | Larry Winget — Money – Personal …

Common Sense Political Thought ” Blog Archive ” I’m guessing that these …

Hurricane Katrina Blog – Deadly Katrina ” Katrina Relief

” New Banksy Print

Nova International ” Zum Dritten

Forbes Stock of the Week: Financial Options

Tulsa bank foreclosures: Take Advantage of the Crisis

Gettin’ the Right Eats ” Bob’s Notes, August 2006

Chelsea Green ” Blog Archive ” Give the Gift of Sustainability: Holiday …

Hillary Is 44 ” Blog Archive ” The Shame Of The Democratic Left, Part I

AppFan.com – The Official Website of Appalachian State Fans – The …

Prof. Peter Dale Scott: Martial Law, the Financial Bailout, and War …

documenta12blog / Weil nicht nur ich es sage

HC Hvězda Praha ” Archiv ” Focení

HC Letci Letňany ” Archiv ” Kolín – Letci 6:8

HWA Home Warranties

Ollie the Orange walks your clients through HWA Home Warranty 101
Always Look for the Orange
Home Warranty Company!
www.hwahomewarranty.com
888-492-7359
888-325-5143 (CA only)

Get started using this video:

This 9-minute video can benefit you:

Watch HWA’s fresh, new animated video and learn about your home warranty
painlessly.

It’s not easy to wade through cumbersome brochures, so we commissioned mascot
Ollie the Orange to teach you in 9 easy minutes about the fundamentals of your
HWA home warranty.

• It frees up your time.

• It increases understanding about HWA programs.

The video will educate you on the basics on how to maximize your HWA home
warranty. You will learn about:
• HWA’s Coverage
• HWA’s Guarantee
• Service Providers and Calls
• HWA’s GreenPlus Option
• Kitchen Appliances/Mechanical Systems
• And Much More!
After completing the video, please review either myself Jim Bigelow or HWA for additional information.

Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select

Penny Roth Account Executive
Home Warranty of America
918-845-2556

what type of mortgage works best for you

Step 1: Figure out what type of mortgage works best for you

I have forever advised sticking with a 30-year fixed-rate mortgage, and paying extra on the principal every month to pay it down more quickly. Yes, the rate will be slightly higher than a 15-year mortgage.

A 15-year mortgage comes with lower rates and slightly higher monthly payments that will save you a fortune in interest if you plan to stay in your home. But if you want flexibility, you can get the same advantage by making extra principal payments on a 30-year loan.

Step 2: Understand fees, costs

While most people focus on the interest rate, your true cost must include all fees and charges. When comparing deals, you’ll need to make sure you’re comparing all the costs. Some brokers proclaim there are “no closing costs.” But you can be sure they’re not working for nothing!

Instead, they’ve rolled these costs — appraisals, title search and legal fees — into the interest rate you’re paying. So a loan with a 6.25 percent fixed rate and no closing costs might not be as attractive as a loan at a lower rate with modest closing costs. A lender should give you a “good-faith” estimate of all costs.

You can pay “points” upfront to lower the interest rate. Each point is equal to 1 percent of the loan amount. So on a $100,000 loan, one point is equivalent to $1,000. If you pay “points” to get a discount on your interest rate, that amount may be tax deductible. Given today’s volatile mortgage market, it’s probably not advisable to pay points to reduce your rate. If you decide to refinance at a lower rate in the future, you’ll have “wasted” the money you paid for the points on your old loan.

Step 3. Start your search

The radio advertisements are coming back — promising easy deals, no costs and low rates. But how will you know you’re getting a good deal if you don’t do some comparison shopping? That’s easier than ever today with online tools.

Just remember that every Web site makes money in some way by getting credit for your business. Some want you to register so mortgage brokers can contact you. Others are a source of “leads” for just one mortgage company. You’ll probably have to give some personal information to get a quote. But don’t give out your Social Security number until you are ready to make a deal.

Beware of online mortgage rates and services.  When making one of the biggest investments in your life you want to consider a local lender where you can meet them face to face.

Step 4: Get it in writing!

