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
Our discussion with Steve from Murray Electric reviews the benefits of having an expert you can call for help
We all have things we need to get done at home, and often we can take care of them ourselves. But when you are faced with an issue you don’t have experience in or are stumped as to what the source of a problem may be, you can save yourself stress and time by calling on an expert to help.
When it comes to electrical concerns at home, here in the Tulsa OK metro area and Green Country, we have an excellent resource to turn to. The folks at Murray Electric follow a similar business model to eXp Realty, providing help and support with compassion and understanding. So many of us get the run around when we call a business seeking answers, a human voice seems almost impossible to reach. Not with Murray Electric, there is a person on the other end of the line who genuinely wants to help.
Just the other day I was at home working, yet again, on my exterior lights. I took all the basic steps to try and figure out why my lights weren’t working. Then I got to a point where I couldn’t go any further, so I called Murray Electric. When I explained my situation, they asked me questions to try and troubleshoot the problem. These guys are not just looking to make a buck, they really want to help. They’re not afraid to try to help you avoid a service call, they just want you to get the problem fixed, service call or not. This is the key difference to search for when it comes to finding local services and businesses to work with.
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 Murry 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.
Special Guest Erika Irvine, joined Darryl in our latest show to review Financial Literacy Month and JA Programs
Junior Achievement in Tulsa, OK, is an incredible community program which brings the experience of local business and students together to work towards a brighter future. One important way for kids to be able to grow and choose their own destiny is through learning the vital life skill of financial literacy. April is National Financial Literacy month and JA is spending this time focused on specific programs to teach our Tulsa students about what it means to understand how finances work.
Through the JA program Finance Park, students experience real-life scenarios centered around establishing and using a budget to take care of one’s basic needs. Many kids don’t know, much less think about how they will take care of themselves once they reach adulthood. Finance Park shows them with the support of local volunteers.
Through the program kids are given a role to play as an adult, going to work and bringing home a paycheck which is ‘used’ to pay the bills of everyday life. This is a great way for students to see a direct link between the career path they choose and their own quality of life; that they do have choices, and with the right kind of education, they can make choices for their own benefit.
JA Finance Park needs volunteers! If you have been considering being a part of this great organization, Financial Literacy Month is a great time to get started. Contact Erika Irvine directly 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
Tulsa, OK BOK Center: Firefighters and Policeman face off in Smoke and Guns, the ultimate MMA event, raising money for Oklahoma Firefighters Burn Camp and Special Olympics of Oklahoma. Watch America’s finest compete for the coveted title in the nation’s only charity MMA event between the two.
Sponsored by The Baskin Real Estate Specialists at eXp Realty, Myers-Duren Harley Davidson, Quiktrip.
If you have ever wondered why real estate appraisers don’t give credit for square footage in certain areas, what they can and can’t give value to, how values are calculated, what happens when real estate prices are improving or declining? Listen to these appraisal experts as they explain the latest rules and how they affect home buyers and sellers.
This presentation took place at the Home Builder’s Association of Metro Tulsa and was sponsored by Gateway Mortgage. OKLiveevents.com stream made possible by Gateway Mortgage andThe Baskin Real Estate Specialists at eXp Realty.
Darryl & Stan discuss earnest deposits and how they can help Tulsa OK home buyers as a negotiation tool.
There are some misconceptions about earnest deposits that are worth clearing up. As a Tulsa home buyer, an earnest deposit can be a powerful bargaining chip, especially in a multi-bid situation. Often home buyers are concerned about losing their earnest deposit should a sale fall through. While this is possible, the chances are greater a home buyer will retain the money put down, unless they simply change their mind without cause.
In the Tulsa real estate market, once an offer is made, there is a 10-day period to get an inspection completed. During this time, a buyer can also walk away from an offer without losing their earnest deposit; they need only provided a reason. What the reason could be is very broadly defined; adding is a good measure of security for home buyers.
So how can an earnest deposit be a good negotiation tool for home buyers? The greater your deposit, the more serious you are, or the more Earnest you are in acquiring a property. For a home seller, this is a valuable way to know if they are dealing with a buyer who not only wants the house, but is ready to buy it. Having significant earnest deposit can even help a lower offer trump a higher bid.
As a home buyer, when you put down an earnest deposit, the funds go towards your purchase of the home. Essentially, you are establishing a down payment before the closing to help secure your offer on a property. A good starting point for an earnest deposit is $1,000, but a greater amount will give Green Region home buyers a better advantage. If two buyers make an offer on the same house, the seller is more likely to go with the one with a greater earnest deposit; a $5,000 deposit shows more earnest than one for just $500, for example.
Earnest deposits can be a powerful negotiation tool for Tulsa home buyers. Whether you choose me to be your Realtor® or not, my goal is to help educate the community and my clients towards achieving their home dreams For real estate questions, contact The Baskin Real Estate Specialists of eXp Realty at 918-732-9732 or darrylbaskin.com