Tuesday, December 23, 2008

Lots of questions about todays interest rates In Edmond and Oklahoma City, this just in from one of my preferred lenders The Bomar Team
Looking to Refinance?
6 Important Things To Know

1. Refinancing an FHA Loan – Most people do not know that if you currently have an FHA loan, you will be charged interest through the end of the month no matter what day of the month you pay it off. This is crucial – if you are currently in an FHA loan, and your lender schedules the closing date in the beginning of the month, or even in the middle, you are going to pay interest on your new loan from closing until the 30th/31st, but you will ALSO pay interest on your old loan through the end of the month. Per day Interest can run anywhere between $20-$100 per day (depending on loan size), so if you close too early you could literally waste one to two thousand dollars in interest that is not necessary.

2. Refinancing an FHA Loan, pt 2 – When you purchased or refinanced into an FHA loan previously, you paid an ‘Up Front Mortgage Insurance Premium’ – otherwise called an FHA Funding Fee. If you are refinancing into a new FHA loan, you are entitled to a partial refund of your previous FHA Funding Fee. This could be anywhere between $500-$3,000, and it is important that your lender takes this into account.

3. Streamline Refinancing – If you are currently in an FHA or VA loan, you will not have to requalify for a new one. By virtue of the fact you were qualified before, you automatically qualify for a new FHA or VA loan as long as you are only lowering your interest rate (not getting cash back). So, just because your job or income situation has changed, don’t count yourself out. The only thing that would really be a problem is if you haven’t made your mortgage payments. But a Streamline Refinance is essentially a “everyone qualifies’ refinance, and no employment, income, or assets are even listed on the loan application.

4. True Payback? – Many people look at interest rates as a “shiny red car”, and unfortunately are all too willing to take a refinance option simply because there is a low rate along with it. This may sound cliché, but there are many other factors that need to be considered for you to decide whether you should refinance or not. A $200 per month savings is great – but what if it adds 3 years onto your mortgage, and raises your balance by $5,000? It might still be worth it, but it might now. A lot of it depends on your future plans, and how long you will stay in your house. Make sure that your lender calculates how long it takes for you to recoup the costs of refinancing, to see if it makes sense in light of your future plans.

5. Appraised Values – Although we are seeing values hold steady for the most part in Oklahoma, that isn’t always the case in every neighborhood. Before you spend $300-$400 on an appraisal, your lender should do you the courtesy of checking with an appraiser to make sure your house will still appraise high enough to refinance. 8 times out of 10, you’ll have nothing to worry about, but the other 2 times it would be really bad to spend that much money on an appraisal only to hear that the house won’t appraise, and the refinance will not work. Of course, an appraiser can’t be held to giving a “comp check”, but it at least gives everyone a good idea of whether it makes sense to order a full appraisal, to get the true appraised value at this time. Additionally, I would recommend working with a lender who has a say in who the appraiser is, as opposed to one who has their appraisal orders assigned out in a round-robin fashion.

6. Market Volatility – Neither the government, nor the Fed, sets mortgage rates…they are determined every day by what yields investors in the bond market are willing to receive to invest their dollars into mortgage pools. This can change a LOT from day to day. We have seen rates at 5.5% (or lower) only 3 times this year. Once in January/February, once in June/July, and right now. Both of the other two times, the low rates lasted about 2 weeks. Even with a slight increase in rates on Monday December 22nd, interest rates are still at all time lows. If you can take advantage of this, I would recommend it. Although there is a possibility for rates to go lower, but they can’t possibly go too much lower than the levels they are at now. But also, there is also a possibility that rates go higher, and there is much room for them to increase.

Now of course, you could always buy a newer home, just give me a call :) Heidi

Saturday, December 20, 2008

Great rates for New Construction

Are considering building, NOW is the time. This just in from our preferred lender The Bomar Team "We just wanted to let you know that rates are really good this morning. If you have anyone in the works, closing more than 60 days out, we are setting up quite a few folks with some 6 months locks with float down options. If you have anyone that you think would be beneficial, we would love to help (we are doing an FHA today on a 6 month lock at 5.0%). " To get yourself preapproved for this, call the Bomars today at 445-5445.

Consider a Turner and Son Home view at www.turnerandsonhomes.com.

This is quite a savings, if you want to pick your lot, and start building your home, call Heidi at 285-2856 today. You can be in a new home in less than 6 months, and Turner has great new plans starting at $85/ft. We even have programs to help sell your exisiting home. Dont miss this opportunity. As always our models in Frisco Ridge and Lone Oak are Open 1-6 weekends, and Deer Spring and Hidden Prairie are currently by appt.

