interest rates
Should I buy down my Mortgage Rate?
July 20, 2009 by staff · Leave a Comment
Interest rates are constantly in flux. In fact, the interest rates will likely change between the time you start your mortgage application and the time you are approved.
Locking the interest rate does not become in effect until you have property and contract.
First you need to understand how mortgage rates are priced.
1. The longer out you lock a rate the higher the rate. You will have a higher rate if you lock for 45 days out vs. 30 days out. Make sure if you lock on a 30 day you can close by that time otherwise the rate will have to be extended and additional fees apply.
2. Most buyers should be asking what current rates are WITHOUT any points. This means you don’t want to pay anything to get that rate and you are not buying down the rate. It is also known as PAR pricing.
3. You may decide to buy down the rate to get a lower rate. Have your lender run a good faith estimate for you both ways (buying the rate down and not buying the rate down). Although a lower rate always sounds more appealing it is not always the best option.
4. You need to decide how long you plan to stay in the new residence. For example, if you plan to stay in the new property a maximum of 5 years then it may not be worth buying the interest rate lower. You may not recoup the expense of buying the rate lower.
5. Ask if you lender has a float down option. This means you can lock and if rates go lower do you have an option to get a lower rate prior to closing. Most of these options require an charge up front and some are refundable and some are not. Ask questions.
interest rates
What is the Mortgage Application Process???
July 13, 2009 by staff · Leave a Comment
Before applying for a loan, you should check the current interest rates, you may want to review your credit report for accuracy, and begin shopping for a lender. When, comparing Mortgage Lenders, consider such factors as lock-in policies, fees and loan options.
Comparing Interest Rates:
Interest rates are constantly in flux. In fact, the interest rates will likely change between the time you start your mortgage application and the time you are approved. Even so, it’s wise to compare the rates offered by different lenders before you apply for your mortgage.
Filling Out the Mortgage Application:
After you’ve chosen a mortgage lender or mortgage broker, you’ll fill out the mortgage application. Be sure to complete the application honestly and completely. If you inadvertently (or intentionally) put false information on your mortgage application, it could seriously hurt your chances of getting approved.
Take your time when filling out the paperwork, and be sure to get all your questions answered by the mortgage lender.
Providing Mortgage Documents:
During the mortgage loan application process, you will be asked to provide a variety of documents to the mortgage lender. Always ask the lender whether or not they need the original document. If they need the original, be sure to copy each document for your own records when you apply for a mortgage.
Mortgage Approval With Conditions:
In most cases, mortgage approval comes with certain conditions. These conditions may include a satisfactory appraisal, termite inspection, etc. Ask your lender what conditions and requirements you need to meet, and be aggressive about completing them on time.
Making Changes to Your Application:
If anything significant changes during your mortgage application process (changing jobs, marital status, etc.), tell your lender as soon as possible. On closing day, you will be certifying that no significant changes have occurred, so it’s important to address changes as they arise.
Conclusion:
Keep in mind that everyone wants you to be approved for the mortgage loan as much as you do. It’s in everyone’s interest to see the process through to successful completion. Be honest and helpful, and things will work out in the end.
interest rates
Should I Lock or Float My Mortgage Interest Rate?
July 6, 2009 by Jim Bigelow · Leave a Comment
When shopping for a mortgage, what is the best time to float your rate and when should you lock it in? The answer to this question depends on two things:
1. Your objective – if you are buying a home, would your chances to qualify for the loan be jeopardized if interest rates rose? If you are refinancing, will the current interest rate save you a significant sum of money?
2. Your tolerance for risk – floating an interest rate can benefit a client in two ways. First, if rates were to fall, the client could lock a lower rate. Second, if a client chooses to wait until just before the closing date to lock the rate, often times the loan officer can give the client a small break on costs because the mortgage company doesn’t have to take on the risk of managing the lock. So, if you’re willing to risk the possibility of interest rates rising, it may pay off via a lower rate or lower costs. If you don’t like the idea of taking that risk – lock the rate.
What is a Rate Lock?
A rate lock is a pledge between lender and client that guarantees the loan at a specified interest rate. The lender and client have a window of time, usually 15, 30,45, or 60 days, to close the loan. The shorter the lock period, the better things look from a financial point of view. Locking a rate means the lender now has taken on the risk.
However, don’t confuse a rate quote with a rate lock. Just because a lender gives you a rate quote doesn’t mean you’ve locked in at that rate. This is a common mistake many prospective borrowers make. Make sure you are crystal clear as to whether you’re locked or not and, if you are locked, what the rate and terms are. Get it in writing.
