Tulsa Loan Coach Steve Currington Mortgage Banker

What Would You Say

2010-07-09T20:42:00.000-05:00

My voice is broken, can't speak, which means I am out of a job. You don't know what you have until you lose it. My ability to speak is how I connect to my customers and without my customers I have no business. When you can't speak you think a lot more about the words you use. I am grateful that I have this experience if only to give me perspective about the words I use every day. Try not speaking for a day and see what happens. I am waiting for my voice to come back....and enjoying the silence.

Steve Currington

Mortgage Banker

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What are Jumbo Home Loans?

2010-06-02T22:14:00.000-05:00

USDA Rural Housing 100% Financing

2010-05-11T22:06:00.002-05:00

USDA 100% STILL HERE!

We will continue to fund USDA loans without any delay. The funding for this program will likely come through in a a few weeks, but in the meantime it is business as usual with this program. If you know of anyone that would like to purchase a new home with no money down tell them to call Currington Mortgage at 918-394-5626 or visit www.curringtonmortgage.com.

The upfront guarantee fee has increased to 3.5%

For more information please contact Steve Currington 918-394-5626 or email steve@curringtonmortgage.com

Channel 6 New Good Faith Estimate

2010-03-06T10:23:00.001-06:00

Call Steve Currington for questions about the new Good Faith Estimate
918-394-5626.

Tax Credits Ending Soon

2010-03-01T20:59:00.000-06:00

Home Buyer's Tax Credit

It's almost tax time again. With so many home buyers wanting to claim the tax credit this tax season, what papers are required? According to Realtor Magazine, the Internal Revenue Service is still requiring that taxpayers fill out Form 5405, however they have changed the requirements for the HUD-1 settlement document signatures. In areas, on the settlement statement, where it is uncommon for both the buyer and seller to sign, the IRS is not requiring both signatures as long as the document meets all local laws.

For repeat home buyers claiming the credit, proof must be given that they have lived in the previous home for 5 consecutive years out of the last 8 years.

If you live in the Tulsa, OK area, get more information on the home buyer tax credit and find out if you are eligible, contact Steve Currington of Currington Mortgage at 918-394-5626 orwww.curringtonmortgage.com.

New Rules for Lenders in 2010 are GOOD NEWS for Consumers

2010-01-31T21:55:00.000-06:00

Buying a home? Need to refinance? There has never been a better time than now. Interest rates are at an all time low and there are still tax credits available to first time home buyers and "move up buyers." Another great reason to get on the "mortgage bandwagon" is the protection you now have from the government. Uncle Sam is making it virtually impossible for a consumer to be duped by a rogue loan officer or lender. In fact, the new GFE (Good Faith Estimate) which was launched January 1, 2010 has had lenders scrambling to make sure they are in compliance with new regulations. This new GFE along with the other regulations enhanced in 2009 make it safer than ever for consumers to obtain financing. The federal government is drawing a line in the sand and taking no prisoners with the new GFE and Truth-in-Lending rules. The new rules protect consumers from predatory lending practices by preventing a lender or broker from changing ANYTHING in the loan application without documenting it to the consumer. Have you heard stories of people going to the closing table and finding out the interest rate they thought they had is 1% higher or the closing costs on their loan increased dramatically? The new GFE makes this impossible with new re-disclosure rules requiring your lender or broker to let you know of any changes in your loan and giving you time to consider whether you will complete the loan with them. Important things like the interest rate, origination charges, underwriting fees, appraisal fees cannot change at the whim of your lender or loan officer. Only qualified items are allowed to change and only if it is a true and documented "change of circumstance." You loan officer simply forgetting to disclose something to you does not qualify as a "change of circumstance." If a charge is not disclosed to you it cannot be added after the fact. Items that qualify as a "change of circumstance" include, but are not limited to, appraisal review fees, repairs required by your lender, property address changing, purchase price or contract changes.

Now is the best time to enjoy a hassle free purchase or refinance with no surprises at the closing table.

