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What is the Difference Between Pre-approval and Pre-qualification?

When it comes to mortgages, there are two similar sounding terms that often confuse potential homebuyers: pre-qualification and pre-approval. While they are alike in some ways, their purposes are different. If you are looking to get a mortgage, here’s what you need to know about pre-qualification and pre-approval. Pre-qualification A home loan pre-qualification is an informal estimate of how much you can afford and how much a bank would be willing to lend you. It can take place on the phone, in person or even online. The lender will ask for relevant mortgage information, ...

June 27th, 2018 | First-time Homebuyers, Purchasing a Home, What is the Difference Between Pre-approval and Pre-qualification?

4 Things Every Borrower Needs to Know About Mortgage Brokers

Buying a home in Oklahoma, whether for the first time or the last, is an exciting event. Yet before you even take a look at a single home for sale, it is a smart idea to have your mortgage financing lined up. While it is possible to get a home loan directly with your local credit union or bank, the most common mortgage-makers are mortgage brokers. If you are ready to apply for a home loan, here are 4 things you need to know about mortgage brokers before starting the process. A broker is a middleman Mortgage brokers act as go-betweens for you and many different potential lenders. Instead o...

June 20th, 2018 | mortgage brokers, 4 Things Every Borrower Needs to Know About Mortgage Brokers

Should I Rent or Buy?

While homeownership has long been the American dream, buying a home is not necessarily the best choice for every person or every situation. There are many factors to consider in determining if a home purchase is the right decision for you right now. Can you Afford It? If the cost to own a home – mortgage, homeowners insurance and property taxes included – if less than roughly 28% of your gross income and you have few other debt obligations, you can probably afford to buy. Do not underestimate the additional costs of maintenance though. Replacing appliances or paying for a plu...

June 14th, 2018 | Purchasing a Home, Should I Rent or Buy?

4 Reasons You Don’t Want to Pay PMI

Years ago, a 20% down payment was a requirement for obtaining a mortgage loan. Putting that much money down made it less likely that borrowers would simply default on their home loans and gave lenders a measure of security and collateral in the case of foreclosure. However, in more recent years, lenders have gotten much more creative in financing to help more Americans become homeowners. There are now mortgage loans that require as little as 3% down up front. In order to compensate for that added risk of loss, lenders require and borrowers with a down payment of less than 20% to pay for pri...

June 7th, 2018 | First-time Homebuyers, 4 Reasons You Don’t Want to Pay PMI

Why you should purchase a home this year!

If you have been delaying purchasing your new home, Now might be the time to act. According to several different industry mortgage rate surveys, rates will be even higher by the time 2015 rolls around. This is not the only issue in delaying your potential purchase, home prices are also steadily increasing in most markets. Below you can see & illustration of what this could mean. You will also find the most recent industry rate surveys with the projected rates for the 2nd quarter of 2015.     If you would like to take advantage of the current mortgage rates, Apply o...

April 23rd, 2014 | mortgage rates 2015, mortgage rates 2014, mortgage rate, mortgage rate tulsa, mortgage rates, mortgage Oklahoma, mortgage approval process, Oklahoma mortgage rates , zero down mortgage, mortgage rates tulsa, mortgage Tulsa, first time home buyers, first time home buyer program, first time home buyer, Infographic , home loan, mortgage, buying a home, purchaing a home, Why you should purchase a home this year!

Percentage of Millennial Home Buyers Planning to Buy in 2014

Are you a Millennial Home Buyer that's planning on purchasing a home in 2014? According to a recent Plute Group survey of Millennial Home Buyers over 85% plan to purchase a home in the near future. With over 49% planning on purchasing a home within the next 2 years! Check out the info graphic below with some other statistics. If you would like more info on programs available to first time home buyers give us a call today. 

April 17th, 2014 | 1st time home buyer, 1st time home buyer home loan, 1st time home buyer home mortgage, 1st time home buyer program, 1st time home buyer loan, millennial home buyers, first time home buyers, first time home buyer, Percentage of Millennial Home Buyers Planning to Buy in 2014

ZFG Mortgage

6670 S. Lewis Ave # 200
Tulsa, Oklahoma 74136

Phone: 918-459-6530

Fax: 918-459-6535

NMLS: 193207