What Does It Mean to Float?
Floating means you are willing to take the risk that interest rates will either not go up or that they will fall. If rates have been dropping, then you might want to take a chance that rates will be lower by the time you close your loan than they are today.
Here’s some practical wisdom from Bob Walters, chief economist, “Far too many people, who couldn’t have cared less about interest rates before, become obsessed with rates while they are in process with a mortgage company. The reality is that, while we’d all love to time the market perfectly, it’s extraordinarily difficult to do. If the loan, at the quoted rate, makes sense – lock it in. Leave the rate prognostication to the bond traders.”
interest rates
What Happened to the Interest RATES????
June 1, 2009 by Jim Bigelow · Leave a Comment
If any buyer has checked into interest rates since Wednesday they have probably noticed an increase. Rates can change daily or even multiple times a day depending on current market conditions. Rates change without notice. We saw mortgage rates move from 4.75% up to 5.5% in one day. So many ask…..why???
The main culprit for the rate increase was the sell off Treasury bonds. The treasury has literally been printing money by way of Treasury auctions to pay for the massive spending. And these hundreds of Billions of dollars of new Bond supply have to be absorbed by the market, so the additional supply literally weighs on the entire bond market and drags prices lower, which makes rates increase!
After losing a staggering 363 basis points since last Thursday, Mortgage Bonds are bouncing higher today. But the question on everyone’s mind…will rates come back? The answer is that we will probably see some improvement, but it will be difficult to see rates fight back to the levels they were at just last week.
Oil continues to gush higher hitting nearly $67 a barrel this morning. A direct result of a weakening US Dollar, caused by concerns over the massive debt being issued. This is going to cause prices to rise at the pump and unfortunately weigh on the consumer further during a time when we need consumer spending to pick up and help revive the economy.
I am asked daily by homebuyers that are already in a contract whether they should lock or float? Rates are still at historic lows. It is a buyers personal choice since I cannot predict when the rates will rise or fall but I think a lot of homebuyers have learned that sometimes you can get too greedy when waiting for rates to drop just so you can get a .25% lower in interest rate because rates as shown this week do go up a lot quicker than they come down!
interest rates
New Safety Net for Unemployed Homeowners
May 7, 2009 by Jim Bigelow · Leave a Comment
New Safety Net for Unemployed Homeowners
Car dealerships everywhere are blaring the incentive of payment protection plans, offering to cover car payments up to an amount for a certain period of time, should a borrower lose his job.
First Mortgage Company has launched a similar initiative on April 28, 2009.
The company will pay homeowners’ monthly loan payments for up to six months if the homeowner becomes unemployed within the first two years of the loan.
The program, Job Loss Payment Protection, covers payments of up to $1,800 per month, if one of the signers on the loan loses his or her job.
“Home prices are affordable, interest rates are the lowest they’ve been in decades, and first-time buyers get an $8,000 tax credit,” says George Akers, executive vice president of First Mortgage Company. Akers says the only reason people may not buy now is fear of losing their jobs — although, most industry insiders say fear of unemployment, albeit an overwhelming concern, is just one cause of hesitation for potential homebuyers in the current economy.
Nonetheless, Job Loss Payment Protection offers a safety net for those whose main drawback to homeownership is the fear of job loss.
The program is available to all new First Mortgage Company customers applying for FHA, VA, and USDA loans. The program covers the monthly loan principal, interest, taxes, and insurance. First Mortgage said it hopes the program serves as a tool for Realtors and builders to help sellers provide added value to their home and buyers feel more secure in their decision to purchase a home.
Job Loss Payment Protection is available at all locations in greater Colorado Springs, Colorado; Boise, Idaho; Omaha, Nebraska; Tulsa and Oklahoma City, Oklahoma; Amarillo, Dallas-Fort Worth and Eagle Pass, Texas; and Puyallup, Washington.
FOR MORE DETAILS CALL ME TODAY!!!
918-496-2241 x230
Jim Bigelow Bigelow Group Realtors 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
30 Year Mortgage
April 20, 2009 by Jim Bigelow · Leave a Comment
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
interest rates
Shopping for your Mortgage
March 3, 2009 by Jim Bigelow · Leave a Comment
Shopping for your Mortgage
First, IF IT SEEMS TOO GOOD TO BE TRUE, IT PROBABLY IS. Mortgage money and interest rates all come from the same places, and if something sounds really unbelievable, better ask a few more questions and find the hook. Is there a prepayment penalty? If the rate seems incredible, are there extra fees? What is the length of the lock-in? If fees are discounted, is it built into a higher interest rate?
