Thursday, January 29, 2009

First-Time Homebuyers to Get Tips from Industry Professionals

In case you missed last week's post, the Community Action Project of Tulsa County will hold a Homebuyer Education Seminar.

People who have signed up for the free program will receive orientation and a financial readiness assessment from a CAP counselor. Then, they attend this seminar to help guide them through the steps of a home purchase.

Kathryn Jones and Christine Baker of Coldwell Banker Select will teach those in attendance about how a successful home search works.

John Buchanan, Jr. of Country Financial will review what to look for in homeowners' insurance and how to shop properly.

I, Tim Epps of Fairway Mortgage, will talk with the audience about how to obtain the best loan available for their situation and how the mortgage market and process works.

Based on where they select a home, those that enroll and complete this program can be eligible for up to $3500 in down payment assistance from CAP.

With all of the constant changes in real estate, insurance and mortgages, this program can help all buyers get up to date. The adage that "all real estate is local" has never been more true. Values in Oklahoma have not seen the precipitous drops that the largest 10 and 20 markets have seen. Those markets reported in the Case-Schiller Index also saw precipitous rises in value while Tulsa, Oklahoma City, and the rest of the state saw our home values rise at a modest, sustainable rate.

Mortgage guidelines are updated mainly on what happens in the market as a whole, so we are not immune from what happens outside of Oklahoma. But money is still available. Good loans (with good rates and terms) are available for most borrowers.

If you think you may want to buy a home, first time or not, check in to the Community Action Project of Tulsa County's Homebuyer Education Program. It will prepare you for everything they don't show you on House Hunters or Property Virgins.

Tim Epps

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