Financing a home isn’t easy, but it shouldn’t be a struggle. When you partner with an Oklahoma mortgage company, it doesn’t have to be.
If you’re a first-time homebuyer, you face a complex set of decisions on your path to homeownership. You may be wrestling with such questions as:
But even if you already own a home, you might consider refinancing your mortgage. Refinancing can help you secure a better interest rate, a shorter mortgage term, or even gain access to funds for a remodel. But when is the right time? And will the savings be worth the costs?
If you’re on your own, these choices can seem overwhelming. Thankfully, the Mortgage Maestro Group is here to help. Our friendly, knowledgeable team can help you make sense of your home financing options and make your dreams a reality.
Why Do I Need a Mortgage Broker?Partnering with an Oklahoma mortgage broker can help you understand the financing process and make the most of your budget. Plus, an experienced company will have the knowledge and resources to make the process as smooth as possible.
What Does a Mortgage Broker Do?The process of securing a home mortgage can be intimidating, and not every mortgage lender will have your best interests in mind.
A mortgage broker helps you work with a mortgage lender and will serve as your primary point of contact throughout the lending process. Your mortgage broker can advocate for your needs and help you make informed decisions, so you can have greater confidence as you finance your home.
The Advantages of Working with a Mortgage CompanyDo you have to work with a mortgage broker to purchase a home? No, but you may soon discover that working directly with a lender can leave you at a disadvantage. Plus, you’ll have to spend your own time and energy comparing mortgage rates and reading the fine print, all of which can take the fun out of shopping for a home.
Instead, consider partnering with a mortgage broker who can help you:
After all, every buyer is different. At the Mortgage Maestro Group, we don’t believe in a one-size-fits-all approach to home financing. That’s why we strive to put our clients first and help you secure funding regardless of your economic background or credit history.
Stay Local: Partner with an Oklahoma Mortgage CompanyFor Oklahoma residents, there’s all of the more reason to work with an Oklahoma mortgage broker. A local broker will be better equipped to understand the “lay of the land” and provide assistance that fits the current state of the Oklahoma housing market.
This approach means that a local mortgage broker will match your needs to the community around you and connect you to the right lender, the right home, and the right advice.
What Happens When I Work with an Oklahoma Mortgage Broker?Naturally, there’s a lot of uncertainty when it comes to financing your home. But you can reduce your stress by following the following steps:
Finding the Right Oklahoma Mortgage CompanyYou may have discovered our page through a simple web search for “mortgage brokers near me.” But how do you know which mortgage company is right for you?
Here are just some of the traits to look for in a mortgage broker:
Maestro Group isn’t your only choice, but we may be your best choice. We’ve helped countless clients attain their dreams of homeownership, and we can help you do the same.
Collect Your Financial DocumentsEvery mortgage lender will ask for the same basic information, so it helps to organize your financial documents ahead of time. Your mortgage eligibility, rates, and terms will all be determined by such considerations as:
The Mortgage Maestro Group can go over this information with you so you have a better idea of what kind of mortgage to expect. We can also help you apply for pre-approval, which will provide a better picture of the kind of house you and your family can afford.
Shop Around for the Best Mortgage RatesAn Oklahoma mortgage company can tap into the local network of mortgage lenders to help you find the best lending options available. For most homebuyers, this is one of the greatest advantages of using a mortgage broker, as it allows you to expand your lending options and make the most of your budget.
At Mortgage Maestro Group, we work hard to compare rates and match you with a lender that fits your financial situation, saving you time and accelerating your buying process.
Gain Assistance in Closing the SaleMany first-time homebuyers are surprised to learn that their work isn’t over once their offer is accepted. Before you can close on your home, you’ll need to coordinate with:
These details can be handled by an Oklahoma mortgage broker, which means you’ll spend less time on the closing process and more time coordinating your move.
What Are Some Oklahoma Home Mortgage Options?First-time homebuyers might particularly benefit from considering all their home mortgage options before they purchase their first house. The Mortgage Maestro Group can help you find the lending option that’s right for you, based on your financial history and budget.
You might choose from one of the following lending options, both traditional and non-traditional:
Traditional MortgagesA traditional mortgage (also called a conventional mortgage) will offer the best interest rates, though the eligibility requirements can be steep for some homebuyers.
