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.
Print Article Lending officers have their own language. We try not to use unfamiliar jargon when working with customers, but “talking mortgage” is second nature to us. Let me clarify some lingo my customers have called me out on. 1003 Pronounced ten-o-three, is simply...read more »
New tax proposal: Will it affect my mortgage deduction?
Print this article. Turn on the news and you are likely to hear about the new tax plan and the proposed changes to our tax code. I am not a certified public accountant (CPA) and cannot speak to how this may directly affect you individually, but I can share how the proposed changes m...read more »
The Homebuying Property Inspection Waiver
Print Article What you need to know Appraisals are a necessary part of the homebuying process, and for years, they were required to obtain mortgage financing on all new purchases or refinances. Now, in some cases, the Federal National Mortgage Association, known as Fannie Mae, m...read more »
How to Save the Most Money on Your Mortgage
by Kenneth Wohl, VP, Mortgage, RCB Bank Print this article We often assume the way to save the most money on your mortgage is to obtain the lowest interest rate available. It is not always true a lower interest rate means you will pay less to borrow money. Shop lenders and fees. ...read more »
Affordability vs. Approvability: How best to plan your next home purchase
I commend homebuyers who do their research before starting the mortgage process. The more you know, prepare and shop around, the better your homebuying experience can be. While you’re doing your prep work, I’d like to suggest a couple tips. Priority #1: Set a monthly paym...read more »
4 Essential Homebuying Tips
Purchasing a home is one of the largest investments you’ll make. Avoid common mistakes with these four valuable insights. #1: Get pre-approved first. House hunting is the fun part of homebuying, but looking before getting pre-approved can break your heart when the home you fal...read more »
4 Ways to Save for Unexpected Expenses of Homeownership
As a homeowner, it is reasonable to assume you will have, from time to time, repair expenses. When your fridge stops working, your roof springs a leak or you need to rebuild your privacy fence, how do you budget for these costs? The examples above happened to my wife and me within three years...read more »
Escrow accounts benefits to you
It should be no surprise that as a homeowner you are responsible for expenses beyond your mortgage payment, such as property taxes, homeowner insurance and mortgage insurance, to name a few. An escrow account is a service provided by your lender to help you manage and budget for these costs. ...read more »
Ad Valorem Taxes
Benjamin Franklin once said “In this world nothing can be said to be certain, except death and taxes.” And we certainly do pay taxes: income taxes, sales taxes, excise taxes, estate taxes, gift taxes, property taxes and so on. As homeowners, we pay an ...read more »
How to Save the Most Money On your Mortgage
Almost every loan I originate, I am asked about interest rates and term options. When I start discussing these with my customers, I soon realize what they actually want to know is, “How do I save the most money?” To answer this question, we need to start with the basics of l...read more »
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 »
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 »