Oklahoma Mortgage Group - Mike David

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...

Understanding the Dynamics of Tulsa Mortgage Rates Navigating the landscape of Tulsa mortgage rates can sometimes feel like trying to read a complex puzzle. You may come across a piece of information suggesting that Tulsa interest rates are on a downward trend, only to encounter another source claiming they're on the rise again. This oscillation can leave many Tulsa residents puzzled about the actual state of mortgage rates. The truth of the matter lies in the timeframe being considered. To demystify the fluctuating Tulsa mortgage rates, here's what you need to know. The Inherent Volatility of Mortgage Rates Mortgage rates are inherently unstable, influenced by a myriad of factors including economic indicators, Federal Reserve decisions, and global events, to name a few. This results in rates that may increase one day and decrease the next, mirroring the dynamic nature of the economic environment. By examining historical data from Mortgage News Daily on the 30-year fixed mortga...

As potential homeowners in Tulsa keenly observe the ever-evolving mortgage landscape, understanding the dynamics of Tulsa mortgage rates becomes paramount. In recent years, we've witnessed these rates plunge to historic lows, surge significantly, and now, they're beginning to retreat slightly. But what drives these fluctuations? The factors at play are multifaceted and intricate, with inflation, the Federal Reserve's strategies, and the 10-Year Treasury Yield playing pivotal roles. Inflation and the Federal Reserve's Influence While the Federal Reserve (commonly referred to as the Fed) doesn't set mortgage rates directly, its actions profoundly impact them. The Fed maneuvers the Federal Funds Rate in reaction to various economic indicators such as inflation, the overall economic climate, and employment statistics. As the Federal Funds Rate shifts, Tulsa mortgage rates tend to follow suit. During recent years marked by heightened inflation, the Fed escalated the Fede...

The year 2024 is shaping up to be a stellar one for prospective homeowners in Tulsa. Market indicators suggest a rare alignment of factors that could tip the scales in favor of buyers. For those considering taking the plunge into homeownership, understanding Tulsa mortgage rates and the broader market context is crucial. Let's delve into why this year, more than any recent one, is promising for entering the Tulsa real estate market. A Downward Trend in Mortgage Rates A significant barrier to homeownership has often been high mortgage rates, which inflate monthly payments and the overall cost of a home. However, Tulsa mortgage rates are on a downward trajectory from their recent highs. As per the latest insights, this decline in rates is not just a momentary dip but part of a trend that's gaining momentum, making the dream of owning a home more attainable. Slower Home Price Increases Simultaneously, the escalation in home prices is expected to decelerate. This doesn't mean p...