Darryl and Dan Newberry of TTCU discuss what Limited Credit means and how you may still be able to buy a home with it.
We all know credit plays a large role in determining how much and what kind of home loan you can qualify for. But what do you do if you have little to no credit? People with what the industry terms Limited Credit can still buy a home in the Tulsa, OK area, it just takes a bit of creativity and the right lending partner.
Limited credit refers to people who, for whatever reason, just don’t have much credit history. Often this applies to high school graduates and college students, but it can also apply to the financially prudent person who pays cash for everything. While this can save you money, (no interest fees to pay), it can make it harder to get a mortgage.
When lenders look at an applicant’s financial records, they need something to show payment history which reflects on how responsible a person is regarding their finances. Credit scores are a key way this history is provided for many lenders. Without credit cards, car loans or previous mortgages you may not have enough of a history for a lender to feel comfortable taking on the risk of lending you money.
Companies such as TTCU can work with Limited Credit homebuyers. There can be other solutions which can help you get the loan you need for a home. Examples include using an alternative line of credit, such as rental history and utility bills, to show how well you pay your bills.
If you have limited credit and want to buy a home in Green Country, visit www.ttcu.com to learn about the different options available for home mortgage loans. For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com
Darryl & Steve from Murray Electric talk about the 4 most important facts to know about the electric system when buying a home.
If it’s time to buy a home you have plenty of things to think about, plan for and learn. My goal as a Realtor® is to provide helpful advice to homebuyers and sellers alike, so they can make the best decisions for their needs and be happy with the results. One way for homebuyers to close on a property with confidence is to understand key components about a home they are buying.
Steve with Murray Electric has taken a look at my personal list of the top 4 things every homebuyer around the Tulsa, OK and Green Country region should know about in any home they purchase. The verdict is in, Steve seconds the motion of this list, and so without any further delay, here are the 4 things every home buyer should know about the electric system in their house:
- What is the Voltage Level of outlets? 220 volts has been standard for quite a while now and is just what’s needed to run most any appliance or electronic device. Homes built before 1950 may have a different voltage of 120, which used to be the standard. If you’re buying an older home, be sure to know the voltage so you can plan accordingly. An update may be needed, or you may need to use gas or propane-operated appliances instead of electric ones.
- Is there a Fusebox in the house? It used to be every house had a fuse box, in which as a homeowner you could replace a blown fuse, or ‘Jimmy-rig’ a fuse with a temporary fix (such as inserting a copper penny at the fuse point), until you got the replacement fuse. Fuse boxes and the ease with which they can be ‘McGivered’ has actually created a higher-risk situation in many older homes, to the point that some insurance companies won’t cover a property with a fuse box. A Circuit breaker board is the safer and current code-required way to go.
- Where’s the Main Panel? The panel is where your home’s electrical system is controlled and where your circuit breakers are located. Each circuit can handle a certain amount of power running through it. If you have many electrical devices or make some major home improvements in the future, you may need to add to the size of your panel. Knowing where it is will help you access it when a breaker trips, and you’re left in the dark. It’s also important to know if the Main Panel is in a closet or not. Small enclosed spaces for an electrical panel are a higher risk for fire damage. If your main panel is in a closet, speak to the folks at Murray Electric in Tulsa to help ensure it’s in a safe place.
- Are the Outlets Grounded? This is critically important with our digital lifestyles. If you don’t have grounded outlets, you’ll want to invest in power-surge protectors. Not only will this lessen the risk of damage to your devices should there be a power surge, but some electrical components won’t work unless through a grounded outlet, such as a coax cable for your TV. One easy way to find out if your outlets are grounded is to get a simple tester at your local home improvement store. For just a few dollars, a tester plugs in and gives you the green light or red to know for sure.
The next time you have an electrical issue come up at home, save yourself a lot of stress and time, by having a conversation with Steve at Murray Electric yourself. This is one local service where there is a live person on the other end of the phone. With two locations in Tulsa (918-835-9605) and Broken Arrow (918-254-9771), help is just a phone call away. Find more information at their website: www.murrayelectric.com.
Darryl speaks about one of his favorite places to volunteer–Junior Achievement, and how much they help the community and our future.
