Simmons Homes

Lending standards will remain tight in 2012, but that doesn’t mean you won’t be able to snag a mortgage with an attractive rate.  There’s a belief out there that it’s almost impossible to get a “yes” from a lender.  “In today’s marketplace,  a lot of questions about interest rates and how to qualify for a home loan remain unanswered. Is there even money available? … Forget the doom and gloom… Qualified buyers can still get money! ” says Steve Brown, mortgage loan originator for Swift Home Loans.  “We simplify the loan process by pre-qualifying you for a maximum loan amount –no guesswork. Although the mortgage lending landscape has changed over the last 4-5 years, people CAN still qualify for financing. More documentation may be required than in the past, as each consumer’s personal profile can be unique. However, with rates at record lows, there has never been a better time to be a homeowner.” Savvy borrowers who understand the rules and prepare in advance will improve their chances of success.

TIP 1- Study Your Credit

Good credit is the key to snagging a mortgage in this tight lending environment. Get copies of your credit scores and credit history from the three main credit reporting bureaus. Study the reports carefully to make sure there are no errors or issues to resolve before applying.

Most lenders require a minimum credit score of 680 to comply with Fannie Mae and Freddie Mac’s guidelines. Federal Housing Administration loans, which are guaranteed by the FHA, allow for lower scores, but most lenders want to stay away from scores lower than 620.

TIP 2 – Prepare Before You Start

There are some basic documents every lender requests when you apply for a mortgage. Don’t wait for them to ask. Have these documents ready when you walk into the lender’s office: your last two pay stubs, W-2s, income tax returns and bank statements.

Save these documents and any additional ones the lender requests in an electronic format, so you can easily resend them if anything gets lost in the process.

TIP 3 – Know How Much You Can Afford

Don’t rely on your lender to tell you how much mortgage you qualify for and then borrow the maximum amount. Plan your budget, and leave room for unexpected expenses. That’s especially the case when you are buying a house. Mortgage calculators can help you determine how much house you can afford and estimate your monthly mortgage payments.

TIP 4 – Time Is Of The Essence

Once you submit your mortgage application to the lender, the clock starts ticking. Make sure you quickly send in any documents requested during the approval process.

For buyers, a delay in closing the loan could kill the purchase and cost them their deposits. When refinancing, a delay could mean losing the interest rate the borrower originally locked in. Ask for an expected closing date, and follow up with the lender periodically until the loan closes. Keep in mind, some lenders close more quickly than others.

TIP 5 – Mortgage Approved? Your Credit Must Stay Put Until Closing

After the lender pulls your credit and says you’ve been approved, don’t assume you’ve won the battle. Most lenders will pull your credit again before the loan closes.

It’s wise to avoid any moves that may affect your credit. Don’t apply for new credit cards or credit lines. Pay your bills on time. Don’t close any accounts. Don’t finance a new car. Stay put until closing.

TIP 6 – Receive A Gift? Be Ready To Explain It

Did your parents or in-laws give you a few thousand dollars as a gift to help out with the down payment? If so, congratulations — but make sure you can document and explain where you got the money.

FHA loans allow borrowers to receive their down payment as a gift from a relative. For conventional loans, borrowers may receive gifts, but at least a 5 percent down payment must come from their own funds.

Borrowers receiving a gift are required to present a gift letter signed by the donor, and they will need a paper trail of the money transfer. Be ready to present statements to show where the money came from when it was deposited into your account.

Unless the money is being used for the down payment, avoid receiving large cash deposits in your bank account until your mortgage closes. Any large deposits other than your paycheck will have to be explained to comply with federal regulations.

TIP 7 – Be Persistent

If one lender rejects your mortgage application, that doesn’t mean all lenders will. Most lenders follow Fannie Mae and Freddie Mac guidelines. In addition, they have their own internal underwriting guidelines, and some are stricter than others.

Ask exactly why your mortgage was denied. Depending on the reason, you may be able to take some quick steps to improve your credit, or you might just need to try a different lender.

TIP 8 – Pre-Shop our Floor Plans and Neighborhoods

Visit www.SimmonsHomes.com to see all of our neighborhoods in the Tulsa surrounding area and browse the floor plans we offer.  There is something for everyone in a range of budgets. Custom exterior and interior options are available to make your home individually unique!