To qualify, buyers should expect to have:
Savings for a down payment (typically 20%, but sometimes as low as 3%)Stable monthly incomeLittle outstanding debtStrong personal credit (ideally a score of 620+)A traditional mortgage can come in terms of 10 to 30 years and have either fixed or adjustable rates. Adjustable-rate mortgages (ARMs) can be helpful for those with good credit and little debt and allow you to finance your home with as little as 3% down.
The Mortgage Maestro Group can help you fully explore these options to ensure you’re not paying excess interest and that your ARM is consistent with your larger financial plan.
Non-Traditional MortgagesWith the wide variety of financial products available on today’s market, everyone can achieve homeownership. Self-employed workers like freelancers or small business owners may not have the income profile many retail lenders require, but that doesn’t mean they can’t qualify for a mortgage.
The disruptions of the COVID-19 pandemic have made many traditional financial credentials less useful, and that means some people who should have access to mortgages can’t get them. We can work with borrowers who may have had financial disruptions, or for whom traditional indicators of financial health might be misleading. We’ll look beyond your tax returns to get a real, accurate picture of your financial health.
Mortgage Maestro also knows that conflicting federal and state laws make it hard for employees and business owners in the legal cannabis industry to get traditional mortgages. We can find solutions for many qualified borrowers regardless of their particular situation. If you have a non-traditional career, we have a non-traditional mortgage that can work for you.
There are other factors that can make it difficult to qualify for a bank mortgage. Owners of non-bankable businesses, self-employed investors Whether you own multifamily rental units, have credit blemishes, or have encountered a and others may face challenges on the mortgage market. If you have a life or career situation that doesn’t fit in a neat box — we can help you qualify for a mortgage.
FHA mortgagesIf you’re unsure about your ability to qualify for a conventional mortgage, you might consider a mortgage backed by the Federal Housing Administration.
FHA mortgages allow Oklahoma homebuyers to secure a home mortgage even with less-than-ideal credit. The down payment requirements vary based on your credit score:
For scores of 580 and above: as little as 3.5% downFor scores from 500 to 579: at least 10% downAll FHA mortgages also grant you additional flexibility regarding your source of payment, which lets you use gift funds from friends or family.
VA MortgagesIf you or your spouse is an active or retired member of the U.S. military, you might not need a down payment at all. The U.S. Veterans Association provides mortgages with no down payment and some of the lowest interest rates available.
The Mortgage Maestro Group is proud to be a veteran-owned business and would love to assist our fellow military members with their housing needs.
Down Payment AssistanceDepending on your income, you may qualify for down payment assistance through various community redevelopment programs. Program requirements vary, but they are aimed at helping first-time homebuyers as well as those with low or moderate incomes.
Rehab/Remodel MortgagesIf you’ve got the know-how, you may be able to save money by purchasing a fixer-upper. For example, conventional and FHA 203(k) mortgages can be used to remodel eligible homes in the community, providing funding for nonstructural improvements including:
Ask about these options at the time that you close on your home. With a little hard work, you can improve the value and comfort of your home.
Jumbo MortgagesTypically, the Office of Federal Housing Enterprise Oversight (OFHEO) sets mortgage limits. But in some high-cost areas, homebuyers can obtain a mortgage that exceeds these limits.
These jumbo mortgages can be ideal if you and your family are looking at moving into an upscale community and have the funds to support this mortgage.
Where Can I Find an Oklahoma Mortgage Broker?As an Oklahoma mortgage company, we’ve made dreams come true for countless first-time homebuyers and their families. We’d like to do the same for you. The Mortgage Maestro Group can help you:
To learn more, explore the other articles located on our website. When you’re ready to learn about your options, contact us.
Licensed in Colorado as Maestro LLC (DBA Mortgage Maestro Group) is an Equal Housing Lender.
387 N Corona St #646, Denver, CO 80218.
NMLS Unique Identifier #1838215
Consumers wishing to file a complaint against a company or a residential Mortgage loan originator should complete and send a complaint form to the Texas department of savings and mortgage lending, 2601 North Lamar, suite 201, Austin, Texas 78705. Complaint forms and instructions may be obtained from the Department’s website at www.sml.texas.gov. A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at www.sml.texas.gov.
Home Mortgage Disclosure Act Notice. The HMDA data about our residential mortgage lending are available online for review. The data show geographic distribution of loans and applications; ethnicity, race, sex, age and income of applicants and borrowers; and information about loan approvals and denials. HMDA data for many other financial institutions are also available online. For more information, visit the Consumer Financial Protection Bureau’s website.
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