Communities thrive when businesses, individuals and organizations work together to support the various needs of the populace. One group, our children, need a range of different tools and resources throughout their school years to help them grow into confident, educated young adults, ready to create a life they want. When our kids understand how to take care of the daily business of life, and how they can achieve their own goals towards success, their futures are bright. Having a younger generation prepared for the real world with positive, successful tools-at-hand enhances the future of our community as well.
This is the overriding goal of Junior Achievement, OK. This organization is wholly dedicated to teaching children, from Kindergarten through high school, real-life skills which everyone needs to succeed in creating a happy and fulfilling life. Many kids in today’s world lack the one-on-one support of a personal role model to teach them how to manage their finances, or why certain decisions we make when young can significantly impact our lives when we are older. JAOK is a nurturing hub which provides these all-too-important role models and experiences to learn from.
So where do all these role models with JAOK come from? From the community, of course. This is one of my favorite places to volunteer; working with kids in the classroom is truly a rewarding experience. This month I get to head into the classroom again with a peer or two from eXp Realty. Most of JAOK’s volunteers come from the business community. When employers support their employees in volunteerism, a positive work culture is the result. When people with experience in a field volunteer with JAOK, the rewards are two-fold; the kids learn things they may not otherwise be taught, and the volunteers experience the gratification which comes from doing something good to help others.
JAOK is the organization which bridges the gap between our children and the business community, providing valuable opportunities to help kids face their future with confidence; and that’s a bright future for all of us. If you have been considering being a part of this great organization, now is a great time to get started. Contact Erika Irvine at JAOK to find out how you can help by emailing her at firstname.lastname@example.org, or calling her at 918-660-2158. Find more information at their website as well jaok.org. For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com
314 E 112th Street, Jenks, OK
Take an eXp 3-D Virtual Tour!
This home has a prime location, it’s on a quiet cul-de-sac in Jenks, OK. It features an open great room, island kitchen, flex room office, and whirlpool tub. Three bedrooms are on the first floor and a complete bedroom suite with game room is upstairs. There is a front porch, large covered back porch and the home is constructed of full brick for low maintenance.
Contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com
Darryl and Dan Newberry of TTCU discuss funding options for homeowners to get home improvement project done.
One big advantage to owning a home in the Tulsa area is the ability to do what you want, to update and improve your property so you can enjoy it all the more. But then there comes the question, how do you pay for all that you want to do? One way to do this is to seek out additional funding through a loan. This is not for everyone, but as a Tulsa, OK homeowner, you have an incredible institution on your side which may be able to help.
I’m talking about TTCU, our local, community supportive credit union. As Dan Newberry pointed out on our latest episode of The Future of Real Estate is Now, having different funding options can help you meet your current housing needs. With TTCU not only can you get a home equity line of credit, but qualified members can also get up to $40,000 in a Home Improvement loan to then put towards whatever projects you want to work on.
A growing trend across communities from Tulsa to Jenks, Bixby and Broken Arrow, many homeowners are looking to add Mother-in-law units or suites to their homes. This is being done more often as more families are aiming to keep their elders home and to establish a multi-generational lifestyle, allowing for families to save some money and continue building long-lasting relationships and memories as grandparents get older.
Such a suite can also add great value to your home when the time does come to sell. Instead of being worried about how you are going to fund such a project, look to the support of the folks at TTCU; they can help you find a solution. Visit www.ttcu.com and learn more about what options are available for home improvement funding. For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com
1554 S. Yorktown Pl. NEW LISTING! – $619,000, 5,700 Sq. Ft. Historic Home with many original architectural features throughout. 1930s Tudor Style.
1181 E. 131st Street – New Listing! – 16,000 Sq.Ft.; close to 55 acres, Courtyard, Pool, 4-car garage, $2,400,000. Check the eXp 3-d online tour of this incredible listing. Jinx/Bixby area. Flexible floor plan, 2 laundry rooms, 2 master bedrooms, library/game room/office-Full suite option on upper level.
752 Knobb Hill Dr,-Sand Springs-New Listing! $170,000, Split-level, 4 bedrooms, 3 full baths, 3 acres with a lakeside view, wrap-around back porch, storm cellar, mother-in-law apartment.