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Mortgage- Piggy Bank- OKC Realtors

OKC Realtors Explain Bank Loans Vs. Mortgage Company Loans

OKC Realtors Discusses Mortgages

Our OKC realtors are required to know and understand a great deal about how homebuyers can obtain financing for a home loan.  We often have to help many homebuyers through the process of deciding which ways to obtain a loan is the best for them. Today, to help you determine which path might be best for you, our OKC realtors are going to explain a little about bank loans versus mortgage company loans.

1.) Bank Loans: This is a very common method for both OKC realtors used to working with banks and for many homebuyers. For many buyers, going the bank route could be the quickest and easiest option, because the bank you have your money with should already be pre-aware of your financial cash flow. In some cases, there are lower interest rates by working with a bank for your loan. Plus, if you have your banking account where you have your mortgage account it could make life a little simpler for you with options to set up automatic payments from one account to the other.

2.) Mortgage Company Loans: Our OKC realtors know that sometimes mortgage brokers will actually offer lower rates than the bank, but you have to check. Homeowners like to go to mortgage companies when they don’t want to go through a bank, or simply can’t get financing through the bank. Mortgage companies often have more options on the table for the “little guys”. It’s natural for the big bank mentality to scare some people so they turn to mortgage companies which are seemingly less bureaucratic.

Either way, the bottom line is that our OKC realtors believe that most investors with multiple home buying opportunities may be better off going the bank loan route, while single homeowners may be better off going the mortgage company route to obtain their loan. No matter which route you choose to go, don’t settle with just one opinion if you aren’t fully satisfied that they’re being as helpful as they could be.

If you have any questions about buying a home, Metro First Realty is here to help! Don’t hesitate to give our OKC realtors a call at 405-242-4004.

Buying-A-Home-OKC Realtors

OKC Realtors 3 Financial Tips For Buying A Home

OKC Realtors Preparing You For Buying

It’s now the prime season for real estate! While our OKC realtors will be busy doing what we love best, we know a lot of our customers are are going to busy thinking about buying a new home. Before you can really start thinking about getting into a home loan situation you have to prepare yourself a little bit. That’s where today’s topic comes into play. Our OKC realtors want to share 3 financial tips with our readers which may help better prepare you before you get caught up in the home buying process.

1.) Monitor Your Credit Score: The fact is that you’re going to be better off dealing with loan officers if you have a decent credit score. To get the most value out of the deal aim for a score over 500. The higher the credit score, the most likely it is that your monthly payment will be lower.

2.) Consider Your Down Payment: A lot of  people aim pretty low when it comes to down payments, because moving in itself can be a big expense. Of course, it’s wise to set aside as much as you can to help with your monthly payment situation, as well. Paying at least 5% down is suggested, but it also depends on the cost of the home you’re interested in as higher priced homes may require a bit more capital up front.

3.) Set Aside A Closing Cost Fund: Many times buyers will ask sellers to pay the closing costs and a lot of them will, but in the event that this negotiating ploy doesn’t work out in your favor it would be wise to have a bit of extra money set aside to pay those costs yourself.

Our team of OKC realtors understand that buying a home is one of the largest investments you and your family will ever make, so we want to be certain that you’re truly ready. If you have taken care of all three of the above mentioned financial tips then you just might be ready to get a home loan!

Buying a home has quite a few other steps you might need to consider. Our OKC realtors would be happy to help you get everything in order including helping you to find the best home for your needs!

If y0u need us or want to know more, give our OKC realtors at Metro First Realty a call at 405-242-4004.