For information on how you might qualify to purchase or refinance a home contact Steve Currington with Currington Mortgage Company. Currington Mortgage is located in Tulsa, Oklahoma and is happy to provide local processing, local underwriting and local funding.

Call Steve today at 918-394-5626 (LOAN) or visit www.curringtonmortgage.com and find out how you can Own Your Doorbell.

Building Industry Shows Signs of Improvement

2010-01-26T10:49:00.000-06:00

Despite the economy and the constant news that the housing market is failing, Tulsa, Broken Arrow, and the Tulsa metro area are doing quite well. Tulsa and Broken Arrow both had 32 housing starts (new residential building projects started) for the month of December. Broken Arrow, however, had 375 housing starts for the year of 2009, where Tulsa had 353. 190 building permits were issued in the Tulsa metro area in December. That is a 14.5% increase over November of 2009 and an 81% increase over December of 2008. Tulsa's housing starts for the year of 2008 were only 9.5% behind that of totals from last year at the same time. While that may not sound positive, the beginning of the year housing starts were 50% behind those of last years.

That news causes many to believe that the building industry is improving. While there is no one factor that could cause this improvement, there are several that may have helped with it: the first time buyers tax credit and new legislation in Oklahoma that would require builders to carry worker's compensation insurance.

To build a new home in the Tulsa, OK or Broken Arrow, OK area call Bruce Gardner of Gardner Construction at 918-481-1377 or gcc1946@aol.com.

To buy or sell a home in the Tulsa, OK or Broken Arrow, OK area, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.

For more information on the first time home buyer tax credit contact:

Steve Currington
Currington Mortgage 918-394-5626(LOAN) stevec@curringtonmortgage.com

Recent Mortgage Modifications Fail!

2010-01-21T10:09:00.000-06:00

Thursday, January 21, 2010

President Obama's plan to help mortgage borrowers who are in trouble is failing for many. Almost 1 million borrowers applied for the mortgage modification program, however only 65,000 or 7 percent have completed the modification. Approximately 50,000 borrowers dropped out because they didn't qualify and the rest of those that applied are still waiting.

For more information on the mortgage modification program or to apply for a mortgage loan or refinance, contact Steve Currington of Currington Mortgage at 918-394-LOAN or www.curringtonmortgage.com.

Important Questions to Ask When Choosing a Realtor

2010-01-20T01:02:00.002-06:00

Are you choosing a realtor to represent you for the purchase of a home? Are you interested in listing your current home for sale? Getting the RIGHT realtor should be your #1 priority. You have many options as a consumer and the Tulsa Real Estate market is no different. There are more than 3500 realtors in the Tulsa Metro area. Just about everyone has a friend or family member that is a Realtor or has been a Realtor at some point in their career. So, how do you choose? I am going to give you some tips to help you in the decision making process. These are the things I recommend to all of my clients.

1. Are you a FULL-TIME Realtor? This is a must. Part-time Realtors can be very nice, helpful and knowledgeable, but when it comes to being available for you when you need them you may experience delays. You are also going to be negotiating a contract that for most people can be the largest financial decision they will make and you need an experienced advocate on your side to help you. Just because someone is your friend or family member does not mean they are qualified to help you negotiate a contract for thousands of dollars. If the person you choose closes 1-4 transactions a year or has never closed a transaction you can expect problems will occur. I personally do not want to be the “guinea pig” for someone’s first transaction. There are many, many details that must be handled by your Realtor and it is only natural to expect that someone working another full-time job in addition to representing you on the purchase or listing of a home might miss a few things.

2. How long have you worked in the Tulsa Metro real estate market? This question allows you to further judge the experience of the Realtor. Although someone who has several years of experience in your respective market is good sign it does not mean that they will necessarily be the best fit for you. You will want to probe deeper here by finding out about their experience….i.e. How many homes have you sold?...Do you have a resume prepared?...Do you have any past customer surveys or testimonials? This should get you started on the right track to find out if the Realtor you are speaking to is the best fit for you. A Realtor that can provide testimonials and customer surveys is doing so for the purpose of gaining customer feedback and tells me that they care about their customers and this is a very good sign. Don’t be afraid to ask for a phone number for a past client that you can call to ask about their experience.

