Should I purchase new furniture for my house before I move in?

Want to purchase all new furniture before you move into your new house? Maybe Mathis Brothers has zero percent financing on that new master bedroom suite so you can pay it off over time without any finance charges. Why not go ahead and purchase it before closing and have it delivered the day of closing? WAIT! DON'T DO IT! If you make a large purchase such as furniture on credit before closing on your new home, you may end up with no home to put your new furniture in! Lenders will advise you to NOT make any major purchases from the time you apply for a home loan until the time you close. … Continue reading...

Home Buying Basics

Buying a home can be an intimidating process, but with a little knowledge under your belt, you can better understand the process and become a stronger borrower. Here some things you should know before you buy. Obtain a pre-qualification from your lender: Before you begin house hunting, identify the prices you can afford with a reputable local bank. Obtaining a letter from them will help you become more knowledgeable about your future loan and make you a stronger borrower with bargaining position with the seller, showing them you are a serious buyer. Choose a Realtor: You want to find one … Continue reading...

Overdraft fees can affect your credit worthiness

We run a tight ship and have built many good relationships with lenders in the real estate industry.  Fortunately, when working transactions with the reputable lenders we are accustomed to working with, we know that as long as our clients have "disclosed"  to the best of their ability and have turned in documents requested by the lender, we have confidence that our transactions will close as planned.   Working with a first time home buyer recently, we had a "hiccup" in the week before scheduled closing. The buyer had turned in all the requested documentation which satisfied the lender. She … Continue reading...

Credit Scoring Made Simple

What is credit scoring? Simply put, credit scoring is a method of assessing the credit risk of a loan applicant. Credit bureaus such as Experian, Equifax and Trans Union each developed mathematical scoring models that allowed them to offer a score based solely on the data of a single borrower. It evaluates a person's credit worthiness based on their credit history and current credit accounts. This is commonly called your FICO score. Creditors frequently use these scores when deciding who gets a loan and at what rate. However, your credit score is not the only criteria used by mortgage … Continue reading...

Native American Home Loans

Oklahoma has always been "Indian Country".  With America's highest concentration of Native Americans, Oklahoma is home to 35 different tribes.  Well over 1/4 of the people now living in Oklahoma have some type of Indian heritage. Because of this high concentration of Native American's, the HUD section 184K loan is an attractive, yet little known program available for new homeowners in the Oklahoma City metro area. Similar to an FHA loan, the HUD 184K loan offers nearly 100% financing loan and most importantly, it requires no monthly PMI (private mortgage insurance) which can significantly … Continue reading...

Death, Taxes and Credit History

The old saying goes: Two things in life you cannot avoid are death and taxes. Both are grim subjects and yet simple facts of life. Standing solidly at third is Credit History. Many of us in our 20's while livin' large get caught up in credit card euphoria of the...buy now pay later plan. It's a lesson that most young adults have to learn the hard way. Careless and irresponsbile payment of debts can be corrected but it takes a bit of work. Good credit history is crucial in getting a long term loan. A few of the most important factors when applying for a home loan are: LATE PAYMENTS For most … Continue reading...