Oklahoma Mortgage Group - Mike David

Alright, folks, let's break it down! Yesterday, the Fed raised interest rates by .25 basis points, which was totally expected by the money gurus. It's like they had it on their radar way before it even happened, and the lenders were already like, "Yeah, we saw that coming, no big deal!" So rates saw virtually no movement from the announcement. But wait, the real drama happened during Fed chair Powell's press conference. He dropped some lines that made investors go all ears. Instead of the usual "Let's raise rates and keep 'em high!" stance, he said, "Hey, maybe we'll take a chill pill and see how things play out before hiking again." And guess what? The market went like, "Oooh, we like this softer tone, Mr. Powell, keep it coming!" Buuut, today wasn't so peachy. There were these big reports on GDP, durable goods sales, and jobs, and they were all screaming strong! Sounds good, right? Nope! The market was like, "Ho...

  Navigating the current real estate market can be challenging due to high home prices and significantly increased interest rates compared to previous years. As the average rate on 30-year loans approaches 7%, according to Freddie Mac, it's uncertain whether rates will remain high in the future. However, there are strategies you can consider if you're looking to purchase a home in this environment.   1. Buy now, refinance later : One option is to buy a house at the current interest rate and plan to refinance your mortgage when rates inevitably drop. By doing this, you can take advantage of potential rate decreases in the future and potentially save money.   According to Mike David, Producing Branch Manager at the Oklahoma Mortgage Group, mortgage refinancing is a particularly good option for those searching for average-priced homes, as their value will only increase in price as time goes on. "They will encounter the most competition," David says. "A propert...

  In today's real estate market, where interest rates are on the rise, potential homebuyers may feel hesitant about entering the market due to affordability concerns. However, there is a solution that can make purchasing a home more manageable and alleviate financial burdens—the buy down option. Two common strategies to consider are the 3-2-1 buy down and the 2-1 buy down. These buy down programs allow buyers to lower their initial interest rates and monthly mortgage payments for a certain period, typically the first few years of the loan term. 3-2-1 Buy Down The 3-2-1 buy down is a mortgage option that provides initial interest rate reductions of three percentage points in the first year, two points in the second year, and one point in the third year. 2-1 Buy Down Similar to the 3-2-1 buy down, the 2-1 buy down program offers a two-percentage point reduction in the first year and a one-point reduction in the second year. Affordability Boost through Buy Downs: 1.  ...

  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.  ...

  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 ...

  Attention Oklahoma home buyers! Did you know that you may be eligible for a no down payment mortgage option? That's right, with certain loan programs, you can purchase a home without having to put any money down. One popular program is the USDA Rural Development Home Loan. This loan program is designed to help low- to moderate-income families in rural areas purchase a home. Eligible borrowers can finance up to 100% of the purchase price without a down payment. The Oklahoma Housing Finance Agency (OHFA) also offers a down payment assistance program for eligible homebuyers. The OHFA Homebuyer Downpayment Assistance Program provides assistance in the form of a grant, which does not need to be repaid. Eligible borrowers can receive up to 3.5% of the home's purchase price to use towards their down payment or closing costs. To be eligible for the program, borrowers must meet certain income and credit requirements, and the home being purchased must be located in Oklahoma and...

  Have you heard? Exclusively through Waterstone Mortgage, Powerhouse 100 Loan Program offers 100% financing, no income limits, and you don’t have to be a first-time homebuyer! It allows you to keep some extra cash in your pocket up front while still keeping your monthly payments affordable.  It’s a powerhouse, for sure. Details: ·         Loan Amounts up to $726,200. ·         Primary Residence Only ·         No income limits. ·         No first-time homebuyer requirement Click here to learn more! Go to www.OklahomaMortgageGroup.com to apply today!