3. Are you up to date with the latest real estate technology? There are many ways that your Realtor can use technology to make your home buying or selling experience better. There are new technologies developed constantly just for the real estate market and your Realtor should be utilizing these technologies as much as possible. Be an informed consumer and look up the latest and greatest ways that homes are being bought and sold across the nation.

4. What is different about you? This is a question that you ask and then grab a pen and listen. You want to listen for any guarantees they might offer (example: If I don’t sell your house I will buy it myself). Also listen to see if they are really different. What sets them apart from the next person? Do they specialize in working with people that are like you (example: They specialize in working with first time home buyers or specialize in listings)? If you are selling your house and the Realtor you are interviewing specializes in working with first time home buyers you should consider this.

5. When are you available to show me homes? If listing a house, how will you advertise my home? You want to be certain that you will have someone that is available when you need them so this is a very important question to ask. If you are only available on Monday evenings for example and the Realtor cannot show you homes at that time it can prolong your search and make the process of buying more stressful. How will your Realtor market your home? What advertising mediums does he/she use? Don’t be deceived by a Realtor that says they will put you in every homes magazine, online, on TV, etc. You want someone that gets results so ask for statistics. What is the average time on the market for your listings? What is the average time on the market in my neighborhood? This will tell you if he/she has done their homework and if they keep track of this important information. This is another opportunity to ask for customer surveys and testimonials.

There are many other things that you should consider when choosing a Realtor, but this should be a guide to get you started. Remember you cannot ask too many questions. The decision you make could save you or cost you thousands of dollars.

For more information or to contact Steve Currington directly call 918-394-5626(LOAN), email steve@curringtonmortgage.com or visit www.curringtonmortgage.com. Steve is mortgage banker located in Tulsa, Oklahoma and specializes in FHA, VA, USDA Rural Development loans.

More Singles Purchasing Homes Than Ever Before

2010-01-06T09:03:00.003-06:00

Below is a press release from the National Association of Realtors. This is a great article and gives good information about how technology has changed the real estate industry. I have highlighted a few things for you, enjoy!

WASHINGTON, December 30, 2009

At the beginning of the 21st century, most home buyers had never viewed a home online; the three top home sale marketing methods were yard signs, newspaper ads and open houses; and nearly nine out of 10 buyers financed their purchase with a fixed-rate, 30-year mortgage. What a difference a decade makes.
“The real estate industry has seen tremendous change and evolution over the past decade,” said NAR President Vicki Cox Golder, owner of Vicki L. Cox & Associates in Tucson, Ariz. “As the first, best source for real estate information, Realtors® have not only anticipated and adapted to the evolving needs of their clients and customers, but also have influenced industry trends and innovations that will carry us into the future.”

In 1999, buyers who went online in search for a home were in the minority – only 37 percent of buyers used the Internet in their home search, according to data from the NAR Profile of Home Buyers and Sellers. Today, 90 percent of buyers are searching online, and the real estate industry has responded. Sites like REALTOR.com, which attracts nearly 12 million total visits every month, have evolved to give today’s buyers what they want – not just property listings, but multiple photos, online videos, mapping features, and comprehensive neighborhood information, as well.
Median home values over the past decade have increased more than 25 percent, from $137,600 in November 1999 to $172,600 in November 2009 (the most recent existing-home data available). Fewer people are buying detached, single family homes – 82 percent in 1999 compared to 78 percent in 2009 – but more people are buying homes in suburban neighborhoods – 46 percent in 1999 compared to 54 percent today.

Buyers themselves have also changed. A smaller proportion of married couples are buying homes these days; while married couples comprised 68 percent of all home purchases at the beginning of this century, they represent 60 percent of all buyers today. Single men and women have made up the difference – single men purchased 10 percent of all homes last year, compared to only 7 percent 10 years ago. Single women now represent more than one-fifth of all home buyers – 21 percent, up from 15 percent in 1999. Other things haven’t changed. The median age for home buyers last year was 39, just as it was in 1999. Neighborhood quality, affordability, and convenience to work and school have consistently been top priorities for both past and present buyers. And eight out of 10 recently surveyed consumers believe that owning a home is an investment in their future.

