Mortgage Rules Make it Harder to Qualify!

For some buyers, it will be more difficult to qualify for a loan for their new home. Why? Well, the mortgage market and the housing market have both changed a lot over the last couple of years. These changes have caused the rules for qualifying for a low-interest mortgage much more difficult.

In the past, many homeowners were passing on the fixed-rate mortgage and utilizing an adjustable rate mortgage. Bankrate says that for some homeowners, those not planning to stay in their home longer than 5 years, an adjustable rate mortgage was usually a good fit. For those that did plan on staying in their home for more than 5 years, a fixed rate mortgage was usually the right choice. With the changing economy and more difficult standards, however, things are changing.

Two of the new rules for mortgage qualification include:

• FICO scores must now be at least 740 in order to get the best rates, fees, and points.
• Homeowners using an FHA loan may now only spend 31% of their gross monthly income on their house payment, including principal, insurance, interest, taxes, and association fees.

Want a few tips to help improve your chances? First, check your FICO score regularly. If your score is lower than optimum, you can begin making changes to raise the score. If your score is already high, then you know you are doing the right things. Second, don't focus simply on interest rates when trying to get a loan. Remember that you have the option to pay discount points or change the type of loan. Third, always compare several different loan options to determine what the differences in cost really are. You can compare a loan with a higher interest rate with no points to a loan that is a lower rate but requires points to be paid. You can also compare your options with different companies. Finally, if you refinance your house after 5 years, don't get another 30 year loan. Get your loan amortized for the remaining period of your old loan.

To read the article from the Tulsa World, "Buyers Forced to Jump Through Hoops", visit this link.

To buy or sell your Tulsa, OK luxury property, contact Kelly Howard of McGraw Realtors at 918-230-6341 or www.kellyhowardhomes.com.

A Few FAQ's about Brown Recluse Spiders?

In Oklahoma, it is not uncommon to see a Brown Recluse Spider. Many people call saying that they have seen one and need their property exterminated. Here are a couple of popular questions about Brown Recluse Spiders?

Are Brown Recluse Spiders the same as a Fiddleback Spider? Yes. A Fiddleback spider is the same thing as a Brown Recluse. They are also called the Violin spider.

Do Brown Recluse spiders come out during the daytime? Brown Recluse Spiders will rarely come out during the day unless they have been exterminated and have had their environment affected. Once extermination begins, you will actually see more spiders than you did before. This happens because their food supply is being killed and come out to find food.

Is it true that Brown Recluse spiders are attracted to wood? Yes, Brown Recluse spiders like wood. They are often found in wood piles. They do not like area inhabited by humans. They will usually inhabit wood piles, piles of rock or leaves, closets, basements, shoe boxes or shoes, etc.. If you have a wood roof, you are more likely to find Brown Recluse Spiders in your house. Having your attic dusted will help with the extra problem in these homes.

How do I know a Brown Recluse from another type of spider? Although the Brown Recluse is often called the Fiddleback, the violin (or fiddle) shape is actually more on its head than on its back. If your notice the picture below, you will see that there is an upside down shaped fiddle on the head and upper abdomen of the spider. In addition to this shape, a Brown Recluse will be tan to dark brown and have a body size of 1/4 to 1/2 inch.

To have your Tulsa, OK home exterminated for Brown Recluse spiders or other pests call Duane Montgomery, Montgomery Exterminating at 918-438-4885 or www.montogmeryexterminating.com

If you suspect you have been bitten by a Brown Recluse, visit the Emergency Room or your Doctor's office right away.

Choosing a Moving Company

Choosing a moving company is a big decision. Not only for your finances, but also for your home, property, and peace of mind. When it comes time to make the big move, keep these things in mind...

1. Don't wait until the last minute or you might get stuck with a company that won't take good care of your property or will likely be charged a higher price.
2. When calling a mover, make sure that you have the following information at hand: a list of items to move, moving date, where you are moving from and the destination, and approximate value of the items you are moving. Keep special note of items that you want handled with extra caution. Will the company be able to properly move your antiques and other special items or will you need someone else for those items.
   
3. Make sure the company is licensed. If the company is not licensed, think twice!
4. Check their record with the Better Business Bureau and ask for references. Ask around. A company that has been around for a while, will likely have a reputation.
5. Ensure that they have insurance adequate to cover the value of your property. Also, ask questions about what items are covered. For instance, many times, boxes that you pack yourself are not covered.
   

After asking lots of questions and selecting the right moving company, you can have peace of mind knowing that your property is in good hands!

For a quote to move your luxury property in the Tulsa, OK area, contact Mike at Relocation LLC at 918-459-6683 or www.relocationllc.net.

Want to buy or sell luxury real estate in the Tulsa, OK area? Contact Sherri Sanders of The Luxury Property Group of McGraw Realtors at 918-724-5008 or www.tulsaluxurypropertygroup.com.

How Do I Handle Fraud in Title Insurance?

Handling fraud in any situation is difficult. When it comes to title insurance, there are some things to keep in mind. First, let's define title insurance. Title Insurance is insurance that covers financial loss as a result of a defect in a title to real estate. Second, we need to know what period the insurance will cover. When we buy homeowner's or auto insurance, we are covering our home or auto from the time we purchase the policy until that point in the future that the coverage is canceled. With title insurance, though, it works in reverse. Title insurance covers from the moment you purchase your home and into the past. If you are sued after you close on the property, then the title insurance may not cover you. Finally, title insurance issues can be quite tricky, especially with luxury real estate. To ensure that you are covered for everything you need, talk to your attorney or your title company. You may even consider asking for extended coverage on your title insurance to cover you from your home purchase into the future.

If you have legal problems with your Oklahoma title, contact David Keesling at Richardson, Richardson, Boudreaux at 918-492-7674 or www.rrblawok.com.

To purchase title insurance or if you have questions about title insurance in Oklahoma, contact Ann Rollins of Closings of Tulsa at 918-493-2241 or www.closingsoftulsa.com

For all your Oklahoma home, auto, and life insurance needs and more, contact Mike Tedford, Tedford Insurance at 918-299-2345 or www.tedfordinsurance.com

For all your Tulsa, Oklahoma area Luxury Property real estate needs, contact The Tulsa Luxury Property Group of McGraw Realtors at 918-739-0397 or www.tulsaluxurypropertygroup.com

New Area Code

By  now, probably most everyone in the 918 area has heard that we will be getting a new area code.  It will no longer be simply 918.  Now we will be adding area code 539.  The hardest part for most of us will be getting adjusted to using a 10 digit phone number every time we call.  To ensure that we are all ready for the new area code and 10 digit calling, the Oklahoma Corporation Commission has set up a practice period before the 10 digit calling is required.  Keep these dates in mind:

• July 7, 2010- You should have received a notice in the mail with dates and information about the new area code.
• August 7, 2010-  "Permissive Calling Period Begins"-  you can call using 7 or 10 digits.
• March 5, 2011- "Permissive Calling Period Ends"-  you will now be required to use the 10 digit number.
• April 1, 2011-  New 539 area codes will be available.  You can also request a 918 area code phone number if one is available.
• Spring 2012- 918 area code phone numbers are expected to run out.
  

The same long distance rules will apply for the 539 area code.  Simply put, if you can call a 918 area code now without long distance, you will be able to call 918 or 539 without long distance.  If you pay long distance to call 918, then you will also pay for the 539 area code