Affording Tulsa Home Loans
Tulsa Home Loans
One of the first questions you should ask yourself before purchasing a new home is, “Can I afford it?” You’d be surprised how many Tulsa home loans are applied for BEFORE prospective home owners think about this question.
The first thing to look at is how much you can afford to pay monthly on a home loan. Consider all the debts you have now. Tulsa mortgage brokers will be required to review your debt-to-income ratio. Your monthly debts divided by your gross monthly income. Some Tulsa mortgage brokers will allow higher DTI’s but a safe bet is to keep your debt-to-income ratio around 30%.
Here’s a DTI calculator that you can play around with to find out where you stand. http://www.credit.com/calculators/dti/
As always, I’m here to help. If you need specific direction just give me a call at 918-512-4930.
Tulsa Home Mortgage | First Time Homebuyer Tips
Tulsa Home Mortgage
Acquiring a Tulsa home mortgage can be stressful anytime, but getting approved for your first home loan can be vastly overwhelming. Here are a few things that you should be aware of as a first time home buyer.
- Evaluate your current financial situation and future plans:Consider what you are currently paying for rent in comparison to the costs of purchasing and maintaining a new home. It is imperative that you take an honest look at your savings to see if you really have enough to cover the down payment and closing costs. Is your job and income secure? Will your income increase or decrease in the near future? How long will you be living in your new house? The length of time you plan to stay in the house may determine what type of home mortgage you will choose.
- Learn about the different loan programs your Tulsa home mortgage broker offers:
Next, find out more about the available loan products your Tulsa mortgage broker can offer you. Understand the difference between fixed rate and ARM home mortgages. - Other Costs:
If the seller of your new home will not pay your closing costs, you will need to calculate them into your budget. These costs include attorney’s fees, appraisal fees, the title fee, credit report fee, the application fee, the broker/lender fees, an inspection fee, and state mortgage taxes. Discuss with your Tulsa mortgage broker what the sum of all these fees will be. - Remember closing takes time, and find a Tulsa home mortgage broker you can trust.
We would love to get you pre-approved for your first home. It only takes 15 minutes. Call us today at (918) 512-4930. You’ll be glad you did.