Oklahoma Mortgage Group - Mike David

When you’re ready to buy a home, it’s essential to understand all the costs involved. While your down payment is a significant factor, don't overlook closing costs . As your trusted Tulsa mortgage lender , I’m here to break it down for you. What Are Closing Costs? Closing costs are additional fees that come with finalizing your home purchase. Every buyer pays these, so it’s important to plan for them. Here’s a breakdown of the typical fees: Application fees Credit report fees Loan origination fees Appraisal fees Home inspection fees Title insurance Homeowners insurance Survey fees Attorney fees Some of these costs are one-time expenses, while others (like homeowners insurance) are ongoing responsibilities after you move in. How Much Are Closing Costs? On average, closing costs range from 2% to 5% of the home’s purchase price . For example: If you're buying a home for $422,600 (the current median price), your closing costs could be between $8,452 and $21,130 . Keep in mind tha

As we move toward 2025, the housing market is already shaping up to be a more favorable environment for buyers. If you’ve been waiting for the right moment to make your move, here’s what the latest forecasts predict. Mortgage Rates in 2025: Projected to Come Down With inflation cooling, Tulsa mortgage rates are expected to decline throughout 2025, making home loans more affordable for buyers. As per recent projections (as of September 2024), interest rates from major institutions like Fannie Mae, MBA, NAR, and Wells Fargo suggest a gradual reduction: Q1 2025 average: 6.30% Q4 2025 average: 5.98% This is great news for anyone considering applying for a Tulsa home loan . Lower interest rates can help you save significantly on your mortgage in the long run. More Homes Expected to Sell in 2025 The lower Tulsa mortgage interest rates are projected to boost home sales. The forecast suggests an increase in buyer activity, with the total home sales reaching up to 5.7 million units nationwide

Good news! Mortgage rates have started to trend down a bit. While this is great for anyone looking to buy a home, it's important to remember that rates can still fluctuate as they're influenced by several factors. The economy, inflation, and even decisions made by the Federal Reserve all play a role in these changes. It’s true that rates have been easing, but you might still notice some bumps along the way as new economic data comes in. Odeta Kushi, Deputy Chief Economist at First American, puts it best: “The ongoing deceleration in inflation, coupled with the Federal Reserve’s recent indication of potential rate cuts [in 2024], suggests an environment supportive of modest declines in mortgage rates. Barring any unforeseen circumstances and resurgence in inflation, lower mortgage rates could be on the horizon, but the journey towards them might be slow and bumpy.” In short, while you could see lower rates in the future, it’s a good idea to be prepared for some fluctuations alon

Understanding the Latest Federal Open Market Committee (FOMC) Decision At its July 2024 meeting, the Federal Open Market Committee announced no change to the Fed funds rate, keeping it at 5.25% to 5.50%, the highest level in 23 years. This decision aligns with market expectations and reflects a careful approach by the Fed despite recent calls for a rate cut. Key Takeaways for Tulsa Realtors and Homebuyers Future Rate Cuts Expected : Market anticipation is high (near 100%) for the first rate cut at the next FOMC meeting on September 18. Future rate cuts could begin a new cycle, potentially starting in September. Market Indicators : Balanced risks between employment and price stability suggest a shift towards rate cuts. Keep an eye on upcoming inflation and job market data. Challenges Ahead : Consider the impact of the presidential election, geopolitical risks, and economic trends. Anticipate changes in U.S. Treasury financing auctions affecting interest rates. Near-Term Focus : Monitor

Whether you're a military veteran or active-duty service member looking to buy your dream home in Tulsa, or a seller hoping to attract a wider pool of qualified buyers, understanding the ins and outs of VA loans is key. Oklahoma Mortgage Group is your local expert, ready to guide you through the benefits and opportunities that VA loans present in the Tulsa real estate market. Buyers – Your Path to Homeownership Made Easier Zero Down Payment: One of the most significant advantages of VA loans is the ability to purchase a home with no down payment. This can be a game-changer for veterans and service members, allowing you to enter the market sooner. Competitive Rates & No PMI: VA loans often come with lower interest rates than conventional loans. Additionally, they don't require private mortgage insurance (PMI), saving you hundreds or even thousands of dollars over the life of your loan. Flexible Requirements: While still requiring a credit check and income verific

Every three years, the Federal Reserve’s Survey of Consumer Finances offers a window into the financial health of American households. The stark contrast between the net worth of homeowners versus renters is a testament to the power of real estate as an investment. In Tulsa, the trend follows the national narrative: homeownership remains a robust pillar of personal wealth. Tulsa Mortgage: The First Step Towards Financial Growth A Tulsa home loan is not just a debt; it's an investment into one's future. The equity accrued in a primary residence represents the largest share of most homeowners' net worth. Tulsa's competitive mortgage rates and diverse property market make it an ideal locale for buyers seeking to leverage homeownership for wealth accumulation. The Home Equity Effect on Tulsa's Homeowners In Tulsa, as in the rest of the country, home equity stands out as a significant contributor to net worth across all income brackets. This is particularly compelling in