Tuesday, December 9, 2008

News from Edmond Cornerstone Lender - The Bomar Team

There has been quite an uproar about “4.5% Interest Rates” here recently. Apparently, someone suggested it in a meeting as a possibility to help the market out, the suggestion got published, and now there are many, many people starting to hold out for better rates to come.

I wanted to send an email out with my thoughts on it, and hopefully that will help all of us be better prepared when asked about it. I hope this isn’t too long or too technical, but I think it is good for you to not only have an answer for this question, but also to know they “why” behind it.

First of all, mortgages are pooled up as a securities, and sold back and forth every day. When a 6.0% bond sells for more than it’s worth, then it actually pays less than 6.0% (It pays 6.0% interest on $100, but you actually paid $102 for it, thus you are making 4% on $102, not 6.0% on $100). So, the higher the prices on Mortgage-Backed Securities, the lower the yield. The lower the yield, the lower the rate that borrowers have to pay. In order for the US Treasury to drive rates down by buying mortgage-backed securities (which is what was mentioned), the only way to do this is by simply buying up A LOT of mortgages. How much is “a lot”? Well, the federal government would have to enter into the market with such a huge amount of money that it begins to swallow up the all of the supply, causing prices to rise. And, as the prices rise, it will draw in more supply (old mortgages to be sold, or new mortgages created as refi’s or purchase), and then the demand will have to again increase to outstrip that supply.

The average trading volume of mortgage-backed securities (for January through August of 2008) is $344 Billion per day. Yes, Billion with a B. That isn’t just new mortgages, but also trading back and forth of old mortgages that are still alive. That means, for the government to affect market rates, they would have to put a TON of money into the system…possibly more money than they have put in anything else. $344 Billion per day equals a Trillion in about 3 days. And, as the interest rates/yields on mortgage backed securities go down, a lot of private money will simply leave the market place, meaning the treasury will have to increase its buying of MBS even more to not only continue to drive prices up, but also suck up the supply of the sellers that enter due to the unreasonably high prices, and also buy up enough to compensate for much of the demand from private money exiting, due to the returns being too small.

In short, to manipulate the markets in any way that has a long-lasting effect would be something so incredibly enormous, I am skeptical that it could be pulled off. If attempted, I can’t possibly see how rates could stay that low for longer than a week, simply because the supply of mortgages would sky-rocket, and the demand simply would not be there unless the government increased it’s buying even more.

There are option that is more likely is for some pool of “special mortgages” that only certain people qualify for – whether it be low-income housing, purchases in a distressed market, etc. The key here is that it would be very limited, as opening up that cheap of money to the general public would create such a flurry of activity, the money would be gone very, very quickly.

So, hopefully this helps explain the situation a little better. Right now, rates are extremely low – at their historical lows. For a customer to hold off and wait for something better is truly looking a gift horse in the mouth. But, it happens all the time…someone goes from 6.0% down to 5.5%, and they think they’ll hold out for 5.375…only for it all to shoot back up to 6.0% within a day or two!

Friday, November 28, 2008

Great News on Oklahoma again!

Check out the KFOR website and search real estate. You will see latest reports about Oklahoma being a strong area, as well as foreclosure rates down. Nice to see the local media reporting what is happening HERE and not combining us with national!!

Friday, October 31, 2008

HAPPY HALLOWEEN


BE SAFE HAVE FUN AND EAT CANDY! EDMOND IS A GREAT PLACE TO GO TRICK OR TREATING, WITH SO MANY NEIGHBORHOOD COMMUNITIES YOU CAN GET SOOOOO MUCH CANDY!!!

Friday, October 10, 2008

Tips For Edmond and Oklahoma City Real Estate owners

Fall Maintenance Tips for Your Home
Statefarm Insurance
Check all window and door locks for proper operation
Check your home for water leaks
Review your fire escape plan with your family
Make sure there are working nightlights at the top and bottom of all stairs
Have a heating professional check your heating system every year
Protect your home from frozen pipes
Replace your furnace filter
Run all gas-powered lawn equipment until the fuel is gone
Test your emergency generator
Have a certified chimney sweep inspect and clean the flues and check your fireplace damper
Remove bird nests from chimney flues and outdoor electrical fixtures
Inspect and clean dust from the covers of your smoke and carbon monoxide alarms
Make sure the caulking around doors and windows is adequate to reduce heat/cooling loss
Make sure that the caulking around your bathroom fixtures is adequate to prevent water from seeping into the sub-flooring

Tuesday, October 7, 2008

NO PMI is going away!!