Simmons Homes would love to help you with any questions you may have regarding getting ready to buy a home. You can reach us anytime at 866-672-4079.  We have a great relationship with the folks at Swift Home Loans and they too would help you in any way they can.  You can reach them at 918-528-6406.

Here’s to you and 2012 being your year to own a beautiful new Simmons Home!

Top 100 Metro Areas

We rank 4^th out of the Top 100 Metros in terms of Economic Security according to a study by the Urban Institute.  Tulsa was praised for its low unemployment, steady housing prices, average earnings that afford a median standard of living, and our ability to keep foreclosures to a minimum.

Oklahoma is recognized for its diverse economy.  Such things as government, universities, energy, and high tech firms have held up well in the Great Recession.  We didn’t fall victim to the vast swells of the housing boom and then bust, so mortgage prices today are remarkably affordable.  Especially when you couple that with the all time low mortgage loan rate of 3.93% (30 year fixed) just reported by Yahoo today!

Our region continues to rank high on multiple “top ten” lists – most affordable (Forbes), most recession-proof (Forbes), and best place to start a small business (Fortune Small Business).  We, at Simmons Homes, would agree that Tulsa is a “top ten” place to be a homeowner and we strive to make that an affordable luxury with amazing quality.

Source: Urban Institute analysis of LAUS, HPI, NUHC, OES, and LPS datahttp://datatools.metrotrends.org/charts/metrodata/rankMap_files/rankMap.cfm

As we plan for this Thanksgiving Holiday, we would like to take this opportunity to express our sincerest gratitude to all of you who have put your trust in us to help you create your dream home.  Our business relies on the recommendations and support of those in our communities, and we want to take a moment to say a heartfelt thank you to all of you who continue to support our mission at Simmons Homes.

Thanksgiving at the Simmons’ home is one of our favorite times of the year.  It gives us the opportunity to be surrounded by family and friends, and appreciate the numerous things we are blessed with.  We plan on staying true to our traditions, eating too much turkey, taking an extra scoop of sweet potato casserole, sneaking another piece of pie, and of course laughing until our bellies ache.

Praline Sweet Potato Casserole is a special Simmons Family Recipe we would like to pass along to your family.

• Place 1 Large Can Sweet Potatoes in a Bowl – Drain 3/4 of the Liquid

In Another Bowl – Mix Together the Following Blending Well:

• 1/4 tsp. Salt
• 1 tsp. Vanilla
• 1/2 tsp. Cinnamon
• 1/3 Cup Sugar
• 1/4 Cup Melted Oleo
• 2 Eggs

Add Mixture to the Sweet Potatoes and Mash Well (Until Chunky)

Put Into a Greased Casserole Pan

In Another Bowl Mix the Following: (This Will Be Your Topping That You Put Onto the Sweet Potato Mixture)

I Have Even Doubled This to Make it Sweeter!

• 1/4 Stick Oleo – Melted
• 3 Tablespoons Flour
• 3/4 Cup Dark Brown Sugar
• 1/2 Cup Chopped Pecans (optional)

Mix and Sprinkle over the top of Sweet Potatoes – Bake at 350 degrees for 30 Minutes.

Enjoy!

To you and your loved ones, we wish Joy, Happiness, Health, and a very Happy Thanksgiving!

– Greg and Pat Simmons

(One more tip for you holiday cooks out there: When making stuffing, We make additional croutons by drying out bread and cutting into small cubes and cooking them in butter and then we add to the store bought croutons and seasoning crumbs.  It really adds more flavor!)

Buying a home has tax advantages that simply renting a home does not. You may have heard people say that when you rent, you’re just paying someone else’s mortgage and helping them earn equity.

With tax season right around the corner the following are 6 itemized deductions that, as a homeowner, you can take on your taxes. This is what you’re missing out on by not having your own mortgage.

Home mortgage interest: When you first buy a home, the majority of your monthly payment is made up of interest. As you continue to pay your mortgage each year, slowly the balance shifts from interest, to principal payments.

The interest you pay on your mortgage up to $1 million per year is deductable. And if you own a primary and a secondary home, as long as they add up to $1 million or less, you receive deductions for both.

Property tax: Did you know your property taxes can be deducted from your federal income taxes? Both state and local taxes are counted in this equation.

Home buying expenses: Certain fees and closing costs associated with a new home purchase can be deductible. Some examples are prorated interest on a new loan, prorated property taxes, and loan origination fees.

