Finances Archive

13 Real Estate Answers

 
USDA RD Property Eligibility Map - Tulsa OK 2015-04-27

USDA RD Map – Tulsa, Oklahoma Area

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The USDA Rural Development (RD) property map showing Eligible and Ineligible areas:   Complete information about RD Financing is available directly from the United States Department of Agriculture (USDA) Rural Development (RD) website: Income Eligibility Requirements (only look at Guaranteed Loans, not Direct Loans, unless you know you qualify for Direct, which is very uncommon) Property […]

Can the Buyer purchase personal property from the Seller?

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The real estate contract specifies that items affixed to the property (e.g. plumbing, curtain rods, garage doors, etc.) are included (unless specifically excluded) and items not affixed to the property (e.g. floor lamps, drapes, vehicles) are excluded (unless specifically included). However, we wouldn’t want every item under the sun to just be a one-line mention in the contract.

What home buyer assistance programs are available in the Tulsa Area?

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There are several home buyer assistance programs available in the Tulsa Area for low- and moderate-income buyers looking to purchase their primary residence. Some programs can even benefit non-first time homebuyers. Each program has its unique set of financial, location, and other  and/or other eligibility requirements. Different types of assistance that may be available include: […]

What’s the difference between a Mortgage and a Promissory Note?

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When you take out a loan to purchase real estate, you sign both a mortgage and a promissory note. The mortgage provides security to the lender by giving them a lien on your title. The mortgage is filed with the county. Once fully paid off, the lender will file a release (or satisfaction) of mortgage […]

Do I need flood insurance?

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Flood insurance is a separate policy from your homeowners hazard insurance policy. Read more: What is a flood? What’s Covered? If your property is in a high-risk flood zone and you obtain government-backed mortgage financing or obtain conventional financing from an FDIC-insured institution, you’ll be required to obtain flood insurance. Read more: “When Flood Insurance is […]

Do I have a good enough interest rate?

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Your mortgage loan’s interest rate is determined by your credit profile, the mortgage market, and your loan type. A “good” interest rate is relative to the recent- and long-term rates. It’s important to make sure the interest rate you’re offered is acceptable to you long-term. If you can afford the additional monthly payment, you can […]

What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?

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Some mortgage lenders provide pre-qualification letters, which basically state, “If what the applicant told me is correct, they qualify for a mortgage amount up to $xxx,xxx at x.xx%.” As such, some say pre-qualification letters aren’t worth the paper they’re printed on. Pre-approval letters, on the other hand, involve the mortgage loan officer receiving the applicant’s (your) […]

When do I apply with a mortgage lender?

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Once you’ve evaluated your financial and living situation and decided you’d like to consider purchasing a home, the first action step is to get pre-approved. Getting pre-approved prior to visiting properties helps all parties involved: You’re able to make an offer as soon as you find the one you want. Your REALTOR® isn’t showing you […]