This just in from one of my reputable lenders.......If you have have a customer that wants to avoid PMI and do an 80/15/5 or 80/10/10, Friday is the last day to lock them in and they must close by the end of the month. So...HURRY!!!
Doug BrennerPresidentBrenner Mortgage Corp.

Friday, September 26, 2008

Why should I buy now?

Well, if you listen to the news, you would think the world is crumbling. It is just like hanging out with people that talk negatively all day, that is what the news is, negative. You know I had a call today from someone who thinks they should not buy a home. Wow! so where are you going to live. Well I'll rent. That just blows my mind!!! A home is the one investment you have control over and actually get to use, it gives you shelter, warmth, a place to be with family, friends and you control your enviroment. You are investing in yourself and the way you care for things.

Lets look a renting, the landlord has no emotion to that home, if things go bad, they will get rid of what you are living in a lot faster than what they are living in. Not only that, they dont want you to make any changes to it, and if something goes wrong, it is not their first priority to take care of. I dont know about you but if things go bad I want to be in MY HOME, and something I can work with.

People!! Listen to me, we never had a huge subprime lending practice here in Oklahoma. We have a lot of home for the money!!! We have a good economy. People are still buying gas, still going to WalMart, still at Sams, we still exist!! We did not need to lend on homes that were so over inflated at regular wages!!! Gary and I do a lot of business and when we look back there was only 1 person that did a sub prime loan!! This makes sense, people get greedy and the thought of lending to people money when they could not afford it does not make sense. But people were making a practice of it, and now they are shocked when they did not pay!! Why is this surprising. I know that I dont have all the facts, thats true, but I do know that our phones are still ringing, yes we have more inventory, its because people trying to move here cant sell their homes elsewhere. Dont give up on this nation people!! Buying a home makes sense, prices are not over inflated, interest rates are still great! My parents bought at 18%, during good times, we are in the 6's. Make sure you talk to a LOCAL Realtor and do me a favor, stop watching the news and hanging out with negative people. Your parents were right when they stated that you should surround yourself with positive influences!!!

Thursday, September 25, 2008

More News About How Great Oklahoma Is!

Did you hear this on the Today show this morning? Florida real estate is showing a 1 to 66 foreclosure ratio currently. That means for every 66 homes -- 1 is facing the dreadful loss. Nationwide the average is 1 to 416. Now for the really fantastic news-- Oklahoma is 1 to 1,200 homes. Yes, you heard correctly. We are seeing no more than 1 foreclosure for every 1,200 homes in the state. Isn't great to live in Oklahoma where real estate is still a great investment.

Wednesday, September 17, 2008

Tips for Moving

Moving Checklist
Send change of address cards to:
Post Office
Charge Accts
Friends and Family
Coordinate arrangements with moving company
Disconnect utilities at old address and advise where final bills are to be sent
Coordinate turn on of utilities in new area
Cancel Deliveries, ie newspaper
Transfer Memberships ie Church, Clubs, Civic Organizations
Have cars tuned up for move
Notify insurance companies
Obtain legal records
Obtain Medical Records
Obtain School records
Notify VA office
Have prescriptions refilled
Leave old keys

Friday, September 12, 2008

Parade of Homes 2008

Parade of Homes starts September 13-21,2008, models are Open 1-7 pm daily. Please stop by the Turner and Son model homes in Edmond, Deer Creek, Piedmont and Yukon. visit www.turnerandsonhomes.com to see a map.

Wednesday, September 10, 2008

EDMOND and Oklahoma City TOP REAL ESTATE PLACES TO LIVE!!!
Forbes just came out with a list of the top ten places that home prices are expected to rise and Oklahoma City made the list.
Here is the video. http://www.cnbc.com/id/15840232?video=849268581
We still have a strong economy based on good jobs and home pricing.

Thursday, September 4, 2008

What is the Edmond Real Estate market like?

You know I get that question a lot! And I would love the opportunity to talk to you about it. The national media housing slump is not what is happening in Oklahoma. Make sure you talk to an experienced realtor when finding out that information and jumping in the market. Interest rates are still competitive, some price ranges are moving quickly and some a little slower. Please call me to discuss where you fall. Also, lending practices seem to be changing daily, so make sure you are with a reputable lender, I would be happy to recommend some.

Friday, August 29, 2008

Have a Safe Labor Day

Hope you enjoy the holiday weekend. Have a safe and happy Labor Day weekend!

