Call Teri Cowger w/ Primary Residential Mortgage, Inc. Her number is 405-844-1900 and her email address is TCowger@Primeres.com. She is great and will be able to tell you exactly what you need to get the 5k you desire.
Owning a home outright and another with very little debt will give you several options. Just realize that $5,000 is a small amount for a home loan and the traditional routes will take some time and have fees associated with them. A Home Equity Line of Credit may be the simplest method you can talk to your local bank or credit union. Be upfront with what you believe your credit scores are, they may eliminate some options or raise the rate.
Finance companies are another source for quick money, but their rates, fees and collection methods leave a lot to be desired. In the end that loan could cost you a lot more than you realize, so be very careful with these sources and NEVER be late or miss a payment.... more
Overall you look to be in good shape. You should get in touch with a local realtor who can guide you through the process which will include talking with a local mortgage lender. Would you like me to refer you to a realtor in your area?
You really need at least a 620 score to get a good mortgage. Anything below that will cause a higher down payment and possibly a higher rate. Get with a good local lender and let him or her give you some ideas on how to raise your score in the next few months. See if you can go month to month just in case it takes a little longer. You have many good things but the credit score might be an issue as might the irregular employment history. You may call or email me for names and numbers of a couple of different lenders or any other questions you might have.
Russell Benson, Realtor
You should check with your lender of choice and they would be able to advise you. In todays market, it is good to have your pre-qualification letter in place so when you are shopping you will know how much house you can afford, and qualify for. Blindly shopping without this information could wind up costing you valuable time. With a pre-qualified letter from your lender, you will be able to make a firm offer when you find your home and not chance loosing it to someone else beating you to it! You can use many online Mortgage calculators on line to help you with some of these general questions. Check the one on my website if you like. I am here to help, so let me know what else I can help you with.... more
Yes, IF they'll do it. I always advise people ask your mortgage company to modify before paying for a refinance. Here is my experience; your smaller, better banks will. The larger giants won't talk about loan modification until your deliquent.
If you are FHA or VA you might be able to stream line the loan. Call your banker and ask for those details.
I agree it is a pain to have to start over in years and eat up equity to pay closing just to get your rate lower.
Check into owner financing? With the stock market down as much as it is right now, some owners are in a position to do this. The interest they earn greatly out produces the stocks they have. Some of these fixer-uppers may not be able to qualify for the conventional mortgage programs due to condition.
I have investors in this area that will get equity loans against other properties they own to buy the next ones. They will offer owner financing on the ones they flip for a term of 5-10 years at 8% right now with at least 10% down depending on sale price. Also consider "balloon" mortgages. This is working great for them and as I gather more buyers due to the advertising I do on these properties....I have started to call some home owners to see if they are also in a position to do this as I need more homes to sell this way. I was very surprised how many are willing and capable of doing this! :)... more
Oklahoma is one of the least expensive in the country. Home values are very stable compared to the nation. According to the stats I have seen lately, the Oklahom cost of living compared to the nation average being 100 rated unit, Oklahoma is 81 rated, so that translates into 19% under the national average. I home that helps.... more