Oklahoma Mortgage Group - Mike David

The dream of homeownership is more than just an American staple—it's a stepping stone to financial stability and wealth-building. In Tulsa, where the market is ripe with opportunity, taking the leap can seem daunting. However, the Oklahoma Mortgage Group (OMG) is dedicated to transforming hesitation into action, especially for Tulsa first-time homebuyers. Tulsa's Housing Market: A Goldmine for Growth Real estate in Tulsa has been a spectacle of appreciation. Imagine purchasing a home in Oklahoma for $200,000, only to find its value surging over 51% in five years to $302,000! This isn't just a dream—it's the reality Tulsa homeowners have been living. Now, with Tulsa mortgage rates poised to decline, the question isn't if you should buy, but why haven't you already? Interest Rates and Your Future Sure, renting seems convenient, with no maintenance woes or property taxes. But it's a silent killer for your finances. With average rents climbing, a renter could sp...

Hey there, Tulsa house hunters and homeowners! 👋 Let's discuss the topic that's probably on most people's minds these days: Tulsa mortgage rates. We know they've been a bit of a rollercoaster lately, and that can make figuring out how much house you can afford a real headache.  First, some quick facts: Tulsa Rates have been going up and down a bit, and that's because, well, a lot of things affect them. The overall economy, the job market, inflation – it's like a big pot of financial soup, and all the ingredients can influence the final rate.  But don't worry, you don't need a Ph.D. in economics to navigate this! That's where we, the Tulsa mortgage pros at OMG, come in.  We're here to discuss the trends, what experts say about the future, and, most importantly, how it all affects your Tulsa homeownership goals.  For example, this chart below shows how even a small change in the Tulsa interest rates can significantly affect how much house you can ...

Hey guys, Oklahoma Mortgage Group checking in. Anyone else feel like they're on a roller coaster with these interest rates? Remember just a little while ago when everyone (including the Fed!) was saying rate cuts were on the horizon for 2024? That idea got tossed out the window faster than my teenager's dirty laundry.  This week's been a whirlwind! Here's what you need to know: Rates are acting a little crazy: We had some good economic news, and BAM! Rates started bouncing around. You know the drill - strong economy usually means no big rate drops anytime soon. The Fed's getting chatty: Even Fed Chair Powell had to admit that the recent numbers have been surprising. They're not sure if those rate cuts are even happening anymore. Yikes! It's not all bad: The market is still being a bit dramatic. We'll have to see what next month's big economic reports bring before we panic buy a bunker for our interest rates.  Bottom line for my Tulsa real...

A strong credit score is vital in the Tulsa mortgage process. It's essential for securing Tulsa home loans at competitive rates. Your credit score is a metric used by Tulsa mortgage lenders to gauge your ability to repay borrowed money. Here's what every Tulsa homebuyer should know about the components of a credit score: The Five Factors of Your Credit Score: Payment History (35%) : This is about how consistently you've paid bills on time in the past. Maintaining a record of prompt payments is the most beneficial way to boost your score. Amounts Owed (30%) : It's crucial to manage the amounts you owe in relation to your total credit limit. Keeping low balances relative to your credit availability is key. Length of Credit History (15%) : The length of time you’ve had credit goes a long way. A longer credit history can positively impact your score. New Credit (10%) : Opening multiple new credit lines in a short period can be seen as riskier by lenders. It's advisable ...

  Many people believe that you need a 20% down payment to buy a home in Tulsa, but that's not always the case! While putting down 20% can help you avoid mortgage insurance, it's not a requirement. In fact, the median down payment for Tulsa homebuyers is only 15%, and it's even lower for first-time homebuyers at just 8%. So, why the misconception about the 20% down payment? It's a relic of the past! The median down payment hasn't been over 20% since 2005. Plus, there are many resources available to help you with your down payment, such as: Oklahoma-Specific Down Payment Assistance Programs Oklahoma Housing Finance Agency (OHFA): OHFA offers various down payment assistance programs that can provide grant funds or low-interest loans to help with your down payment and closing costs. Learn more at https://www.ohfa.org/homebuyers/downpayment/ REI Down Payment Assistance: REI Oklahoma partners with lenders to offer assistance with down payments and closing costs. They...