The Do’s & Don’ts of Mortgages

If you are considering purchasing a home now or in the future , here is some useful information that will  make applying for a mortgage smoother.

Before searching for your new home, you should always get a pre approval letter.   This helps you know exactly what price range you should be looking in and when you find that home you will be able to present the pre approval letter with your offer.  The RED Team is always here to help connect you with an experienced Loan Officer that will be able to provide you with all the information you need.

Choose a Loan Officer/ mortgage company that offers a simple, streamlined process that helps you obtain your mortgage as efficiently as possible.  One that has the tools to make the loan application process as convenient for you as possible.  Maybe applying  online and uploading your documents electronically is how you would like to apply or maybe you prefer to meet with a Loan Officer in person. An experienced loan professionals will be happy to go over the details of your loan in person.

Our friend Robin Turney with AMC Mortage has provided the list of Do’s & Don’ts.

DO

 Keep All Records in Good Order.

Availability – Keep your financial records

close at hand in case updates are

requested.

Income – Be aware that underwriters

typically verify your income and tax

documents through your employer(s), CPA,

and/or IRS tax transcripts. Hold onto new

pay stubs as received.

Assets – Continue saving incoming account

statements. Keep all numbered pages of

each statement. Ex. 8 of 8.

Gifts – If you’re receiving any gift money

from relatives, they’ll need to sign a gift

letter (we’ll provide) and an account

statement evidencing the source, which

must be “seasoned” funds.

Current Residence – If you’re renting,

continue paying your rent on time and save

proof of payment. If you’re selling your

current residence, be prepared to show

your HUD-1 Settlement Statement. If you’ll

be renting your home, you may need to

show sufficient equity, a lease and receipt

of the first month’s rent and security

deposit.

Keep your credit shining – Continue making

payments on time. Your credit report may

be pulled again, and any negative change to

your score could cause you to lose your

approval and your home.

Understand that things have changed.

Underwriters require more documentation

than in the past. Even if requests seem silly,

intrusive or unnecessary, please remember

that if they didn’t need it, they wouldn’t ask.

DON’T

Apply for new credit – Changes in credit can

cause delays, change the terms of your

financing or even prevent closing. If you

must open a new account (or even borrow

against retirement funds), please consult

with me first.

Change jobs during the process –

Probationary periods, career or even status

changes (such as from a salaried to a

commissioned position, leave of absence or

new bonus structure) can be subject to

very strict rules.

Make undocumented deposits – Primarily

large but sometimes even small deposits

must be sourced unless they are identified.

Make copies of checks and deposit slips.

Keep your deposits separate and small.

Avoid depositing cash.

Wait to liquidate funds from stock or

retirement accounts – If you need to sell

investments, do it now and document the

transaction. Don’t take the risk that the

market could move against you leaving you

short of funds to close.

Ever be afraid to ask questions – If you’re

uncertain about what you need or what you

should do, I’m here to help you through

the process, even long before you intend

to buy.

 

 

amcmtg.com
NMLS# 1058419
Robin Turney

Loan Officer

NMLS # 414224

Cell: (405) 514-4118
Fax: (405) 594-8500
rturney@amcmtg.com
CONFIDENTIALITY NOTICE: This e-mail communication and any attachments may contain confidential and privileged information for the use of the designated recipients named above. If you are not the intended recipient, you are hereby notified that you have received this communication in error and that any review, disclosure, dissemination, distribution, or copying of it or its contents is prohibited. If you have received this communication in error, please notify the sender immediately and destroy all copies of this communication and any attachments. Unauthorized use, dissemination, distribution, or reproduction of this message is strictly prohibited, and may be unlawful.

 

 

 

 

 

 

Remodeled Quail Springs Condo!

This zero yard maintenance condo has been updated with new floors, new paint, new kitchen cabinets,  new bathroom cabinets, new granite countertops in the kitchen and both bathrooms!

The monthly HOA  dues includes a carport, exterior paint, roof, water and electric.   Residents can also use the pool and clubhouse for a small additional monthly fee.

Be the first on the list to see this beautiful new condo!

3 bedrooms,  2 bathrooms and 1360 square feet , mol.

Please call Terra Spencer Myers for more details and information at

405-474-4242.

Credit Tips for First-Time Homebuyers

If you are thinking about purchasing a home for the first time, you may not know that your credit will be one of the key factors in determining whether you are approved for a mortgage and your mortgage interest rate. Your credit score is calculated using five major factors:

  • Payment history – Creditors will look at any utility bills and payments on outstanding loans or credit cards.
  • Amount owed – This is the amount of credit card or loan debt that is outstanding.
  • Length of credit history – This is determined by how long you have held credit on loans or credit cards.
  • New credit – Creditors will make note if you have opened new credit cards or taken out any loans recently.
  • Types of credit used – This is seen as your different kinds of credit, such as credit cards, auto loans or student loans.

Before you begin the home buying process, request a free copy of your credit report and check for errors, which can have a negative effect on your score. If you see any errors, be sure to dispute them. Additionally, try to begin paying off outstanding debts, since those also affect your credit score.

