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

What Do You Want to Know About Mortgages?

I am turning over the content of my next few posts to answering your questions.

What do you want to know about mortgages? This is your chance to get answers in plain English.

Do you want to know about:

• Qualification
• Rates
• Loan types & terms
• Rent vs Buy
• How to select a mortgage professional/REALTOR, etc.
• Should I refinance
  

I will provide straight-forward answers to your pressing mortgage questions. Send an e-mail to tim@myfairway.net or call me with your question. Your contact information and any personal identifying information will be kept confidential.

Tim Epps
918-528-4010
tim@myfairway.net

What Is Today's Mortgage Rate?

When you ask a mortgage professional what his rate is, you must first know if you are rate shopping or evaluating a professional. Borrowers shopping for the lowest rate are almost always guaranteed to pay more for their loan - either in rate, fees, or both. Borrowers who are evaluating what mortgage professional they want to work with are much more likely to get the best loan available for their needs and circumstances. That is, if they understand how to make their evaluation.

A lender who blindly quotes a rate, who responds immediately to your rate question with "4.75%" or "I can get you 4.x", is being dishonest at worst & disingenuous at best. Mortgage rates are not like produce prices, posted in the grocery store for all to see and available to all buyers. Many factors go into getting the best mortgage for you.

Some factors are based on your circumstances:

1. Your credit score
2. Your down payment (or loan-to-value for refinances)
3. The amount of your loan
4. Are you ready to lock your rate now?
5. How long before you need to close?
6. Are you a teacher, veteran, policeman, fireman, first time home buyer, etc?

Other factors are based on your needs:

1. How long do you plan on living in this home?
2. Do you plan on refinancing in the future?
3. Do you prefer a lower payment or lower costs?
4. What is your tolerance for risk?

Only an open, honest conversation with a mortgage professional will illustrate how each of these factors influence the mortgage rate that is available on the best loan for you.

If you are in the market for a home now and would like to discuss your situation or if you have a home and would like to see if you can save by taking advantage of rates near historic lows, contact me. There is no obligation. You owe it to yourself to see what a proper mortgage interview can do for you.

Tim Epps
918-528-4010
tim@myfairway.net

Tax Credit Deadline Looms for Sellers, Too

Home sellers in Oklahoma need to pay attention to the calendar just as much as home buyers, especially if they are in the first time home buyers' price ranges. The American Recovery and Reinvestment Act of 2009 enhanced the tax credit available to first time homebuyers but also provided for expiration of the credit if the purchaser does not close and possess the home on or before November 30.

This is important a home seller because a very large pool of buyers for their home could dry up if a purchase contract is not entered into soon. Fewer buyers that are available for you = Less demand = Lower price.

As of the start of the current Congressional recess, there were no less than 5 bills or resolutions in the US House and the US Senate seeking to extend, and possibly expand, the First Time Home Buyer tax credit. Jay Thompson of Thompson's Realty in Phoenix has a good synopsis on his blog. If one of these proposals survives (like Jay, I think one will), we can proceed past the current deadline. However, as a first time buyer or as a seller to one, do you want to risk this on what Congress might do? Or would you rather act on what we know right now.

The tax credit alone should not be the sole reason for a person to buy a home nor for one to sell their home to a first time buyer. But, if it is a part of your decision making process, you should act soon. There will be a crush of loans to go through underwriting and to close at the title company. Appraisers and inspectors will be booking up. And, of course, if anything comes up that can delay your deal past November 30, the credit is gone (as of now). So sellers, make your deal attractive now or you could be left holding your keys.

If you have questions about how a financing strategy can help you sell your home, call me.

Tim Epps
918-528-4010
tim@myfairway.net

Less Than 3 Months Left to Claim Up to $8000 from Your Rich Uncle

Have you been looking for a home? Thinking about it? It is your first home (or have you not owned a home in 3 years)?

STOP! Stop looking & considering. Start FINDING one.

If you are a first time homebuyer, you must close on the purchase of your first home by the end of November* to earn a tax credit of up to $8000. Note that this is a CREDIT not a deduction. If you are expecting a refund, it will increase your refund by the amount of your credit. If you will owe taxes on your 1040, your taxes will be reduced by the amount of the credit and you will receive a refund if due. Before I continue, as with any tax advice here or from any source that is not your trusted professional, you should review this with your trusted professional to apply to your situation.

First time home buyers (and those that have not owned a home in the last 3 years) can claim a tax credit of 10% of the purchase price of their primary residence. The maximum credit is $8000 and there are income limitations on who can claim.

MORE EXTRA GOOD NEWS - If you buy your home in time to claim this credit, you can amend your 2008 tax return even though your purchase may be in 2009! This will get the money in your hands sooner!

*So, why less than 3 months left if the clock stops at the end of November? Because you must CLOSE your purchase by then. It generally takes 30 days from offer to close (although we can perform faster in many cases).

Let me know if you have any questions that I can help with.

Tim Epps
918-528-4010
tim@myfairway.net