“Realtors® have been around for more than 100 years, but one constant during that time has been the persistence of homeownership as the American Dream,” said Golder. “As the first decade of this century comes to a close, NAR stands ready to meet the many challenges and opportunities that lie ahead by helping our Realtor® members better serve their clients and communities and ensuring that those dreams of homeownership remain possible for all who want to achieve it.”
The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.2 million members involved in all aspects of the residential and commercial real estate industries.

http://www.realtor.org/press_room/news_releases/2009/12/decade_developments

If you are a buyer or seller in Northeast Oklahoma you need to have a Realtor that is focused on technology. Do you have a Realtor that uses all of the latest real estate technology to make the real estate transaction move light years above the rest? Call Darryl Baskin with McGraw Realtors today at 918-258-2600 or visit www.darrylbaskin.com

Interested in financing a new home with little or no money down? Call Steve Currington with Currington Mortgage Company at 918-394-5626(LOAN) or visit www.curringtonmortgage.com

100% No Down Payment Home Loans, Still Available?

2010-01-04T21:58:00.009-06:00

This is a question I hear almost everyday and it is a question that I happily answer YES! That's right, 100% financing is still available. In fact I help people everyday purchase their first home (or 2nd, 3rd...) and one of the easiest ways to do it is with USDA Rural Housing loans. Now you know what loan to ask for when searching for a home loan....next you need to find a lender to help you with that loan.

5 Things To Look For When Searching For A Lender

1. Local Office
2. Local Underwriting
3. Mortgage Bank (vs. Broker, a mortgage bank underwrites and funds all of it's own loans)
4. Loan officer is easy to reach (i.e., gives out his/her cell phone, calls back promptly)
5. Good reputation (google the company, call local chamber of commerce, realtors association)

If you are in Northeastern Oklahoma I can provide a few links to local resources available to you.

www.tulsarealtors.com/agentsearch.aspx
www.bixbychamber.com
www.brokenarrowchamber.com

For information about 100% financing and other mortgage products contact Steve Currington at 918-394-5626, www.curringtonmortgage.com or stevec@21dayclose.com.

Need a realtor? Let me suggest one of the best. Darryl Baskin with McGraw Realtors has many years of experience in the Tulsa Metro Area. You can reach Darryl at 918-258-2600 or at www.darrylbaskin.com

2010-01-01T13:27:00.000-06:00

Are There Vultures Looking for Luxury Real Estate?!?!
According to an article found on CNNMoney.com, George Graham, former director of Fortress, a hedge fund, partnered up with one of the auction houses that works closely with Sotheby's International Realty and several other auction houses to sell Luxury Real Estate. Concierge Auctions was formed.

Concierge Auctions' goal appears to be to take advantage of the failing real estate market and auction off luxury real estate. They tell luxury homeowners that their home won't sell via a traditional real estate market for years so it is better to auction off their home and make something off of it instead of ending up in foreclosure. They are also hoping to get in with banks all across the country. Since many luxury homeowners are unable to handle the mortgage, the property is entering foreclosure. The lenders are then stuck with homes that they are often unable to sell for market value. By getting in with the lenders, Concierge hopes to auction off these homes and make a cut of the final sales price. (To read the complete article, "Luxury Real Estate Vultures" (9-18-09), by Katie Benner, click here.)

For information on luxury real estate in the Tulsa, OK area or to sell or buy a luxury home, contact Peter McGraw of the Tulsa Luxury Property Group of McGraw Realtors at 918-592-6000 or www.tulsaluxurypropertygroup.com.

Financing provided by Steve Currington with Currington Mortgage Company. www.curringtonmortgage.com or 918-394-5626.

Local Office, local Underwriting and local funding!