Once you have applied for a mortgage, avoid opening new credit accounts such as credit cards or auto loans until your home has closed. You will also want to keep the balance low on any current credit cards.

I would love to meet with you and have a conversation about your financial goals and your future home purchase.

 

Happy Labor Day!!!

The US Department of Labor describes the holiday as: “a creation of the Labor movement and is dedicated to the social and economic achievements of American workers”.

Labor Day is the first Monday of September, which is September 3rd this year. It’s usually celebrated with parades, parties, cookouts and end of Summer vacations.  Below is the list of Oklahoma events to help you celebrate.

 

 

Aug. 28 – Sept. 1

FREE Payne County Free Fair at the Payne County Expo Center (4518 Expo Circle E, Stillwater) features livestock shows, a wide variety of agricultural exhibits, a carnival, fair food and more. See fair guide of a complete schedule of events.

Aug. 30 – Sept. 2

Oktoberfest at Choctaw Creek Park (Harper Rd. between NE 23rd Street and NE 10th Street, Choctaw) features homemade German food & continuous live entertainment for all ages, plus German dance groups and crafts & activities for children. Adults, $5; kids (under 12), free. See website for complete schedule.

Aug. 31

FREE Friday Evening Glow at RIVERSPORT Adventures (800 Riversport Dr) features live music by Arkansauce, craft beer & cocktails. 6 – 10:30 p.m.

Aug. 31 – Sept. 2

Izumicon at the Reed Conference Center (5750 Will Rogers Rd, Midwest City) features a three day comic and entertainment convention with well known actors and voice actors, panels, video games, table top gaming, cosplay, and more. $30 – $65. See website for a complete schedule of events.

Sept. 1

FREE Fishing Days in OKC (various locations). The City of Oklahoma City offers FREE fishing on the first Saturday of each month at city lakes and ponds. No city permit is required; however a State license is for anyone 16 and older.

FREE Saturday for Kids at the National Cowboy & Western Heritage Museum (1700 NE 63rd St). Enjoy blacksmithing demonstrations and a create-your-own metal foil drawing. For ages 4 – 12. Free for children and accompanying adults. 10 a.m. – noon.

FREE Fort Sill Air Show at Henry Post Army Air Field (4907 Post Rd, Fort Sill) features more than 20 displays including historic aircraft, 15 flight demonstrations, artillery displays and a kid zone. 10 a.m. – 4 p.m.

FREE Superhero School at New World Comics (6219 N Meridian Ave) features amazing super heroes and on occasion a villian or two. 10:30 – noon.

FREE Red Brick Nights Street Festival in Downtown Guthrie (Oklahoma & Wentz Ave, Guthrie) features rotating pop-up shops, food trucks and live music. 5 p.m.

Sept.1 – 2

FREE Labor Day Celebration at the Chickasaw Cultural Center (867 Cooper Memorial Dr, Sulphur) features stomp dance and cultural demonstrations, plus special activities in the living village. Saturday, 10 a.m – 5 p.m.; Sunday, noon – 5 p.m.

Sept. 1 – 3

Labor Day Weekend Fun at RIVERSPORT Rapids (800 Riversport Dr) features fun activities including RIVERSPORT Rodeo, whitewater rafting, RIVERSPORT Adventures, yard games and more. Prices vary.

Labor Day Weekend Fun at RIVERSPORT Lake Overholser Boathouse (3115 E Overholser Dr) features kayaks, paddle boards and canoes as well as land adventures including a climbing wall and dual zip line. Prices vary.

Sept. 2

FREE Safari Sunday Funday at Safari Dental (7221 E Reno Ave, Midwest City) features a live DJ, karaoke contest with prizes, snacks, drinks, FREE school supplies face painting, free kid’s dental checks and more. 2 – 5 p.m.

Family Skate Night at Skate Galaxy (5800 NW 36th St). Admission includes skate rental and the family package also includes pizza and drinks for up to five family members. $6; family package, $29. 6 – 8 p.m.

Sept. 3

FREE First Mondays for Kids at Sam Noble Oklahoma Museum of Natural History (2401 Chautauqua Ave, Norman) offers complimentary admission for kids 17 & under. General admission does apply to guests 18 and older. Adults, $8; seniors (65+), $6; kids (17 & under), FREE. 10 a.m. – 5 p.m.

FREE Labor Day Celebration in Henryetta (Main Street, Henryetta) features a parade, games for all ages, concerts, a carnival, rodeo and an impressive fireworks display at dusk as well as a car, bike & tractor show. 10 a.m. – 10 p.m.

Labor Day Special at Pelican Bay (1034 S Bryant Ave, Edmond) features $5 admission. Noon – 5 p.m.

Hot Dog Skate at Skate Galaxy (5800 NW 36th St) includes basic skate rental, hotdog & drink. $6. 1 – 4 p.m.

Doggie Paddle at Reno Swim & Slide (101 S Douglas Blvd, Midwest City). Bring your canine for a fun evening of water time. Each canine must be accompanied by an adult. $6 per dog. 6:30 – 8:30 p.m.