Second, YOU GET WHAT YOU PAY FOR. If you are looking for the cheapest deal out there, understand that you are placing a hugely important process into the hands of the lowest bidder. Best case, expect very little advice, experience and personal service. Worst case, expect that you may not close at all. All too often, you don’t know until it’s too late that cheapest isn’t BEST. But if you want the cheapest quote – head on out to the Internet, and I wish you good luck. Just remember that if you’ve heard any horror stories from family members, friends or coworkers about missed closing dates, or big surprise changes at the last minute on interest rate or costs…these are often due to working with discount or internet lenders who may have a serious lack of experience. Most importantly, remember that the cheapest rate on the wrong strategy can cost you thousands more in the long run. This is the largest financial transaction most people will make in their lifetime. Of course our rates and costs are very competitive, but we have also invested in the systems and team we need to ensure the top quality experience that you deserve.
Third, MAKE CORRECT COMPARISONS. When looking at estimates, don’t simply look at the bottom line. You absolutely must compare lender fees to lender fees, as these are the only ones that the lender controls. And make sure lender fees are not “hidden” down amongst the title or state fees. A lender is responsible for quoting other fees involved with a mortgage loan. APR? Easily manipulated as well, and worthless as a tool of comparison.
Fourth, UNDERSTAND THAT INTEREST RATES AND CLOSING COSTS GO HAND IN HAND. This means that you can have any interest rate that you want – but you may pay more in costs if the rate is lower than the norm. On the other hand, you can pay discounted fees, reduced fees, or even no fees at all – but understand that this comes at the expense of a higher interest rate. Either of these balances might be right for you, or perhaps somewhere in between. It all depends on what your financial goals are. A professional lender will be able to offer the best advice and options in terms of the balance between interest rate and closing costs that correctly fits your personal goals.
Fifth, UNDERSTAND THAT INTEREST RATES CAN CHANGE DAILY, EVEN HOURLY. This means that if you are comparing lender rates and fees – this is a moving target on an hourly basis. For example, if you have two lenders that you just can’t decide between and want a quote from each – you must get this quote at the exact same time on the exact same day with the exact same terms or it will not be an accurate comparison. You also must know the length of the lock you are looking for, since longer rate locks typically have slightly higher rates.
Again, my advice to you is to be smart. Ask questions. Get answers.
Heather Jobe
Mortgage Loan Consultant
Work: 918-496-2241
Cell: 918-698-8938
Fax: 918-494-6771
www.homeownershipwithheather.com
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
2 23 2009 Mortgage Monday
February 23, 2009 by Jim Bigelow · Leave a Comment
2 23 2009 Mortgage Monday
Rates were fairly steady last week in the range of 5% + for a 30 year fixed rate, mid 4’s% + for a 15 year at zero discount points and 1% origination fee…a bit higher for zero origination…or lower with some discount points…your choice as to what makes sense for your particular situation. The rates are still very close to historical lows.
Bullet points on the tax credit from the stimulus bill:
- First time homebuyer: defined as someone who has not owned a principal residence during the 3 year period prior to the purchase of a new or resale home.
- For the tax credit, the purchase closing (and title transfer and occupancy) must occur on or after January 1, 2009 and before December 1, 2009.
- The tax credit is equal to 10% of the home’s purchase price up to a maximum of $8,000
- Tax credit is reduced for “modified” adjusted gross income of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint tax return. The tax credit is zero for taxpayers with MAGI above $95,000 (single) and $170,000 (married).
- This tax credit does not have to be repaid. The previous $7,500 tax credit, enacted in 2008 and which is replaced by this tax credit, had to be repaid and was essentially an interest-free loan. You must use the property as your principal residence for at least 3 years or you will be subject to recapture of the tax credit amount (with some exceptions).
- You claim the tax credit on your federal income tax return, completing IRS Form 5405 to determine the tax credit amount, and then claim the amount on Line 69 of the 1040 tax return.
- Any home that will be used as a principal residence will qualify: single family detached, condominiums, townhomes, manufactured homes and houseboats.
- The tax credit is refundable. Simply, if you qualify for a credit, say $8,000, that is more than what you owe in taxes, say $1,000, when you file your taxes, you will receive a check…in this case for $7,000.
- There are some other points to the tax credit that might fit a few buyers particular situation.
