For Buyers

Your settlement statements serves as your final accounting of all the costs associated with your home purchase. It is a standard form produced by the US Government Housing and Urban Development (HUD). You will want to save this statement for future reference and provide a copy to your tax accountant in the year you close your home. Prior to getting a settlement statement your lender should have provided you with a good faith estimate on the cost of buying your [...]

Not necessarily. Oklahoma has a lot of clay in the soil, and it is common for the soil to shift during extreme weather, especially our hot summers. This shifting over time can cause foundations to shift, resulting in cracks. In addition, or high winds can cause walls to shift and crack even if the foundation is solid. There are primarily two ways cracks develop in the exterior walls. This crack in the brick was caused by cracks in the foundation [...]

There are usually only two times when purchasing a home that you will deal with escrow – funds being held by a third party. Once during closing, and then each month when you make your real estate mortgage payment. Closing Escrow When you make an offer on a home, you will write an earnest money check that will be placed in an escrow account, usually controlled by a local title company. Neither the buyer nor the seller can touch the [...]

As an experienced real estate agent, I must confirm that I have seen people lose the house of their dreams because they hesitated just one day. Yes, just one measly day. I hate that this market demands that buyers make decisions so quickly, but it is my job to let you know what the market is actually like. The last thing I ever want to do is to rush any client. But I’ve also seen the disappointment that can result [...]

Home Search Begins on the Internet Most home buyers today begin their search for a new home on the Internet. But which site do you use? Sites such as Trulia, Zillow and Craigslist are common places new buyers go for information, but unfortunately those listing are typically stale and are not the most up-to-date. By far the most accurate, up-to-date information on homes for sale in central Oklahoma is the Metro OKC MLS (Multiple Listing Service). The local MLS is [...]

When you are ready to make an offer on a house, the home seller will want to know whether you are pre-approved for a loan. Why? They want to have confidence in the fact that if they accept your offer, you are able to follow through and actually purchase the home. Without a pre-approval letter, the home seller may choose to not accept your offer or to go with another offer that DOES have a pre-approval letter. Why do you [...]

For most home buyers, the most intimidating part of purchasing a home is applying for the mortgage. It is a complex subject with a lot of different options, each of which can cost you a great deal of money over the long term. It is important to understand the basics of what mortgages are and how they work, and then find a loan officer that can help you navigate these complex waters. What Is A Mortgage? A mortgage is simply a loan [...]

You are tired of paying rent, but can you actually afford to buy your first home? Coming up with a down payment is a big hurdle for any home buyer, and an especially tall mountain to climb for a first time home buyer. Ideally you want to come up with a 20% down payment, but that can be a HUGE number to buyers early in their job career still struggling with student loans. On a $250,000 home that equates to [...]