Oklahoma Mortgage Group - Mike David

  If you're looking to improve your credit score and buy a home in 2023, you've come to the right place. In this article, we'll share tips and tricks from Tulsa's top mortgage lender and credit repair specialist, Mike David, with the Oklahoma Mortgage Group.   First, it helps to understand what makes up your credit score.   FICO scores are based on five categories: 1.       Payment history – 35% of a borrower ’ s FICO score; A long history of on time payments is good for your credit rating and lenders like to see clients using multiple sources of credit (revolving credit and installment loans) with a good payment history. 2.       Amounts owed – 30% of your FICO score; The less debt you have the greater your chances of getting credit. 3.       Length of credit history – 15% of your FICO score; A long track record or responsible credit use is good for your credit rating. 4.       Credit mix - 10% of your FICO score; variety shows a lender that the borrowe

  Earlier this week, the internet was abuzz about a new type of home loan: a 40-year mortgage. Google searches for “40-year mortgage rates” spiked 450% — and searches for “FHA 40-year mortgage 2023″ jumped more than 2,650%. But the excitement was misplaced because there is in fact no new 40-year mortgage. One local mortgage lender sheds some light on the trending subject. “There is a reason why content becomes viral on social media. Although it may be tempting to accept guidance from TikTok videos with numerous views or likes, it is crucial for individuals to remain watchful, conduct their own research, and prevent the dissemination of false information.”, says Mike David, with the Oklahoma Mortgage Group. So, what exactly is this “40-year mortgage”? The product is not available for mortgage loans to purchase a new home or to refinance, David said. It only applies to current homeowners who have FHA mortgages and who are in need financially or have already defaulted on their loa