Tax Credits for First Time and Move Up Buyers

2009-12-14T15:04:00.000-06:00

Good news for potential home buyers from Uncle Sam! In an attempt to further stimulate the housing market Congress has extended the First Time Home Buyer Tax Credit and created what some are calling the Move Up Buyer Tax Credit. This is a great incentive if you are on the hunt for a new house. Some information about the tax credits:

Move-Up Buyer Tax Credit

Qualified Move-up or repeat home buyers purchasing any kind of home are eligible to claim the $6,500 tax credit.

A move-up buyer is a home owner who has owned and resided in a home for at least 5 consecutive years of the eight years prior to the purchase date. If married both spouses homeownership are tested.

The tax credit is equal to 10% of the home’s purchase price up to a MAX of $6,500.

The income limit for single taxpayers is $125,000; the limit is $225,000 for married taxpayers filing a joint return.

The previous tax credits applied only to first-time home buyers and were for different amounts of money.

The tax credit is claimed on the federal income tax return. Specifically, home buyers should complete IRS Form 5405 to determine their tax credit amount, and then claim this amount on line 7 of the 1040 income tax form for 2009 returns.

Any home that will be used as a principal residence will qualify for the credit, provided the home is purchased for a price less than or equal to $800,000. This includes single family detached homes, attached homes like townhouses and condominiums, manufactured homes, and houseboats.

The tax credit is refundable. This means that the home buyer credit can be claimed even if the taxpayer has little or no federal income tax liability to offset. This usually means the government will send the taxpayer a check for a portion of even the entire amount of the refundable tax credit.

A residence that is constructed by the home owner is treated by the tax code as having been “purchased” on the date the owner first occupies the house.

The tax credit can be combined with an MRB (bond money) home buyer program.

Anyone who is not a nonresidential alien and who has owned and resided in a principal residence in the US for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits.

Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the down payment.

The law allows taxpayers to elect to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on Dec. 31st, 2008 (or if in 2010, Dec. 31st, 2009). This means that the previous year’s income limit applies and the election accelerates when the credit can be claimed.

First Time Home Buyer $8000 Tax Credit Questions and IRS Answers

1. Can you take the credit if you buy a house in 2009, and file an extension to October 15th.

Yes IR-2009-27 http://www.irs.gov/newsroom/article/0,,id=205416,00.html March 18, 2009 states: Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before December 1 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. The filing options to consider are: file an extension; file now, amend later; amend the 2008 tax; claim the credit in 2009 rather than 2008.

2. Can you take the credit on a mobile home with no land?

The Form 5405 does state that a main home is the one you live in most of the time. It can be a house, houseboat, house-trailer, cooperative apartment, condominium or other type of residence. It does not go into specifically if you have to own the land on which it is sitting.

3. If you have owned a mobile with no land in the last 3 years, does that exclude you from the credit?

See question above.

4. What is the definition of a first time home buyer, i.e. how do you document you have not owned a home, is it not having taken any mortgage tax deduction on your last 3 years tax returns or what?

A first time home buyer is any individual (and spouse if married) who had no present ownership interest in a qualifying principal residence during the 3-year period ending on the date of purchase of the principal residence for which a first-time homebuyer credit is being claimed.

5. Is there anyway a child buying a house from a parent could get the tax credit?

No per the instructions on the Form 5405 http://www.irs.gov/pub/irs-pdf/f5405.pdf it states:
Who Cannot Claim the Credit

A. Your modified adjusted gross income is $95,000 or more ($170,000 or more if married filing jointly).

      B. You are, or were, eligible to claim the District of Columbia first-time homebuyer credit for any tax year. This rule does not apply for a home purchased in 2009.
    C. You home financing comes from tax-exempt mortgage revenue bonds. This rule does not apply for a home purchased in 2009.
      D. You are a nonresident alien.

E. Your home is located outside of the

United States

      F. You sell the home, or it ceases to be your main home before the end of 2008.
      G. You acquired your home by gift or inheritance.
      H. You acquired your home from a related person. A related person includes:
            1. Your spouse, ancestors (parents, grandparents, etc), or lineal descendants (children, grandchildren, etc.).
            2. A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
            3. A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.

