Five Questions You Should Ask Your Tulsa, OK Mortgage Banker.

1. How much down-payment 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% down-payment, depending on the amount of the loan. FHA requires a 3.5% down-payment, Conventional a 5% down-payment, and Investment loans a 20% down-payment.
2. What are Points/Origination Fees? Point and Origination Fees are additional fees paid at closing to lower your interest rate. 1 point is $1000
3. 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.
4. 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.
5. 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 Tulsa, OK mortgage, contact Karen Heston at BOK Mortgage, 918-230-9432 or visit her website here.

For all your Tulsa, OK real estate needs, contact Darryl Baskin, McGraw Realtors at 918-258-2600 or www.darrylbaskin.com.