1.  Find the right representative

Even if you’re not quite ready to buy, your buyer’s agent can be an absolute wealth of information, and can often offer ‘scoops’ on local developments you might not have know about otherwise.  Speak to your agent first and he or she can be helping to guide you right from the start.

2.  Find out what your price range is

Online mortgage calculators are a good place to start, but as you get closer to being ready to buy, there is no substitute for a written mortgage pre-approval.  Just speaking to your lender is an extremely worthwhile venture – this is the only way to really get an in-depth picture of your overall financial picture and to discover exactly what you can reasonably afford to spend on a home (and possibly on renovating).

3.  Find out what your local market looks like

The internet can be incredibly valuable in doing preparatory research.  Start with your agent – he or she can direct you to valuable resources and immediately start e-mailing you real estate listings that may interest you (or at least give you a better idea of what your needs and wants are).

4.  Find out what your true needs and wants are

Compose a needs/wants list that takes into consideration your local market conditions, your price range, and the advice of your real estate agent.

5.  Find your dream home!

Once you’re ready to act, you may be surprised by how quickly you can make a decision.  Armed with your pre-approval, a little market knowledge, and your needs/wants list, call your real estate agent, hit the pavement, and when you see ‘the house’, put in an offer.

With the right team behind you, it really can be that easy!

In the United States, a credit score is a number that is based on a statistical analysis of a person’s credit report, and is used to represent the creditworthiness of that person- the likelihood that the person will pay his or her debts. A credit score is primarily based on credit report information, typically from the three major credit bureaus (Equifax, Experian, and TransUnion). All credit scores are not the same because each bureau uses it’s own scoring mechanism.

Credit scores measure the risk of default by taking into account the various factors in a person’s financial history. Here is how these scores assess what is on your credit report.

1. Your payment history- about 35% of your score. Have you paid your credit accounts on time? Late payments, bankruptcies, and other negative items can hurt your credit score. But a solid record of on-time payments helps your score.

2. How much do you owe- about 30% of your score. The scores look at the amounts you owe on all your accounts, the number of accounts with balances, and how much of your available credit you are using. The more you owe compared to your credit limit, the lower your score will be.

3. Length of your credit history- about 15% of your score. A longer credit history will increase your score. However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.

4. New credit- about 10% of your score. If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history. The scores can distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your score.

5. Other factors- about 10% of your score. Several minor factors also can influence your score. For example, having a mix of credit types on your credit report- credit cards, installment loans such as a mortgage or auto loan, personal lines of credit- is normal for people with longer credit histories and can add slightly to their scores.

Tips for building credit 1) Check your credit report. You’re entitled to a free annual look at your reports from annualcreditreport.com. 2) Establish a checking and savings account 3) Pay your bills on time. 4) Don’t max out your credit cards. Keep your balance no more than 30% of your credit limit. 5) Apply for credit when you are a college student. 6) Piggy back on someone else’s good credit. 7) Apply for a secured card. Get a store card. 9) Get an installment loan.

When using your credit cards- Keep balances low (no more than 30% of your credit limit). Don’t charge more than you can pay off in a month. You don’t have to pay interest on credit card to get good credit scores. It’s much smarter to pay off your credit cards in full each month. Use your card regularly. Make sure that you pay all your bills on time.

Patience and caution are important in this process. It takes time to establish credit . Most importantly, remember that credit actually represents real money and has to be repaid with interest.

1. On July 25, 2000, Governor Keating announced plans to construct a dome on the Oklahoma State Capitol Building. Construction is slated to begin April 2001 with an estimated completion date of November 2002.

2. The world’s first installed parking meter was in Oklahoma City, on July 16, 1935. Carl C. Magee, of Oklahoma City, Oklahoma, is generally credited with originating the parking meter. He filed for a patent for a “coin controlled parking meter” on May 13, 1935.