Combine the low interest rates with the tax credit, and, as we have been saying:
It’s a great time to buy…or to refinance. Give me a call for a free consultation.
Steve Bell
Mortgage Consultant
Capital Mortgage Corporation
9014 S Yale Avenue
Tulsa, OK 74137
918-633-8909 Cell
918-481-8810 Office
918-481-8832 Fax
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
Economic Outlook
January 30, 2009 by Jim Bigelow · Leave a Comment
Economic Outlook
Hi – I am Jim Bigelow – The Bigelow Group @ Coldwell Banker Select in Tulsa, Oklahoma.
Today we are going to look at our
Economic Outlook
Now is the time to BUY Real Estate.
On a national level sales of existing homes are expected to edge up 6 percent in 2009 to 5. 3 MILLION home sales. EVEN with an increase in unemployment, IMPROVED affordability is the reason.
Think about this – in 1981, when interest rates reached 18.5 percent homes were SELLING. I Bought and SOLD personally during that time and never thought a thing about it.
Prices have dropped nationally about 12 percent from their peak in 2006, from a median of $221,900 to $198,600. While in some markets that were the hottest during the boom, prices have dropped as much as 30 percent in Los Angeles and 24 percent in Las Vegas.
The biggest KEY to Selling your home Today is PRICING IT CORRECTLY —– Buyers won’t bother looking at overpriced homes period, and when you finally do properly price your house it will appear shopworn.
NOW for the TULSA METRO AREA MARKET:
The good news is that I think we have learned our lessons about boom markets from our own History.
Our real estate market remains strong AND affordable. In November of 2008 we only had 5,598 homes for sale going into December.
THE Average sale price for November 2008 was $ 130,965.00
THE Average Sales price YEAR TO DATE 2008 was $148,566.00
WHICH EQUATES To
The Total Value Sold in November 2008 was $94,799,783.00
The Average sales YEAR TO DATE 2008 WAS $1,695,304,191.00
Aren’t you glad your in Tulsa. We may not make HUGH Gains in our market – BUT also do not have HUGH losses either. Steady growth and affordable house for everyone.
If I can help you with your real estate Please call me – Jim Bigelow at 918-640-4657 or email me at jim@jimbigelow.com and please feel free to visit our website www.jimbigelow.com
interest rates
Does Moving Up Make Sense?
January 18, 2009 by Jim Bigelow · Leave a Comment
Does Moving Up Make Sense?
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
30 day Fix For the Bad Credit Blues
January 8, 2009 by Jim Bigelow · Leave a Comment
30 day Fix For the Bad Credit Blues
(ARA) – The average American’s credit score is 723. Having a high credit rating can give you better interest rates on credit cards, car loans and even your mortgage. It’s important to know the top factors that affect your score and check your credit report for accuracy.
1. Pay on Time
The most important factor to a potential lender is whether or not you will pay your bills in full and on time.
2. Use a Variety of Credit
A variety of credit, such as mortgage loans and credit cards, can show that you are responsible for paying back both large and small financial promises.
3. Keep Accounts Open
It is a bad idea to open a credit card just to take advantage of a discount or a freebie then close it right away. The longer your credit history, the higher your credit rating tends to be.
To see all of the factors that affect your personal credit score, you should check your credit report by going online to GoFreeCredit.com. GoFreeCredit.com instantly gives you a free detailed, personalized analysis of your credit report with advice on how to improve it. Checking your own credit report at GoFreeCredit.com will not hurt your score.
Your report from GoFreeCredit.com will show you details like accounts with past late payments, the various types of credit you’ve used, current balances and recent requests for credit. You also have the opportunity to fight negative or wrong information on your file. GoFreeCredit.com can refer you to a reputable credit repair service if you need it.
GoFreeCredit.com also provides a 30-day free trial of a credit monitoring service so you can receive automatic notifications of changes to your account. It’s a hassle-free way to keep an eye on your accounts if you’re trying to improve your credit.
Visit GoFreeCredit.com to check your credit report and start improving your credit score today.
Copyright © 2008, ARAnet, Inc.
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
Welcome 2009
January 6, 2009 by Jim Bigelow · Leave a Comment
Welcome 2009
HAPPY NEW YEAR!!!!!
On behalf of myself and most of the people I have talked with WELCOME 2009.
It has been a little over 1 year since our historic ice storm, which Stunned everyone in the Metro Tulsa area and left us numb and frustrated for the whole year. Which was followed by Months of record setting RAIN then straighth to record setting EXTREME HEAT.