You should get  a “good-faith” estimate of all costs and fees. It’s a little late to reiterate this advice, but if you’re thinking of getting an adjustable rate mortgage, ask for a written example of how high the monthly payment could go, and when, if interest rates escalate in the future! If you have any questions, get the answers in writing. And if you’re doing a re-fi, check the wording of your original loan to make sure you are not subject to penalties for prepayment. As always, if you’re in doubt, consult an attorney who specializes in real estate law.

Heather Jobe / Mortgage Loan Officer

First Mortgage Company      918-496-2241

918-698-8939  hjobe@firstmortgageco.com

 

 

 

Jim Bigelow    Bigelow Group  Realtors  918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

Easy Spring Cleaning

Easy Spring CleaningIf you don’t have time for a huge ordeal, here are some tips from the Good Housekeeping Institute on how to tackle the important stuff. Behind the big stuff This is a great time to move the beds, sofas and other heavy furniture that you typically don’t bother with. Going one side at a time, pull the item away from the wall. Clean behind it and use the appropriate attachment on your vacuum to get the floor and baseboards. Push it back in, and pull out the other side to do the same.Get no-streak windows Definitely consider getting a microfiber cloth. They are relatively inexpensive and significantly cut down on elbow grease. Plus they are lint free and leave no streaks. Tackle the bathroom Invest in a cleaning tool with a pivoting head and extendable handle. Use disposable cloths to get behind toilets, shower walls, tubs and more. Don’t forget to get rid of old cosmetics etc. from the medicine cabinet. Get the nooks and crannies With the brush attachment on your vacuum, get the dust on window sills, door frames, heating vents and other often-forgotten-about places. Window Exteriors Get a squeegee for windows, it’s worth the investment. Top to Bottom Clean your areas starting at the top and working to the bottom.          Sincerely, Jim Bigelow

Jim Bigelow Group   Jim Bigelow Email Jim   Phone: (918)481-8357 Cell: (918)640-4657 Fax: (918)481-8360

Visit our website at http://www.jimbigelow.com/

 

Oklahoma Tax Exemption

Oklahoma Tax Exemption

 

 

Due to current housing market trends it is necessary and informative for all qualified veterans and some surviving spouses to know that the State of Oklahoma is unique in that it is the only State that offers tax exemptions for certain classes of disabled veterans and some surviving spouses.  Please review the article dated January 22, 2009.  Section 9 of Oklahoma House Bill 154.7/1131

 

Would you believe Oklahoma is the only State that offers Tax Exempt Status to veterans with 100% disabilities?

 

This program benefits nearly 9,600 Oklahoma Veterans who have sacrificed their lives and health for this Country.  These veterans are exempt from all sales tax which includes:  City, County, and State that shall not exceed 25,000 per year, per individual.  Americans are united in their belief that Congress and the President have a responsibility to make sure that veterans receive their benefits after service.  This exemption is the latest attempt from Oklahoma to accommodate those who have sacrificed for our nation.  This tax exemption is the least that any State can offer to those men and women who have given their lives and time.

 

Oklahoma should be the catalyst for this nation who owes their very existence to men and women veterans that have served their country with honor and valor in times of war and peace.

 

House Bill 1131 allows surviving spouses of veterans with a 100% service connected disability to keep the Veterans Sales Tax Exemption.

 

As a retired Viet-Nam Veteran, I can truly say that spouses of disabled veterans endure severe hardships when their love one’s die in defense of our nation.  The freedom Americans enjoy should not die with the warriors; it must extend to the surviving spouses.

 

Again Oklahoma leads the nation with new household personal property tax exemption that is offered to 100% service connected veterans or their surviving spouses.

 

Our service members returning from the mid-east and their devoted families relocating or returning to Oklahoma are also entitled to 100% motor vehicle tax exemption, 100% disable veteran property tax exemption, Oklahoma tuition aid grant, Oklahoma National Guard Tuition Waiver, and many other benefits that are inclusive to Oklahoma.

 

In today’s world, we welcome your move to a State that honors our veterans.

 

As a military retiree, dedicated to the military personnel and their families, I urge you to contact Coleman White@Jimbigelow.com for all your real estate needs.

 

Coleman White 918-760-1317

coleman@jimbigelow.com  www.jimbigelow.com

 

Jim Bigelow    918-640-4657

www.jimbigelow.com                jim@jimbigelow.com

Coldwell Banker Select

 

 

Next Page »