Home Buying in Stillwater>Question Details

Cs, Home Buyer in 29414

My husband and I will be making an out-of state move to Stillwater, OK in July and are hoping to buy a house.

Asked by Cs, 29414 Thu Jan 1, 2009

We've heard great things about Stillwater and are looking forward to buying our very first home! However, being out of state, we have some concerns about the process from a distance. We've been perusing real estate ads and doing research on lenders, agents, and mortgages. When should we officially begin the process? What time frame should we consider in order to be in our home by the end of July? (including pre-approval, flying in to view properties, making an offer, inspection, and closing)
We are young professionals with excellent credit. We are looking at 3-4 bedroom homes in the $130-165k range. Any assistance you can provide would be most helpful!

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6
Good luck in your search! As an Oklahoma State graduate and a former Stillwater resident, you should love Stillwater! The town has a population of about 20K and when school is in session it about doubles... but it still manages to have the charm of a small town. The community is awesome and there are so many activities to get involved in, if interested. For your price range, you chould be able to find a fabulous home! Happy Hunting and if you have any questions, don't hesitate to ask.
0 votes Thank Flag Link Mon Jan 12, 2009
Cs - We are so excited you are moving to Stillwater. You will love it here!!!! The Stillwater market seems to be pretty stable. The interest rates are very exciting. You are starting your inquiry at a great time. It gives you ample time to shop for a loan and find a lender you enjoy working with. When you have time you might visit with Linda Dickerson at Exchange Bank, she has been a mortgage lender for over 25 years and is very knowledgeable about the best programs available and the best interest rates. Her cell phone is 405-742-2834, office # is 405-742-0202 and her e-mail is ldickerson@easybanking.net .
The Stillwater market is usually very strong from mid-February until July. We have alot of families that come and go on the university schedule. If you can schedule a house hunting trip toward the end of March you would see a great selection of homes on the market before they get picked over. If you find one you really like then you could ask for a closing date for the end of June or July. Alot of families prefer to move during the summer. Your price range will buy you a wonderful house. You are right in that median price range and there are a number of housing additions that will have homes in your price range.
As you have time you might go to Realtor.com and put Stillwater, Oklahoma in as the location and that pulls up all the houses currently on the multi-list system. This will give you a feel for the market and you will see homes as they come on the market. You can also keep up with houses that go under contract. Another website you can go to is Century21.com and type in Stillwater , Oklahoma and that will also pull up houses in Stillwater. Google will also pull up houses as will Trulia.
Feel free to e-mail me alane@c21global.com and I will send you information about schools and neighborhoods. I would love to show you homes when you come to Stillwater!

Alane LeGrand, Ph.D. , CRS, GRI
Century 21 Global Realtors
1-405-747-6950
alane@c21global.com
0 votes Thank Flag Link Tue Jan 6, 2009
Hi Cs--Great answers all! I think it is great advice to seek prequalification on a loan now, as stated before. I would also recommend doing this through a local lender, so that they will stay with you throughout the entire home buying process, including being there at closing. Also, make sure you get ahold of a Realtor who will help you with relocation and answer all of your questions. Now is not too early to start looking on the Internet for homes and corresponding with a Realtor with any questions. I would be happy to assist you in any way- you may go to my website if you would like to begin a search there.
0 votes Thank Flag Link Fri Jan 2, 2009
Cs,

Your timing is good as far as looking ahead and researching now. Buying a home is a big commitment and should not be entered into lightly. Making a move from South Carolina to Oklahoma can be filled with hurdles. We can help you get over these.

Fairway Mortgage has our main Oklahoma office located in Stillwater. While I could help you from Tulsa, our Branch Manager, Eric Zanotelli, has the contacts and the years of experience necessary to direct you to the right loan and refer you to the right professionals (Realtors, inspectors, title companies, etc.) to make your move a smooth one. Having someone on the ground in town working for you would be best for you especially since you cannot be in Stillwater on a regular basis. Review our website, http://www.MyFairway.net, to see more about us. You can also give me or Eric a call at 866-628-5363. We can review the timelines to help them work for you best.

You said you wanted to be in your home by the end of July. Can you move your timeline up one month? As a first time home buyer, you are eligible for a tax credit of $7500 on the purchase of your first home. However, you must close by the end of June. That moves you up one month, but it is a significant tax credit. There are repayment provisions on this. Give us a call to go over that.

Call us to tell us more about your situation and needs so that we can tailor your process to meet those needs best.

Thanks,
Tim Epps
Fairway Mortgage
866-628-5363
918-528-4010
Tim@MyFairway.net
0 votes Thank Flag Link Fri Jan 2, 2009
Cs-
On the lending side, about 75% of the work to be done on a loan pertains to the borrowers and 25% of the work pertains to the actual property. At Flagstar, credit and loan approvals are good for 6 months and you can lock your rate from anytime between application and obtaining a clear-to-close. I would say that this would be a good time to prequalify simply because you want to know all of the underwriting requirements that pertain to your employment/income just so nothing comes up at the last second. You should be fine for income purposes to show your new job offer letter or, if you are staying with the same company, obtaining a letter from the employer about the opportunity for you to work away from your current location.

By flying through the underwriting process before you even find your property will allow the remainder of the process to take a week or 2 at the most and help you expedite your move even easier. It's already a stressful process, why make it more stressful?

I would be more than happy to help you obtain your financing. I work for one of the nation's leading mortgage lenders and can lend in all 50 states. Please feel free to call me with any questions.

Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com
0 votes Thank Flag Link Fri Jan 2, 2009
Stillwater is a great town to live in...lots to do and not that far from Oklahoma City, with even more activities and entertainment. Our company uses a real professional loan consellor that will give you accesss to her system for looking up all the properties in the MLS (Multi List Service) for the Stillwater and surrounding areas. Now is not too soon to start the loan approval and then start looking over the market online through the MLS. One to two months before should be enough time to fly in and look at properties. Once you make an offer and when it is accepted you can plan on 30-45 days to close (that includes inspections, any repair or replace items, and bringing the abstract up-to-date on the property).
If you need any assistance or a referral to real estate professional in Stillwater call or email us at:
(405) 834-7842
lnmulinix@kw.com
0 votes Thank Flag Link Fri Jan 2, 2009
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