During whole time we were held captive by a very long and tiring Presidential race for the White house, CRAZY HIGH gasoline prices, and collapsing real estate markets in various parts of the country.
We ended the year with Mortgage company and Automobile manufacturing government bail outs. The Whow, and that was not everything. The only good news it seems like is that our local economy and real estate market remained good.
Whow, I am glad 2008 is behind us. The good news is our gasoline price and weather is better, The elections are over, The mortgage interest rates are low and YES you can get mortgages for homes. The Tulsa real estate market remains good. We have learned from our own local problems back in the late 1980’s when the oil industry collapsed and again in the 1990’s with telecommunications. Eastern Oklahoma now remains stable while other parts of the counrty are struggeling.
I invite everyone to welcome in 2009 and let’s keep our community going in the right direction. Thank You, Tulsa and everyone of the citizens of oklahoma for making our state a great place to live, work and raise our children.
Jim Bigelow
The Bigelow Group
Coldwell Banker Select
918-640-4657
interest rates
Does Moving Up Make Sense?
January 3, 2009 by Jim Bigelow · Leave a Comment
Does Moving Up Make Sense?
These questions will help you decide whether you’re ready for a home that’s larger or in a more desirable location. If you answer yes to most of the questions, it’s a sign that you may be ready to move.
1. Have you built substantial equity in your current home? Look at your annual mortgage statement or call your lender to find out. Usually, you don’t build up much equity in the first few years of your mortgage, as monthly payments are mostly interest, but if you’ve owned your home for five or more years, you may have significant, unrealized gains.
2. Has your income or financial situation improved? If you’re making more money, you may be able to afford higher mortgage payments and cover the costs of moving.
3. Have you outgrown your neighborhood? The neighborhood you pick for your first home might not be the same neighborhood you want to settle down in for good. For example, you may have realized that you’d like to be closer to your job or live in a better school district.
4. Are there reasons why you can’t remodel or add on? Sometimes you can create a bigger home by adding a new room or building up. But if your property isn’t large enough, your municipality doesn’t allow it, or you’re simply not interested in remodeling, then moving to a bigger home may be your best option.
5. Are you comfortable moving in the current housing market? If your market is hot, your home may sell quickly and for top dollar, but the home you buy also will be more expensive. If your market is slow, finding a buyer may take longer, but you’ll have more selection and better pricing as you seek your new home.
6. Are interest rates attractive? A low rate not only helps you buy a larger home, but also makes it easier to find a buyer.
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
Mortgage Monday – “I heard that interest rates are zero!”
December 22, 2008 by Jim Bigelow · Leave a Comment
“I heard that interest rates are zero!”
Or something to that effect…go some of the phone calls that we are receiving. On December 16th, the “Fed” (Federal Reserve) did reduce The Fed Funds Target Rate to historical low levels. The Fed Funds Target Rate is now a Target Range of 0.00% to 0.25%. The Fed Funds Target Rate is a short-term rate objective of the Federal Reserve Board. The actual Fed Funds Rate is the interest rate at which depository institutions lend balances at the Federal Reserve to other depository institutions overnight.
But there are so many other factors in our global economy that affect mortgage interest rates…and while the Fed Funds rate has an indirect effect…often in opposite directions…the other factors, such as the push for the Fed buying mortgage backed securities, good old supply and demand and many other factors, affect the mortgage rates.
Freddie Mac’s weekly survey released December 18th showed rates falling to 5.19 percent, the lowest in its 37- year history and down from 6.46 percent on Oct. 30.
End result, it may be the best time in decades to look at a refinance or purchase. Call me for a no cost, no obligation analysis to see if it is right for you to refinance or to prequalify for a purchase.
And, one more item…on the news on Saturday night, while they are discussing the hot button topic of refinancing, they incorrectly stated that it would take a 700 or higher credit score to refinance. We offer loans for purchase and refinance with a 580 or higher credit score. These are “prime”, NOT subprime, loans. If you got a mortgage in the past with unfavorable terms, such as a balloon or ARM (adjustable rate mortgage), combination 1st and 2nd (such as an 80-20), etc…give me a call to see what we may be able to do to help.
Steve Bell
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
6 Tips for Holiday Spending
December 15, 2008 by Jim Bigelow · Leave a Comment
6 Tips for Holiday Spending
Determine how much money you have and are willing to spend – Figure out how much cash in the bank you actually have, how much you will allocate to holiday gifts, and how much you may have to borrow.
Make a list of everybody you are shopping for – Doing this will save you time and money and clear your mind to focus on the actual shopping instead of trying to remember if you forgot anybody. If you wish to be fair, divide the number from #1 by the number of people on your list.