Home equity loan: If you need money, for example, to pay off high-interest credit cards, start up a business, or any other number of reasons you can think of, you can borrow up to $100,000 against the equity in your home and deduct the interest.
Credit card interest, on the other hand, is not deductable.

Home-sale exclusion: When selling a home for profit, as long as you live in your home for two of the previous five years before selling, you only pay taxes on profits over $250,000 if you are single. You only pay taxes on profits over $500,000 if you are a married couple filing jointly. This exclusion can be taken once every two years.

Free Rental Income: Another unusual benefit of owning a home is that you can rent your home for up to 14 days during the year and pay no tax on the rental income. If you are a renter subletting your home you have to pay taxes on the income you earn.

If your lease is coming up for renewal and you are still trying to decide if it’s better to own verses rent in this economy here are 6 compelling reasons why you benefit as a home owner when it comes to tax time.

With great pricing and availability today in new home communities, why would you ever buy a used home? While short sales and foreclosures may sound like a great deal, there are so many more reasons to buy new.

Here are 8 great reasons to consider new verses used as you dive into the housing market and become a homeowner.

1) Quality Construction: Have you ever visited an older home and noticed exterior paint pealing, floors creaking, and a slight breeze through windows or doors even when they’re closed? Each year construction methods improve. With more durable, low maintenance materials and improved building codes, a new home is more airtight and needs less overall care than their older cousins.

2) Pick Your Options: When you walk into a used home you see cabinets that aren’t your first choice, floor coverings that don’t match your tastes and more. When you purchase new, you get to sit down with an array of colors, materials, and styles to choose from in order to make a house reflect your own personal taste.

3) Cleanliness: How do you feel about old toenail clippings or what a black light might uncover as you walk across 5 year-old carpets in that “bargain” foreclosure? Not to mention the things that find their way into crevices of kitchens and bathrooms…in a new home you have the unmistakable pleasure of being the first person to live in the home. It’s truly a clean slate.

4) No Surprises: Used homes may seem like a great deal until you move in and 3 months later the hot water heater blows, the roof leaks, or the dishwasher needs to be replaced. New homes come with new appliances and guarantees.

5) Warranties: A good home builder will provide security against those surprises that happen with a used home. When you buy new you receive builders’ warranties, structural warranties, and the manufacturers warranties that come with new appliances and other materials used to construct your home.

6) Community Lifestyle: New home communities are designed with community in mind. Many have the benefits of walking trails, parks, playgrounds, swimming pools and other amenities that bring the community together. Since everyone in the neighborhood is new you get to take advantage of making new friends and shaping the neighborhood and your lifestyle at the same time.

7) Energy Efficiency: With current industry standards pushing toward greater energy efficiency and smaller environmental footprints, homes are being built with everything from Low-E windows to low flow toilets to reduce consumption and keep bills down. Older homes do not have the benefit of these technologies.

No Updating Nightmares: Older homes often look like a good deal if you could just move that wall, put in better lighting, and gut the hot pink bathroom. What you don’t realize is a small project can get out of hand quickly when you peal back the surface. With a new home you can get involved in the process, choose your options and layouts upfront and get what you want the first time through.

These are just 8 of many reasons why new beats out used everytime.

When searching for a new home there are several levels of research you may go through in order to find that perfect home. A good builder will have the right tools and customer service to help guide you along that path ever step of the way.

Phase 1 – Searching on line: An attentive builder knows that your search begins online. In fact since 90% of home searches start on the Internet, it is our responsibility to provide you with the information and resources you need to first identify with our community and begin to envision the possibilities. From floor plans, pictures, and virtual tours as well as an easy to navigate website, we provide the resources you need at the beginning stage of your research.

Phase 2 – Detailed Question And Answer: Once we’ve caught your attention with home styles and communities to choose from, we know the next thing you want to do is fire off questions via email, facebook or twitter. Or you may even want to pick up the phone and talk with someone. It’s important that we provide you with an individual dedicated to answering your questions in a quick and thorough manner.

Everyone is different in the level of attention and information they need before visiting a new home community. Time frames for moving vary. Physical proximity to the area may not be optimal at the beginning of a home search especially for those moving from further distances. Financial factors play a role in move times as well.

By being aware of what each homebuyer is working toward we can gauge customer service accordingly. With a through knowledge base as well as resources to loan officers, school data, and community information you can gain a lot of insight before scheduling your trip to the area.

