Top Questions to Ask Your Mortgage Banker

This show originally aired October 17, 2009

Listen to the Show HERE!


The topics for this episode include:  Local and National News; The Top Questions You Should Ask Your Mortgage Banker with Karen Heston, BOK Mortgage; The Red Imported Fire Ant with Duane Montgomery, Montgomery Exterminating.




A New Program Encourages Land Conservation–  the conservation stewardship program is offering payments which range from $10-$14 per acre based on how a landowner cares for their land. Thousands have applied for the program. Applications topped 21,000 nationwide.

New Multi-use Project Proposed Near BOK Center– one development LLC has proposed a $38 million project to build a high-rise complex mixing retail, office, hotel, and underground parking, to be called One Place. The location for this proposed development is immediately east of the arena.

The Gilcrease Museum announced the purchase of a large collection of the Charles M. Russell works and memorabilia. The works were acquired by the University of Tulsa and will make the Gilcrease Museum the leading center for research of renowned Western artist Charles M. Russell.

Davon Energy Breaks Ground on Oklahoma City Skyscraper- the new home for Davon energy, a $750 million skyscraper in downtown Oklahoma City, broke ground last week. The new building will be the tallest building in the state of Oklahoma and will dramatically transform the look of the downtown Oklahoma City skyline.

Jack-in-the-Box has purchased property at  West Kenosha St. in Broken Arrow for 610,000 according to courthouse records.

5000 S. Quaker Ave. in Tulsa, an apartment complex has sold for 1,125,000.

Foreclosures Rise 5%- foreclosure crisis affected nearly 938,000 properties in the July to September quarter compared with about 890,000 in the prior three months according to Realty Trac. Mortgage companies have slowed down the pace of foreclosures- many taking over a year (by my own experience).  Rick Sharga, a spokesman for Realty Trac two, is an online marketer of foreclosed homes, says “these were the worst three months of all time” speaking of the foreclosure market. The numbers indicate that one in every 136 US homes were in foreclosure. Nevada continues to be the worst hit state with one filing in every 23 households. Vermont, holds the best record in the country with only one filing in every 5023 households. This is still a jump of nearly 170% compared with the third quarter of 2008.

Lawmakers Discuss Extension of the $8000 Tax Credit-  Yhe Isaacson Dodd proposal would extend the credit to June 30, 2010.  It would also remove the first-time home buyer requirement and raise the eligibility income limit to 150,000 or $300,000 for a couple.

McGraw Realtors is hosting real estate career night Tuesday, October 20 and Owasso.
Anyone considering real estate as a career or interested in understanding more about the business of buying and selling real estate should mark their calendars for this Tuesday, October 20 at the McGraw realtors Owasso office at 12620 E. 86th St. N.- approximately 1 mile E. Of Hwy. 169. The atmosphere is informal and open for questions for you to explore the possibilities real estate may offer you. Contact Lori Morgan at 918-344-5656 for more information or e-mail her at L.

Hendrix and Partners Projects Apartment Sales–  the report projects the nation will see 600 sales this year of apartment complexes of 100 or more units. This would be a drop of 62.9% from the 1619 sales recorded in 2008 and would be 80% below the 2006 high of 3000 complexes



The Top Questions You Should Ask Your Mortgage Banker:


  • How much downpayment do I need to buy a house?  If you are a veteran or buying in a rural area you can get 100% financing and seller can pay closing costs.  If you are native american you may be eligible for a Hud 184 loan.  This loan requires as low as a 1.25% downpayment, depending on the amount of the loan.  FHA requires a 3.5% downpayment, Conventional a 5% downpayment, and Investment loans a 20% downpayment.
  • What are Points/Origination Fees?  Point and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is $1000
  • How do I find out exactly what my closing costs, fees, and other things are when I am comparing mortgage companies and their rates?   Ask for a Good Faith Estimate.  Look at fee lines  800-900.  Compare the rate, points/origination fee, and other items within that range.
  • What constitutes a rural developement loan?  It is all based on the population or an area.  Owasso and Glenpool are still rural and are eligible for a rural development loan.  USDA Rural Development website can give you more information about an area you are interested in.
  • How do Mortgage Bankers get paid?  My commission is based on the volume I produce.  The more I produce the higher percentage I make.

If you have questions about a mortgage, contact Karen Heston at BOK Mortgage, 918-230-9432 or



What is the Red Imported Fire Ant?  The Red Imported Fire Ant came to the United State in 1930.  They were on goods from Brazil, that came into the port in Mobile, Alabama.  They do hurt when they sting.  Although it is rare, they can even cause death.  If you get near them, you can have thousands of them on you in a matter of seconds. 


If you suspect that you have Red Imported Fire Ants or another pest contact Duane Montgomery, Montgomery Exterminating at 918-438-4885 or visit



Why should I work with only one real estate agent?  Real Estate Agents work on commission.  If you don’t buy or sell a home they don’t make money.  When you decide to work with an agent exclusively let them know that  you are working with them exclusively and will use them when you buy a home.  They will be acting in more of an advisory role versus a sales person.  It is also important to interview your agent.  Make sure that they are knowlegable.


If you are looking for a home in Tulsa or surrounding areas, visit or call him at 918-258-2600.  You can look at homes listed by Darryl or at the entire Multiple Listing Service Database.


Why should I list my home with an agent versus sell it myself?  With a realtor, they pay the fees for the Multiple Listing Service and many other expenses, such as advertising.  Also, if they don’t sell your home, they don’t make money   Use an agent that is doing their job and is knowledgable.  Interview them.  Choosing the right agent will help ensure that your home is in the right hands. 


If you are interested in selling your home, contact the Baskin Real Estate Specialists at 918-258-2600 or