Monday, August 25, 2008

NEW FHA CHANGES

Bloggers ....this just in from one of my trusted lender contacts.....
Major changes continue. I've attached Fannie Mae's new guideline about borrowers qualifying if they are keeping their current home and renting it out. If that's the case, we can't count 75% of the monthly rent unless they owe 70% or less against that house as determined by a BPO, appriasal, or AVM which is a computerized value. THey also must have 6 months PITI in reserve for both houses unless DU approves them with less. Bottom line, don't assume they can keep their current house a rental until I get them pre-approved for it. Take care.

If you want a copy of the new guideline that was attached please email me. Heidi

Monday, August 11, 2008

The Olympics AWESOME


Not only do I sell Real Estate in Edmond OKC, Moore, Yukon, and Deer Creek, but I also help manage the Homestead Hurricanes Swim Team, which is part of the NW OKC Chesapeake Swim Clubs Summer League. We took second for this Summers Large Team this season. We swam against Fenwick, Warwick, Asheford Oaks, Coffee Creek, Steeplechase, Old Farm, Chimney Hill, Copperfield, Oak Tree Park and others. With the Olympics this year it has made the season so much fun, I love to DVR the Olympics and then watching what Team USA is able to accomplish this year in the pool. We love swimming so much that we put a pool in last year. So if you need a home with a pool, please contact me, I can certainly assist with this!! I have some great recommendations for pool contractors, pool suppliers, and have some great homes with pools listed. So dont miss out on the swim season.

My Mom and Dad are Realtors too!


Well the apple did not fall from the tree, both my parents are Realtors in Fort Wayne Indiana, so if you are moving that way check them out. They are with the Mike Thomas and Associates Brokerage. That actually is where I orginally started real estate. After the urging of my mom to try Real Estate and leave my job as Marketing Director from an Engineering Firm, I did so. In the first year I was named Rookie of the Year. It was exciting. They too are a top team so if you need a referral in the Fort Wayne, Indiana area, contact me and I will get you in contact with them. They are Don and Debbie Oldakowski, when you are on the Go call Debbie O.

Edmond Schools are open next week

Ahhhh...the kids are going back to school. Edmond North for my daughter and John Ross for my son. Im nervous, my daughter is a freshman. Does that mean Im old? Nooo, not me Im too young at heart. Anyways, make sure if you are registering to bring your utility bill for registration. Make sure the high schoolers look their best for they are taking pictures for their IDs. If you want info on the Edmond Public School System or the Deer Creek School System, send me an email. We will take care of you!!!

Turner & Son Homes


Did you know that I represent Turner and Son homes as well. These guys are top notch builders. Check out their website at http://www.turnerandsonhomes.com/, better yet, you need to contact me to see these homes. We can customize a home for you and build it in six months. Locations are Lone Oak in Deer Creek Schools, Hidden Prairie in Edmond Schools, Frisco Ridge in Banner and Yukon Schools, and Deer Springs in Piedmont Schools. Their prices are from the 180's. Make sure if you are considering a new home you check them out. They have models open make sure you tell them I sent you!!!

Did you know about the $7500 tax incentive

Well, I hope you have been listening to the news if you are a first time homebuyer. Not only in Edmond, but everywhere, the Federal Government is offering a first time homebuyer a $7500 tax credit. This is huge for those who have need a nudge to get into the market. This is the time to buy interest rates are still low and now this!! You should always get preapproved before looking for homes so that you know what your purchasing power is. If you need a lender I know fabulous trustworthy lenders, who will get not only inform you of all your choices but help you decide on the best options. Please email me at heidi@atchleygroup.com for a list of reputable lenders.

Some fun


Just getting this started so I thought I shared some fun things. Like Jack my Golden, a great dog to come home to. A family guy...he loves to catch frisbees, is addicted to tennis balls and loves to swim in the pool. If he had his way I would be home everyday to take him for a walk and give him belly rubs.

Getting into technology!

Hello...and welcome to my first blog. I am the Lead Buyer Specialist for the Gary Atchley Group at Keller Williams in Edmond, Oklahoma. Feel free to check out my "official" website at http://www.atchleygroup.com/. I have been assisting people in finding their home for many years now not only in Edmond, Oklahoma City, Moore, Yukon, and Deer Creek. But I also sold real estate in Indiana, and specialized in new construction in Kentucky. Having lived in Edmond now for over five years in the great Homestead community. I LOVE IT HERE! What a wonderful place to raise a family. My daughter starts Edmond North High School and the Swim Team this year, and my son is on his last year at John Ross Elementary. So if you are moving from out of town, I am the person to contact. I have done it and can certainly help you out. I look forward to an informal way to give you the information that my team can provide for you.