Phase 3 – Visiting the Community: After all the questions and details that can be answered over the phone and online have been attended to, the next step is to schedule a visit the community in person. By setting an appointment and taking a VIP tour you get to see first hand, in three dimensional real time, whether you can envision yourself living in the home, the community, and the neighborhood.

You can explore the lots, the models, and the options in a more hands on interactive way with one of our dedicated professionals who can answer all the little details that never occurred to you during your online search.

By progressing through each of these 3 phases you will gain all the knowledge, information and insight you need to make an informed decision on the path to happy home ownership. We’d love to be your guide on that journey.

Buying a new home is the fun part. You find your floor plan, pick your options, watch your new home materialize, and then you have your keys in hand. Exciting!

Moving: Not so exciting. Moving can be a daunting task. Here are some tips, tools, and checklists to help make moving into your new home smooth and easy.

1. Space planning: One of the most difficult questions when moving, “Where’s it going to go?”

A great iphone app that helps you find the answer is Mark on Call.  This Home Interior Layout Designer lets you construct your new room. Measure and re-create your furniture and position it in the space.

This helps immensely when directing movers or friends to place furniture where it will go verses stacked in a corner. Remember move rugs in first and unroll them. Then bring in the furniture and boxes.

2. Labeling: Seems simple, never is.

Keep like objects in boxes from specific places and write a detailed label. Don’t just write master closet or kitchen. Write suites and ties, summer shorts and t-shirts, Coffee maker, toaster and crock pot. This will be a lifesaver when you are digging in a box of bathing suits to find your fuzzy robe and slippers.

Descriptive labels will eliminate countless hours of frustration when you desperately need that first cup of coffee in the morning. Without them you’re unwrapping endless numbers of wine glasses wishing for coffee and more detailed labeling.

3. Utilities And Services: Some utilities and services may be transferrable from your current location, while others may require new accounts. Some services are optional and others may be included in your fees.

There’s nothing more chillingly eye opening than taking a shower shortly after moving into your new home and realizing you didn’t contact the gas company.

Take a look at the following list and make sure you know what you do and don’t need and research the right companies to call in your area.
• Electricity
• Gas
• Phone
• Cable
• Internet
• Trash Removal
• Water
• Waste Water
• Security

4. Changing Your Address: Seems straight forward, you can find USPS online but this will only forward your mail for one year. After that, the little yellow labels run out. If you haven’t changed everything over you may not receive important information.

Here’s a key list of people and services you should notify.
• Car Insurance, Health Insurance and any other Insurance Providers
• Credit Cards, Loans, and Anyone Else You Owe Money To
• Amazon.com, Ebay, Other internet services that have your mailing address
• Monthly Magazine and Newspaper Subscriptions
• Doctors Offices
• Previous Employers (W-2s)
• Professional Licenses, Business Organizations
• Parents and Grand Parents (Especially if you get checks during the holidays!)
• Your Drivers License

Being proactive with just these four things will make your move a much easier process.

If you’ve been searching for a new home you’ve probably heard someone say, “There’s never been a better time to buy a new home, interest rates are at an all time low.” But what does that really mean to you?

Here’s a little history on interest rates. Do you know what a high mortgage rate would look like? December of 1980 the 30-year fixed mortgage rate was 14.79%. By January of 1990 it dropped to 9.67%. Over a 10-year period, rates inched down by about 5%. But by May 2000 the rates were only down to 8.52%, barely a 1% change in 10 years. So, when you hear reports that mortgage rates are at an historic low, this gives you more context.

Several years ago people were happy to purchase at a 6.5% interest rate, but now, with mortgages available from the high 4% to low 5% range there truly has never been a better time to purchase a home. Especially as rates slowly creep up again.

So what can you get for your money with lower interest rates?

Low rates mean lower payments: If you can afford a mortgage of $150,000 at a rate of 4.9% your monthly payments will be around $796 per month (not including taxes and insurance). A rate of 6.5% would cost about $948 per month. By purchasing a home while the rates are low, you free up over $150 per month.

Low interest rates mean you can get more house for your money: If you can afford a payment of about $790 per month (not including taxes and insurance) that means at a rate of 6.5% your mortgage would be approximately $125,000. Yet at a rate of 4.9% you can afford a home loan of almost $150,000 this gives you nearly $25,000 more house for the same payment of approximately $790 per month.

This difference in price could be the space you need and the options you want. Rolling $25,000 more into a mortgage could get you a lot more house for your money in a new home.