3. Vinita is the oldest incorporated town on Oklahoma Route 66 being established in 1871. Vinita was the first town in Oklahoma to enjoy electricity. Originally named Downingville. The towns name was later changed to Vinita, in honor of Vinnie Ream, the sculptress who created the life-size statue of Lincoln at the United States Capitol.

4. During a tornado in Ponca City, a man and his wife were carried aloft in their house by a tornado. The walls and roof were blown away. But the floor remained intact and eventually glided downward, setting the couple safely back on the ground.

5. The Amateur Softball Association of America – a volunteer-driven, not-for-profit organization based in Oklahoma City, OK – was founded in 1933 and has evolved into the strongest softball organization in the country.

6. A statue entitled “Hopes and Dreams,” in downtown Perry was created by local sculptor Bill Bennett and placed there on a massive granite pedestal as a Cherokee Strip Centennial memorial. The statue portrays an early-day couple coming to the newly opened western frontier.

7. Turner Falls Park in Davis is the oldest park in Oklahoma. Many springs from the world famous Arbuckle Mountains form Honey Creek that cascades down a seventy-seven foot fall to a natural swimming pool making the majestic Turner Falls the largest waterfall in Oklahoma.

8. There is an operating oil well on state capitol grounds called Capitol Site No. 1.

9. Anadarko is home to the only authentic Indian City in the United States. It is located in the beautiful Washita river valley in southwest Oklahoma.

10. In 1998, a life size statue of a cattle drive, titled “On the Chisholm Trail,” was set in place in Duncan as a monument to the American Cowboy.

11. Phillip H. Sheridan, George A. Custer and William T. Sherman were the founders of the USA’s main artillery fort at Fort Sill.

12. Born in 1879 on a large ranch in the Cherokee Nation near what later would become Oologah, Oklahoma, Will Rogers was first an Indian, a cowboy then a national figure. Will Rogers was a star of Broadway and 71 movies of the 1920s and 1930s, a popular broadcaster and wrote more than 4,000 syndicated newspaper columns.

Easy Spring Cleaning

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.

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.

How to Not Pay Too Much for Your Home

Whether you are buying your first home, or your fifth, the process of buying a home is a detailed, time-consuming venture. At the same time, it’s an emotional period laden with difficult choices. You want to ensure that the home you purchase meets your family’s needs now, and in the future. Each of these decisions often involves money. When you consider all that money represents, you’ll want to ensure that you don’t pay too much. This article helps you become a savvy buyer, by pointing out some of the pitfalls inherent in the home-buying process. These include such things as knowing what you want before you begin shopping, taking your time to shop, choosing the right realtor, and remaining objective while viewing potential homes. With this information, you’ll be closer to finding your ideal home. 1. Before you shop, develop a needs vs. wants list Everyone has a picture of an ideal home. This would include all the features you not only need, but have long desired. However, when it comes time to buying a home, the desires cost more. While it’s nice to think about having a beautifully landscaped backyard, or a solarium, perhaps even some built-in appliances, these are usually considered luxury items, which can add considerably to the price of your home. That’s why it’s a good idea to develop a needs and wants lists. With this list, begin with items you really need like adequate space, garage and number of bedrooms. For most people, basic needs should be considered first. After that, you could consider additional desires, if you can manage these benefits financially. With such a list in your hands, you’re less likely to be caught up in the excitement of the pursuit. You’ll have a good idea of what you want, within you price range, and if you can afford those additional items. 2, Get pre-approved prior to shopping Visit your financial or lending institution prior to home buying. Quickly, you’ll know the amount of mortgage you’ll receive. Be sure to get a mortgage commitment in writing. Most importantly, you’ll tell sellers that you are a serious prospect. Depending upon market conditions, a seller may lean towards an unconditional offer. You’ll have less negotiating power if you have to wait for mortgage approval. Banks and financial institutions have developed many programs especially for home buyers, be that first-time buyers or those with equity in their homes. When you review your needs and objectives with a lending officer, you’ll be one step closer to purchasing your home.

