It All Started with a Haircut...

(In mortgage lending and finance, a haircut refers to a discount taken from the par value of assets being used as collateral. For this story, its traditional meaning is used.)


Last August, the young lady cutting my hair and I were talking about weather, sports, life, etc. She told me she had moved here from Iowa to go to school. She and her parents missed each other and (unlike this clip) yada, yada, yada, wanted to be able to see more of each other. I told her that if they wanted to buy a home here, that I could refer a couple of REALTORS^® who could help them find a home when the time was right.
Her mother called me the next day and we talked about how to get approved for a mortgage for a second home. Over the next 6 months and through difficult weather, they made various trips to Tulsa to see homes (and their daughter) with Cindy Roberts of Chinowth & Cohen Realtors. 


Right to Privacy laws and my responsibilty to my clients prevent me from more detail, so... yada, yada, yada... They closed today on a home here in Tulsa!


The moral of the story is you never know who will be put in front of you and what there needs are unless you are available and open. Your next opportunity may come from anywhere, even a haircut.
If you are thinking about buying a home in the Tulsa area (or anywhere in Oklahoma), call me. I can help with long and/or short range planning on how you can get the best loan for a home here. 


Tim Epps
Sr. Loan Officer
Fairway Independent Mortgage Corp
918-528-4010
tim@myfairway.net

Renting Now? Start Paying Yourself "Rent"?

If you are renting a house or apartment now, take a few minutes to review this scenario.

Your rent expense of $800, $750 for rent & $50 for renters' insurance (you are insuring your property, aren't you?), will easily afford you a home of your own. The net payment on an FHA 30 yr fixed-rate mortgage for a  $125000 home is only around $727 on the attached example. You can download a copy of this scenario here.

[Please note that I am always conservative with my projections. I have projected a rate slightly higher than today's market rate and also accounted for the increase in the FHA mortgage insurance premium which will take effect April 18]

Instead of paying someone else rent of almost $50000 over the next 5 years, why not pay yourself? When the tax benefits are considered, your net payment over the same 5 year period is less than $44000. Also, you will have built up almost $10000 in equity in your new home. The benefit grows even greater over more time.

Call me to get a customized scenario for you and ask how you can get on the Path2Buy your new home. Whether your looking now, or waiting 5 months or 5 years, it is important to understand that you will be ready when your time is right.

Tim Epps
Sr. Loan Officer
Fairway Independent Mortgage Corp
918-528-4010
tim@myfairway.net

You Can't Do Well in the Tournament without a Good Coach

It is NCAA Tournament time. Sixty-eight teams are rewarded for a season of hard work and planning with a chance to win the men's basketball national championship. These teams could not be where they are without executing the plan developed by their coach.


Why should a home buyer expect to go it alone? Many people start to research buying a home by going online to search for homes. They have no idea what they can afford or how their credit stands. Without a good coach and team around them, they have no idea if the information they are hearing in the media is correct or even applies to them or our market in Oklahoma.


With all of the game plans possible to attach a home search, how do you know which strategy will ensure your success and possibly shorten your path to the championship?


As the Certified Path2Buy for the Tulsa area, my job is to help you understand what it takes to be approved for a mortgage and prepare for home ownership. I analyze your income, credit, job security and other factors to get you into the home you are looking for. I give you the information to dis-spell the myths and clarify the media reports about the mortgage market. This is done without cost or obligation to you.


Every serious player starts the season with a game plan to win a championship. They don't start by saying, "I'll shoot better this year" or "I know I don't rebound well, but I'll work on it later in the season."


Why would you say, "Someday, I will buy a house" or "Once my credit gets better..." or "Once I save some money for a down payment"?


It's okay to want to own a home. It's not okay not to have a plan to get you there.


Consider this my request for an interview to get the job as your Path2Buy head coach.



Tim Epps
Sr. Loan Officer
Fairway Independent Mortgage Corp
918-528-4010
tim@myfairway.net