Tips for buying and owning a home.
Buying a home can be stressful if you don't understand the process, and homeownership comes with a new set of responsibilities. The more you know, the better prepared you'll be. The articles below offer insight that will guide and empower you through the home loan process.
Weigh All Options: Non-Typical Mortgages
The majority of mortgages originated across the country and here locally in Edmond are considered either conventional loans or FHA loans. As I’ve written about these in the past, here’s a quick recap: Conventional loans limit out at $424,100 and are typically harder to qualify...read more »
Increase in Loan Limits Good News for Homebuyers
It has been a decade since The Federal Housing Finance Agency (FHFA) has changed the maximum conforming loan limits for mortgages backed by Fannie Mae and Freddie Mac. According to FHFA, Fannie Mae and Freddie Mac are restricted by law to purchasing single-family mortgages with origination ba...read more »
Trim your mortgage payment
It’s a new year. Time to get serious about changing old habits, like neglecting your finances. This year, resolve to improve your financial well-being. A good place to start is with your mortgage. The largest debt for the average family is housing. Rent or mortgage payments make up appr...read more »
Understanding Tax Form 1098 and Benefits of Mortgage Interest
Tax time is right around the corner. If you have a mortgage, you’ll soon receive a Form 1098 from your lender to use to file your state and federal tax returns. Hopefully this article helps make sense of this Form. The Form 1098 reports mortgage interest, including points, of $600 or mo...read more »
Three Money-Saving Opportunities on your Home
The only way to save money on a mortgage is to lower your interest rate and pay less in fees, right? For homebuyers that means shopping lenders whose fees and rates will likely hang close in comparison; cost-savings may be negligible over the life of your loan. For homeowners, it requires a refin...read more »
Benefits of knowing your home’s value
Whether you plan to buy, sell, refinance or make home improvements, knowing the value of your home has several benefits. Buying Knowing a home’s value may help you save not only money but time. Everyone wants to get a “deal” on a home, but what does a deal loo...read more »
Don’t believe everything you read on the internet
Who doesn’t like convenience? That’s exactly what the online real estate marketplace provides, convenience to search homes for sale, review estimated home values, shop for real estate agents and compare mortgage interest rates on your time. With the internet, you can instantly acc...read more »
Why do I need Title Insurance?
I’m often asked what is title insurance and why am I required to have it? Title insurance is a protection policy against loss which may arise from problems connected to the title of the property that you are purchasing. The home and the land you’re looking to buy may have had ...read more »
How to Guard Against Mortgage Interest Rate Fluctuations
By Kenneth Wohl, VP, RCB Bank Mortgage So you’re looking to buy a home and you’re shopping around for the best interest rate. One day the Annual Percentage Rate is listed as 3.625% APR, and the next day it is 3.875% APR. This can mean the difference of thousands of dollars in the ...read more »
When is buying a home not in your best interest?
By Kenneth Wohl, VP, RCB Bank Mortgage When a client tells me they’re ready to buy a home, I believe it’s my job as a lender to help guide them toward a decision that is best for their financial well-being, even if it means suggesting they hold off on purchasing. Owning a home...read more »
Is Buying a Home a Good Investment?
By Kenneth Wohl, Loan Officer, RCB Bank Millennials, is Buying a Home a Good Investment? You’ve heard it countless times, “Save now for the future.” Financial planners, current retirees, your parents - they tell you to put away as much money as you can into your 401k...read more »
Reasons why your mortgage payment changes
Does it seem like your mortgage payment changes each year? What’s the deal? Let’s look at three reasons that may cause an increase in your monthly payment. Your adjustable loan rate changes. If you have an adjustable rate mortgage, after a certain period of time (usually 5-1...read more »
Before house hunting, prepare with this three-step guide
Is buying a new home on your bucket list for 2016? If you’re ready to take the next step in purchasing your first home or even your tenth, there are three things you should do to prepare. Get pre-qualified for a mortgage. To a seller, providing a pre-qualification letter with your...read more »
Merry Christmas – Should I gift myself an extra mortgage payment?
Paying down debt is a great gift to give yourself. And while your home is most likely your biggest debt, making an extra payment may not be the best use of your money. Every household is different, so let me share a few thoughts to consider as you decide how to spend any extra cash yo...read more »
What you need to know about student loan debt and new mortgage guidelines
Many of us have accumulated some student loan debt during our education. When preparing loan documents, I often see student loans set in deferment or forbearance, temporarily delaying payments or reducing the monthly payment. New guidelines in the mortgage industry change the way lenders calculat...read more »
New Rules in Lending Protect Borrowers
by Kenneth Wohl, VP, Mortgage, RCB Bank The days of decoding cumbersome mortgage documents are over. As of October 3, 2015, new rules have streamlined the documentation process to make it easier for you to understand the terms of your loan, including all costs and risks. New standardized form...read more »
Am I getting the right mortgage for me?
By Jodi Troyer, RCB Bank Mortgage Specialist Taking out a loan and assuming debt is a big decision. Your home loan is most likely your largest debt and making sure you choose the right loan and lender should not be taken lightly. Here are four questions to ask. How many lenders have ...read more »
Homebuying Step Six: Close the Deal!
By Kenneth Wohl, Mortgage Officer Purchasing a new home is an important decision, one which should be carefully considered. Over the past couple of months, I’ve taken a close look at each step in the homebuying process. So far, I’ve shared important questions to ask about the ...read more »
Homebuying Step Five: Secure Mortgage Approval
By Michael Decker, RCB Bank Mortgage Loan Originator We’re currently discussing the six steps of the homebuying process. So far I have covered steps one through four: decide to buy, organize paperwork, shop for a home and prepare an offer. Now, let’s take a look at step five: ...read more »
Homebuying Step Four: Prepare an Offer
By Michael Decker, RCB Bank Mortgage Loan Originator Over the past month, I have been discussing the homebuying process. I have currently covered the first three steps: decide to buy, organize paperwork and shop for a home. When you find THE ONE, it’s time to prepare an offer on the pro...read more »
Mortgage Tips for a Smart Year
By RCB Bank Mortgage Originator Michael Decker This year take control of your financial future by putting a little extra thought into your mortgage. Here are my top three tips for those of you who currently have a mortgage and for those of you who are thinking of purchasing a home this y...read more »
Need money? Is a second mortgage the answer?
By Michael Decker, Mortgage Originator, RCB Bank Second mortgages can be used to fund a variety of projects and goals. When you need money, sometimes a second mortgage is the answer. You may be familiar with the mortgage used to purchase your home (first mortgage), but what’s a s...read more »
Would you benefit from biweekly payments?
By Michael Decker, Mortgage Originator, RCB Bank Stillwater Most people pay their mortgage monthly, submitting a payment once a month. There is an option to make biweekly mortgage payments, paying half of your full mortgage payment every two weeks. So what’s the difference? Ma...read more »
Ease your mind with a home warranty
By Michael Decker, Mortgage Originator, RCB Bank Stillwater As a first time homebuyer, the purchasing process in itself can be overwhelming. Now, you’re solely responsible for all maintenance and repairs. A home warranty can offer peace of mind when it comes to expensive home repa...read more »
Ins and outs of Home Inspections
By Michael Decker, Mortgage Originator, RCB Bank Stillwater Buying a home is a big investment and that’s why the home inspection is an important part of the home-buying process. Some loans don’t require a home inspection, but it is recommended. Wouldn’t you want ...read more »