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.

General: www.seniors.com

US Census: www.census.gov

                  www.usadata.com

Partnerships:

Client Assurance: www.squaretrade.com/sres

Moving for Seniors: www.movingforseniors.com

Home inspections: www.usinspect.com/sres

Retirement Housing: www.retirementhousingonline.com

Buyers Home Warranty: www.buyershomewarrenty.com

SAREC: www.seniorsrealestate.com

Long Term Care Planning—price quotes: www.itcq.net

Medicare Info-National Council on the Aging: www.noca.org

Talking with Parents about Health Coverage—The Kiaser Family: www.kff.org

Home Maintenance: www.theinspector-home.com/life

Kipler’s Your Family Records Organizer: www.kipler.com/organizer

The Five Wishes: www.agingwithdignity.org

AARP: www.aarp.org

National Association of Elder Law Attorneys: www.naela.org

Area agencies on aging: www.eldercare.gov

American Institute of Financing Gerontology: www.aifg.org

American Association or Daily Money Managers: www.aadmn.com

Reverse Mortgage: www.reversemortgage.org

Estate Planning Links: www.estateplanninglinks.com

National Center on Elder Abuse: www.elderabusecenter.org

National committee for prevention of elder abuse: www.preventelderabuse.org

Help Victims: http://preventelderabuse.org/help/help.html

The Directory of Crime Victim Services: http://ovc.ncjrs.org/fiindvictimservices

American Psychological Assn.: www.apa.org/pi/aging/eldabuse.html

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.

Congress has extended tax deductions for homeowners paying private mortgage insurance through 2010. But to qualify for the deduction you must have bought or refinanced your home since Jan. 1, 2007. Families with adjusted gross incomes of up to $100,000 can deduct 100% of their insurance premiums, much the same as they deduct property taxes. The deduction is then phased out up to an adjusted gross income of $110,000

Mortgage insurance guarantees lenders will be repaid if the borrowers default. It’s almost always required if you hold less than 20% of the equity in your home.  Your equity is the difference between your home’s market value and what you owe on your mortgage (and home equity loan, if you have one).  The annual premiums run about 0.5% to 0.75% of the outstanding balance, $500 to $750 a year for every $100,000 you owe.

9 Steps to Cancel PMI (Private Mortgage Insurance)

1. Are you qualified? Most people can cancel PMI once equity in their home reaches 20 percent. Some types of loans, such as government insured FHA and VA loans, require PMI for the life of the loan. If in doubt, call your loan servicer to find out your options. 2. Do you have enough equity? 3. Has your home risen in value? If home values in your area are rising quickly, your equity will reach 80 percent more quickly. Mortgage servicers are not required to consider your homes current value but may do so. 4. Have you made extra payments? The other way to add equity is to make extra payments. Have you made any additional payments and applied them to principal? 5. Do the math Estimated value minus mortgage balance = equity. Equity divided by estimated value = percentage of equity. If you come up with a figure of 0.20 (20 percent) or greater, and your estimate is accurate, there’s a good chance you can drop PMI and save. 6. Call your lender Talk to someone at your lender’s customer service department to inquire about procedures for PMI removal. The formal request will likely have to be in writing, but calling first might save you some false steps later. 7. Write your lender When you make your written request, ask your lender to provide, in writing, the minimum amount the property will have to be valued at to qualify to have the PMI dropped. 8. Get an appraisal Most lenders require a formal appraisal of property — at your expense — before they will approve a request to drop PMI. Ask your lender if it has any specific requirements for the appraisal or appraiser that must be met. The company, rather than you, might have to order the work, for example, even though you’ll have to pay the tab of approximately $200 to $350. 9. Final precautions Make sure your loan is up-to-date before making the formal written inquiry to your lender. The lender will consider your payment history when deciding whether to drop PMI. Also, if the property has been converted into rental use, higher percentages of equity are required