The topics for this show include: Bug of the Week with Duane Montgomery of Montgomery Exterminating; Karen Heston with the BOK Mortgage Minute;
Insurance for Home Closings with Mike Tedford of Tedford Insurance;
How much earnest money do you need as a home buyer? with Darryl Baskin of McGraw Realtors.
Insurance that you find at the closing table- Mortgage insurance protects the lender if you default on your loan. It does not cover your mortgage if you or your spouse should pass away. That is called mortgage life insurance and must be purchased separately. Title insurance is broken up into a lenders policy and an owners policy. Most of the time the title company will recommend that you have a combination policy. Lender will require lenders policy only. As you begin to pay off your mortgage the risk is greater if you don't have owners title insurance. Different attorneys have different opinions as to what they read in an abstract. One attorney will not find anything and another might find something. Title insurance is important to protect you in the event that there is a problem with the title. Homeowners insurance you will want and require if you are getting a loan. Flood insurance is required if you are in a flood zone.
Credit Life or Mortgage Life covers the life insurance policy in the event of a death. BOK does not sell mortgage life. That comes from outside companies that might even come with the mortgage companies name on it. You can usually get life insurance that has more coverage for less cost.
For more information on
insurance at the closing table for mortgages in the Tulsa, OK area, contact Karen Heston of BOK Mortgage at 918-230-9432.
For
life insurance needs or any insurance needs in the Tulsa, OK area, contact Mike Tedford of Tedford Insurance at 918-299-2345.
Do buyers pay for a commission for their agent? Buyers don't actually have to spend money to pay for a broker on their home purchase. The buyers agent is paid through the commission built into the sellers fees. Don't be caught without good representation. Find the right broker and make sure that they are going to represent you. Don't just pick an agent from an open house or because they have the property listed. Interview them and make sure that they are knowledgeable and experienced and are representing you. Someone is going to get paid in the process and you need to make sure that it is someone that you trust and choose.
April 30, 2010 is the last time to buy a home and get the tax credit. To
buy or sell real estate in the Tulsa, OK area, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or
www. darrylbaskin.com.
How much earnest money should I put down when I purchase a home? When you make an earnest money deposit, you aren't paying more for that house. You are telling the seller that you are serious. The seller is taking risk when they accept a contract, take their house off the market, pack up their stuff, etc. The earnest money tells them that you are serious and want to purchase their home. Don't make yourself a joke, make sure that the amount you put down is appropriate to the home you are purchasing.
To
buy or sell real estate in the Tulsa, OK area, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or
www. darrylbaskin.com.
Is there flood insurance right now? Right now there is no flood insurance. COngress went on Easter Break and neglected to reauthorize the national flood insurance. It has lapsed until they come back on April 12, 2010 and they reconsider the bill. It will be reauthorized retroactively once they reauthorize the insurance. There are 5.6 million flood insurance policies right now. There are certain people that are more at risk during this time. There is a 30 day waiting period before flood insurance can take place.
For more
information about flood insurance and the lapse of flood insurance, contact Mike Tedford, Tedford Insurance at 918-299-2345 or mike@tedfordinsurance.com.
How do I exterminate termites? This is termite mating season. High heat, high humidity and low wind are what causes them to swarm. Termite companies wait all year long for this season. Consider this: when you see swarming termites, you have probably had them for 2-3 years. Be patient with us. It will take a couple of days for us to get out and check out the problem. We don't hire lots of workers during this season because we want experienced workers that work with us year round.
For questions on
how to handle termites in OK or find out if you have them, contact Duane Montgomery Exterminating at 918-438-4885 or
www.montgomeryexterminating.com.
