Realtor OKC Mortgage loan

Realtor OKC Team Discusses How To Get The Best Mortgage Rates

Realtor OKC Team Provides Mortgage Loan Tips

There are many factors that go into determining what kind of terms you’ll get when getting a mortgage loan. Want better mortgage rates? Our realtor OKC team is here to share a few of the most important factors that determine your mortgage rates:

1.) Raising Your Credit Score: Your FICO credit score is one of the main criteria that determines your mortgage loan rate. The higher your FICO credit score, the lower your interest rate. In fact, your FICO is so important that to even qualify for a loan with no special circumstances your credit score must be at least 620. Although, our realtor OKC team recommends a score of 760 or above for the best interest rates. There are a few ways to improve this credit score; You can pay down or pay off loans, you can clean up errors on your report, and you can pay past-due collections.

2.) Having Enough Income & Work Stability: Having a stable source of income is an important factor in buying a home. Being able to provide proof for at least 2 years of steady employment is good for getting a good rate. Obviously, long terms of unemployment will have an adverse effect on your mortgage rate. If you’re self-employed things get pretty strict. You’ll likely have to provide your business income with tax returns for the past two years. Additionally, you’ll also have to fill out an IRS form to confirm your earning report is correct.

3.) Increasing The Down Payment: Whenever you take a loan, the interest is calculated based on how risky it is to loan you that money. Anything you can do to make things less risky is a benefit. Putting down a larger down payment reduces how much you owe and makes your loan less risky as a result. A loan with a 5% down payment will probably have a higher interest rate than a loan with a 20% down payment (all other factors being equal).

These are just some of the ways you can get a better deal on your mortgage loans. If you need to know anything else about the home buying or selling process, our realtor OKC team would love to help! If you’re looking for an agent, don’t hesitate to give Thurman Real Estate Team a call at 405-850-9503.

Mortgage Loan- Piggy Bank- Realtor OKC

Realtor OKC Team Discusses 2 Ways To Obtain A Mortgage Loan

Realtor OKC Tells Of Bank Loans Vs. Mortgage Company Loans

Our realtor OKC team members have to know a lot about how to obtain financing for a home loan, because it’s part of the job description and we often have to help many home buyers through the process. To the average homebuyer, there might be different routes you’re going to want to take in order to obtain your mortgage loan. Today, to help you determine which path might be best for you, we’re going to explain a little about 2 ways you could go about obtaining a mortgage loan.

1.) Bank Loans: This is a very common method for both realtor OKC agents used to working with banks and for many homebuyers. For many buyers, going the bank route could be the quickest and easiest option, because the bank you have your money with should already be pre-aware of your financial cash flow. In some cases, there are lower interest rates by working with a bank for your loan. Plus, if you have your banking account where you have your mortgage account it could make life a little simpler for you with options to set up automatic payments from one account to the other.

2.) Mortgage Company Loans: Our realtor OKC team members know that sometimes mortgage brokers will actually offer lower rates than the bank, but you have to check. Homeowners like to go to mortgage companies when they don’t want to go through a bank, or simply can’t get financing through the bank. Mortgage companies often have more options on the table for the “little guys”. It’s natural for the big bank mentality to scare some people so they turn to mortgage companies which are seemingly less bureaucratic.

Either way, the bottom line is that as a realtor OKC team, our agents believe that most investors with multiple home buying opportunities may be better off going the bank loan route, while single homeowners may be better off going the mortgage company route to obtain their loan. No matter which route you choose to go, don’t settle with just one opinion if you aren’t fully satisfied that they’re being as helpful as they could be.

If you have any questions about buying a home, Thurman Real Estate Team is here to help! Don’t hesitate to give our realtor OKC team a call at 405-850-9503.