- How much down-payment do I need to buy a home? 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.
- 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 Tulsa 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 development 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 Tulsa Mortgage Bankers get paid? My commission is based on the volume I produce. The more I produce the higher percentage I make.
For all your Bixby OK real estate needs, contact Darryl Baskin of McGraw Realtors at 918-258-2600 or www.darrylbaskin.com
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