Labor Day – Let It Glow Event at Westwood Family Aquatic Center (2400 Westport Dr, Norman) features a family-friendly party with a DJ, glow products, and dancing. $5. 8:30 -10:30 p.m.

This party is Family friendly.

Museum Exhibits Closing Soon:

Through Sept. 9

Isabelle de Borchgrave: Fashioning Art from Paper at Oklahoma City Museum of Art (415 Couch Dr) features the life-size, trompe l’œil paper costumes of Belgian artist Isabelle de Borchgrave (born 1946). Free with admission. Adults, $12; kids (6-18), $10; kids (5 & under), free. Tuesday – Saturday, 10 a.m. – 5 p.m.; Thursday, until 9 p.m.; Sunday, noon – 5 p.m. 236-3100, www.okcmoa.com

FREE Visual Voices: Contemporary Chickasaw Art at Fred Jones Jr. Museum of Art (555 Elm Ave, Norman) offers celebratory, mysterious, thought-provoking and critical two-dimensional and three-dimensional works, including abstract and experimental contemporary Chickasaw art. The artworks analyze the complex relationship between contemporary Chickasaw life and rich tribal history and culture. Tuesday – Saturday, 10 a.m. – 5 p.m.; Thursdays, until 9 p.m.; Sunday, 1 – 5 p.m. 325-3272, www.ou.edu/fjjma

Through Sept. 22

IKBI: Chickasaws and Choctaws Sharing Our Culture and History Through Arts at the Oklahoma Hall of Fame (1400 Classen Dr). Artists of both tribes implement various mediums to express their cultural roots and individual understandings of what it means to create. Adults, $7; kids (6-17), $5; kids (5 & under), $5. Tuesday – Friday, 9 a.m. – 5 p.m.; Saturday, 10 a.m. – 5 p.m. 235-4458, www.oklahomahof.com

Through Sept. 29

A Sense of Time and Place: Work by Greg Burns at Oklahoma History Center (800 Nazih Zuhdi) features ten drawings and paintings that have been chosen by the artist specifically for display at the History Center. A graduate in fine arts from the University of Oklahoma, his intricate pen-and-ink drawings and watercolors have received international recognition. Adults, $7; kids (6-17), $4; kids (5 & under), free. Monday – Saturday, 10 a.m. – 5 p.m. 522-0765, www.okhistory.org

http://www.metrofamilymagazine.com/Labor-Day-Family-Fun-Guide/?utm_source=MetroFamily%27s+eNewsletters&utm_campaign=4ba829a5a8-MetroFamily_s_Top_Picks_Games_Best_local8_7_2017_C&utm_medium=email&utm_term=0_10769e43f9-4ba829a5a8-305126757&ct=t(Y)&mc_cid=4ba829a5a8&mc_eid=583df24f4c

New to Town?

Unpacking the Boxes is a 10-week class for women in the Edmond and Oklahoma City area. The class is inspired by Susan Miller’s book After the Boxes are Unpacked: Moving On After Moving In. Women from the Memorial Road Church of Christ run the weekly meetings. The class is designed to help women connect with other women who are new to area.  Bible-based lessons will help you learn to move past the pain and loss of what you’ve left behind and toward an appreciation of your new community.  You will have an opportunity to meet other newcomers in the Edmond area and build friendships by sharing relocation challenges, memories of “home,” and common interests.  The optional book may be purchased on the first day of class. 

Class meets Wednesday mornings, 9:30-11:30, at Memorial Road Church of Christ, 2221 E. Memorial Road, from September 5 to November 14.  Child care is provided. 

For more information about the class, visit  www.unpackingtheboxes.com or e-mail unpackingtheboxes@gmail.com or phone 405-478-0166.

Gorgeous New Listing with an outdoor oasis featuring a pool and waterfall

1404 Echohollow Trail, Edmond, OK 73025

4 bed, 3.1 baths, 3254 sq ft mol, with a pool!

Gorgeous concrete pool with waterfall feature plus beautiful landscaping. Covered back porch with outdoor kitchen, hookup for tv, grill, storage cabinets and more. The yard is fenced in and it would be perfect for a barbecue or entertaining. Inside the home you have a spacious living room with tons of natural light! Open kitchen and dining with a great view of the pool. Kitchen has bar seating, an island, pantry storage, stainless steel appliances, and granite. The master suite is downstairs separated from the guest bedrooms with a large, walk-in closet, tub, shower and two sinks! Two living rooms downstairs plus the workout room(converted third car garage). Fourth living room upstairs with built-ins. The secondary bedrooms are upstairs and the perfect size. Warm palette of finishes, stained and painted woodwork, window treatments throughout make this a spectacular home! This home is comfortable, current…yet a classic home so don’t miss out!

Keys to Scoring a Mortgage

Getting a pre-approval letter will get you ahead of the game, and keeping your credit quiet will help you to the finish line! Here are some other pointers in the “winning the game” of closing on a home with a mortgage!

 

We know that buying a home can be intimidating with so many steps. With a solid team consisting of a real estate professional and a mortgage professional, WE will get you to the finish line. If you have any questions about the process, or if you’re ready to begin the pre-approval process, give US a call!

Rachel Slovacek

NMLS #140681