6. Does the 5405 address these questions or what is the best web source with FAQ’s for us to refer our clients to?

The Form 5405 answers most questions but you can also check out our website www.irs.gov for the latest information on any issues concerning "First Time Home Buyers" by putting what you are wanting to search for in quotation marks it will limit the our search engine to that particular subject. Here is the link to our information center for both of the First Time Homebuyers credits with some FAQ's. http://www.irs.gov/newsroom/article/0,,id=187935,00.html

7. What form we use to report abuses of the $8000 tax credit.

The Form is 3949A http://www.irs.gov/pub/irs-pdf/f3949a.pdf

Do you qualify for either of these credits? To find out if you qualify contact Steve Currington at 918-394-5626 or on the web at www.curringtonmortgage.com. You can email Steve at stevec@21dayclose.com

Interested in talking to a Realtor about listing your house? Contact Brenda Woodward with Prudential Detrick Realty at 918-629-3965 or brenda@bwgsells.com

Big Mortgage Bank versus Small Mortgage Bank?

2009-11-29T20:01:00.001-06:00

Many people often ask what the difference is between using a big bank for their mortgage and using a smaller company. Many big banks offer competitive rates, low fees and have a large presence and reputation in the market. These are all things you want to look for when shopping for the right company. As an owner of a small mortgage company myself I can offer some insight into the difference between the "big guys" and companies like mine.

Can a small company offer competitive rates and low fees? Absolutely! Many smaller companies do not have the overhead that the "big guys" have and may specialize in mortgage only versus just offering mortgages. When you work with a company that specializes in just mortgages you get the experience and expertise of a company that focuses every day on just that, mortgage!

Can I get the same service from a smaller company? Yes, in fact smaller companies many times offer a more personable and hands on experience than you get with the big banks.

Top 5 things to look for when shopping for a mortgage.
     1. Local Office
     2. Local Underwriting
     3. Prompt attention to you (answering calls and returning messages).
     4. Good reputation (do your homework, search online, ask for a recent customer survey).
   5. Must be willing to provide a good faith estimate and meet with you in person.

Steve Currington is a mortgage banker with Currington Mortgage in Tulsa, Oklahoma. CMC helps customers with cost effective and hassle free home financing. CMC specializes in working with first time home buyers and those with low or no down payment. For more information please contact Steve at 918-394-5626, stevec@21dayclose.com or www.curringtonmortgage.com

100% Mortgage Financing Still Available?

2009-11-23T15:30:00.000-06:00

Many of you may think that 100% financing is a thing of the past, but I am here to tell you it is not. In Northeast Oklahoma buyers are able to get into homes with little or no money down with several different programs. The real estate market is strong in Oklahoma and with tax incentives for first time and move up buyers there is not a better time to purchase a home. Get information on how you can qualify for a no down payment mortgage loan at www.curringtonmortgage.com or call Steve Currington at 918-394-5626(LOAN) or 918-810-0092.

P.S. Remember no money down, up to $8000 tax credit and we guarantee a 21 day closing.

Buy Now or Wait for Lower Rates

2009-11-23T14:50:00.000-06:00

Buy Now or Wait for Lower Rates?

With memories of home mortgage rates of 16% and 18% in years past, current mortgage interest rates are at some of the lowest points in the last 25 or 30 years. At this time, mortgage interest rates are in the 5% range, depending on the type of loan obtained. For most "First Time Home Buyers," the interest rates have probably never been lower in their lifetime. Even for seasoned home buyers, current interest rates are a real bargain! Waiting for a possible drop of perhaps 1/4% of mortgage rate does not justify waiting to purchase a home when the mortgage interest rate could just as easily go up 1/4% to 1/2%. If a home purchase is a consideration, taking advantage of the current interest rates would be a wise course of action.

To discuss current mortgage rates and information contact Steve Currington of Currington Mortgage at 918-810-0092 or www.curringtonmortgage.com.

To buy a home in the Tulsa, Oklahoma area, contact The Baskin Real Estate Specialists at 918-258-2600 or www.darrylbaskin.com.