It’s important to understand rates so that you can make an informed decision about purchasing your new home. Many people keep waiting for the lowest rates. But how will you know when the rates hit bottom? Usually when standing at a higher point looking down.

By assessing your situation and looking for the right loan to fit your current lifestyle, you can look at the historic rates and see how much more home you will get for your money now verses just a few years ago.

Written By Kevin Swift:
Kevin Swift and Swift Home Loans is one of the top home loan originators in Oklahoma and the preferred lender for Simmons Homes. Learn more at www.swifthomeloans.net or fill out their online application here.  You can also call 918-528-6404 for your personal consultation.

*Rates and payments are approximate for the purposes of this article and do not include taxes and insurance.

Ever go grocery shopping without making a list while hungry? You think, “I know what to buy this week, no need to write it down.”

Walking through the grocery store, stomach growling, everything starts to look good. Several yummy objects later, you roll a full basket up to checkout. Once home you realize you forgot key ingredients for meals, but gosh you really took care of the deserts and cravings.

Ahhh the joys of cooking. Note to self: Next time bring a list.

The same thing happens when you enter a new home community to build the house to fit your lifestyle. You begin to salivate. A great builder thinks of all the possibilities addressing a wide variety of tastes, needs, wants and desires. Touring a model is the opportunity to see all the ingredients unfold before you. This is part of the joy of building a new home.

Suddenly you are that starving person grocery shopping. You want stone fireplaces, decks, deluxe appliances and the kitchen sink. Just kidding, you always get a kitchen sink. But are you going with the under mount, with brushed nickel fixtures?

With so many options to choose from, it’s important to separate your needs from your wants. Then you’ll know up front what the most important elements will be when you roll your cart through those model doors. You don’t want to walk out hours later and think, “oh but we really need this, that, and the sun room.”

Before you go new home shopping, sit down and make a grocery list of important ingredients. A wants and needs list is the menu for your plan. Once you have the structure of your meal down, you can go hunting for that rich chocolate cake to finishing everything perfectly.

Ask yourself a series of questions:
• Do I need 4 bedrooms, or 3 and a flex space?
• Do I want a garage or can I live with a carport?
• Is a gourmet kitchen important?
• Open floor plan, or traditional formal rooms?
• Luxury bathroom?
• Where do I spend the most time?
• What kind of rooms do I need for hobbies?
• What are my structural needs?
• Is this the rest of my life house?
• Do I need to think about resale?

Then make a list of things you’d love to have to design the house just for you. By making two lists side by side, you’ll start to see what the most important features are in your new home.

Now when you walk the model, you’re armed with a shopping list. First find the structure that fits your lifestyle. Do you have the spatial plan, the right kitchen, and so on? Then you can start dressing spaces with the proper appliances, countertop materials, and flooring choices to fit your tastes.

If you forget major ingredients like the finished room over the garage for scrap booking, or the 2-foot bump out with the optional gas fireplace, those things are a lot harder to add later. Tick off the needs on the list, then look around at shinny objects and see which will be perfect side dishes to satisfy those wants.

Leaving out your needs is like leaving the yeast out of your cake. It may still taste sweet but it really falls flat and in the end something is missing. By making your lists upfront, when you are ready to go shopping you’ll be sure to have everything that makes your house a home.

After living in home for so long, it gets tiring looking at all the same old kitchen countertops, bathroom fixtures and small rooms. Your house doesn’t fit your needs, and you can no longer deny it. Time to make a hard decision, should you buy new or remodel the house? The typical American family makes this decision several times in life. For many people moving is the simpler, less expensive and certainly less stressful option.

At first, it might seem like there are cost advantages to staying put and renovating. A study by the Wall Street Journal found that the price of keeping a typical home up to current standards over a 30-year period is almost four times the homes’s purchase price. The money spent on a remodel really isn’t an investment, its consumption and they almost always cost more than expected. You might not get your ‘investment’ back.

Then, there are some things that you cannot renovate away; your neighborhood, location and schools. If you always wanted to live at the top of a hill, there’s nothing you can do about your flat street. By moving, you can find that ideal home with the same new elements that you wanted in your remodel.

A few benefits of buying new include moving into well-planned desirable neighborhoods, low maintenance, up-to-date designs, a builder’s limited warranty, energy efficiency, and new and better wiring. Many builders provide their customers with a team of professionals to guide them through the process. There is truly no place like home and when you purchase new, you are able to create the setting you desire.