Add your budget to each person – Adding a target price and maximum price to each person will ensure that you stay within budget and that your emotions will not take over when you see something really appealing. For example: Aunt Mary: Target $50 Max $75
Shred the convenience checks – This should be done as soon as they arrive, because the interest rates on the credit card convenience checks are usually the same as cash advances, which are sky high.
Shop online – Starting early and shopping online, you have all the time you need to comparison shop and find the lowest prices. Using sites like Shopping.com and Google Products, you can quickly compare prices from many different stores.
Give sentimental presents –Would sending a $25 framed picture of yourself and your dog to your Grandmother mean more to her than buying a $100 gadget? Probably! Run down your list and see if you can send something that’s more sentimental and cheaper than just a product with no emotional appeal. Better yet, homemade gifts are always appreciated due to the effort that goes into making them.
The above six tips will put you on the right track to having a holiday season that will not break the bank. Happy shopping!
Wishing you and your family a Merry Christmas and a wonderful holiday season!
Steve Bell
Mortgage Consultant
First United Bank Mortgage
7645 East 63rd Street, Suite 102
Tulsa, OK 74133
918-294-8020 Ext. 3488
918-633-8909 Cell
918-294-9036 Fax
Jim Bigelow 918-640-4657
www.jimbigelow.com jim@jimbigelow.com
Coldwell Banker Select
interest rates
Mortgage update 12/1/08
December 1, 2008 by Jim Bigelow · Leave a Comment
Mortgage update 12/1/08
The mortgage interest rates are lower the last few days…after remaining relatively stable for the last couple of weeks…unusual in these times…rates are down approximately .5% (1/2%) from mid November. On $150,000 loan, that’s $47.93 less per month.
Mortgage rates have been as volatile as the stock market this year…up and down based on…what? There is not a reliable method for determining what mortgage rates are going to do. Even the highly paid “market forecasters” get it wrong most of the time…there are just too many factors in the global market. We read several market commentaries and they rarely agree on what is going to happen in the near future…that’s the next few days to few weeks at the most.
Study what you can and then make a decision and don’t look back, whether you choose to “lock in” the rate with your lender or to let it “float”. As one of the market commenters states: “THE MARKET IS ALWAYS RIGHT! YOU AND I ARE SOME OF THE TIME”
Great chart – too big for this page – A Visual Guide to the Financial Crisis – by WallStats.com - Blog.Mint.com While looking at some of the quotes on this chart, think about the second paragraph above…
Steve Bell
Mortgage Loan Consultant
First United Bank Mortgage
7645 East 63rd Street, Suite 102
Tulsa, OK 74133
918-294-8020 Ext. 3488
918-633-8909 Cell
918-294-9036 Fax
JIM BIGELOW COLDWELL BANKER SELECT
interest rates
$7,500 FIRST TIME HOMEBUYER TAX CREDIT.
November 24, 2008 by Jim Bigelow · Leave a Comment
$7,500 FIRST TIME HOMEBUYER TAX CREDIT.
Basically, the government will give our buyers $7,500 interest free to buy a home. Its not a tax deduction. Its real money!
A new benefit that makes it easier for you to buy your first home.
A new tax credit is available for first time homebuyers under the Housing and Economic Recovery Act of 2008. If you buy a home between April 9, 2008 and July 1, 2009, you may be eligible to receive a tax credit for 10% of the purchase price of your up to $7,500. The program highlights include:
Ø Any individual (and if married, their spouse) who has had no ownership interest in a home during the last three years is eligible.
Ø Full credit for single taxpayers with incomes up to $75,000 ($150,000 on a joint return); partial credit for incomes up to $95,000 ($170,000 joint return)
Ø Available only for the purchase of single family home that will be used as a principle residence.
Ø Homebuyers must repay the tax credit in 6.67% increments over 15 years, but there is no interest charged.
Ø If the home is sold before 15 years, the first time homebuyer (who is now the seller) must pay the IRS the remaining balance of the tax credit at closing.
If you are a first time homebuyer, now is the ideal time to contact us to discuss your home financing options. In as little as 20 minutes, we’ll give you a free mortgage per-approved decision, so you’ll know how much house you can afford. We’ll make it as easy as possible for you to enjoy the financial advantages of the new tax credit.
Call either:
Jim Bigelow Todd Sparks
Coldwell Banker Select Coldwell Banker Mortgage
918-640-4657 918-809-0120
