Simmons Homes

Larrin Rudy, Simmons Homes Interior Design Specialist, has a great tip to add a splash of color to your home décor.  Simply painting the background of your bookcase, media center, or hutch a vibrant hue can emphasize an understated piece of furniture and bring new life to the space.  Don’t be afraid of a little color!  Paint is a cost effective way to add your favorite accent color and you can always change it up.

Tangerine Tango is THE spring color of 2012 according to Pantone, who is the world renowned authority on color.  For more than 45 years Pantone has been inspiring design professionals with products, services, and leading technology for the colorful exploration and expression of creativity.  You can check the other spring colors for 2012 at www.Pantone.com.   Gray has always been a staple color in Larrin’s palette and paired with a punch of Tangerine it will create a bold trendy space.  She is excited about adding Tangerine to her own home this year.

Get creative and send us some pics of your accent painting projects.  Post them to our Facebook page for bragging rights!

TAX RETURNS = HOMEOWNERSHIP

As we look forward to the blossom of spring, the thoughts of many households turn to that yearly festival of finance and frustration: taxes.  While the paperwork may worry, and the numbers may sometimes confuse, the happy reality is that more and more people are actually receiving tax refunds each year, instead of paying additional taxes to Uncle Sam.  The biggest worry on their minds this year?  What to do with their refund money!

According to the IRS, taxpayers received and average tax refund of $3,000 last year, holding steady from 2010.  That sum just happens to be an ideal inroad toward a downpayment on a new home, a happy circumstance for those who are looking to become homeowners.  Couple the all-time low interest rates with the high-value incentives Simmons Homes offers its buyers, and today’s real estate market is a buyer’s dream!  A downpayment of as little as a few thousand dollars can be enough to get you into an affordable new home with us.  Whether funded though an FHA loan that requires only 3.5% down, or via some of the other special loan products available at low to no downpayment levels, you can capitalize on a loan at terms that may come only once in a lifetime.

Still not convinced?  Consider this:  last year a study by Bankrate.com found that over 84% of those who received a refund decided to save or invest the money.  Wisdom on the street seems to suggest that consumers are working harder to make more of their money, and are taking the time to make solid choices for their financial futures.  As everyone knows, real estate is an important part of the overall financial plan in any household, and by translating a tax refund into an investment in a new home; homebuyers can begin to reap the rewards of homeownership.  These benefits include the building of equity in a home, and the increased tax-refunds they will see in the future.

This year, when you receive a tax refund, ask yourself: how can this money help me to achieve my goals?  You just might find that turning that refund into an investment in your family’s new home may be the best answer of all.

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!

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!)

Although now is a great time to buy a new home in Tulsa, prospective buyers are still wary. If low prices and record low interest rates aren’t enough to convince you to move to home ownership in the Tulsa area, here are two more reasons.

CNBC.com posted its list of “Best Cities for Starter Homes” in the U.S., and Tulsa was ranked third! With five consecutive months of home appreciation and year-over-year appreciation at 2.39%, Tulsa presents a strong market for the investment side of home ownership.

The CNBC.com rankings were based on studies of 125 local markets by the real estate organization Zillow.com. Researchers analyzed median home values, average mortgage payments as a percentage of household income, and improving trends in home prices. They also figured in the unemployment rate and overall cost of living.

MSNBC.com also recognizes the value of the Tulsa housing market. This site’s article, “Breathing room: Housing’s least underwater areas” ranked Tulsa as #2 on its list of those areas with the fewest number of homeowners who are behind on their mortgages—or “underwater”. Second only to Pittsburgh, with an underwater rate of 5.6%, Tulsa posts a 6.1% rate, well below the national average.

Tulsa represents stability in a market that has been marked by instability. For both quality of life and value of investment, Tulsa should be high on your list!

If you missed the deadline to get up to $8,000 in tax relief by purchasing a home before April 30, 2010, stop kicking yourself. You can do better. In fact, a congratulations might be in order!

When that deadline was approaching, buyers were looking at mortgages with a fixed interest rate hovering around 5.5%. And coupled by the tax incentive, it looked like an unbeatable deal.
Until now.

In spite of industry estimates that interest rates couldn’t drop any lower, they have. Buyers at present can secure a fixed rate as low as 4.25%. That 1.25% difference can amount to savings that surpass the $8,000 credit from the federal government.

If you bought a new home in Tulsa for $160,000 in April, at 5.5% and with 3.5% down on a FHA loan, your monthly payment would be $876.00. But if you buy a $160,000 home today at the lower interest rate of 4.25% with the same down payment, your monthly mortgage would be $759.00. You save $117.00 every month, which equates to $42,120.00 in savings over the life of the loan.

How’s that little $8,000 one-time tax credit looking to you now?

Take it one step further, invest the new found monthly savings of $117 in an interest bearing account at a conservative 6% over life of your loan and it will turn into $117,657.00. How does that sound!

Weather you choose to save the difference or use that money to pay other bills, save for a vacation or other expense, your homebuying patience has paid off.

No one can ever tell you the best time to buy a home. But we can tell you when it is a great time. The clock is ticking. The home values and mortgage rates won’t stay this low forever. Our economy is rebounding, and when it does, the door to this opportunity will slam shut.

There are articles and statistics everywhere showing that women play a substantial role in not only the home buying process but also the overall money spending in a household.

That being said, with all the attention the “Man Cave” is getting from its show on the DIY Network we were intrigued to find out what the ideal “woman cave” would be.

So we reached out to our Facebook fans and asked them a question:

“With all the hype about the Man Cave…what about the Woman Cave? Tell us about your ideal “cave”? Scrapbook, workout, office, spa, library, media room or something else?“

The responses caught our attention. With 15 comments spanning 2 days it seems that women out there have a lot to say about having their own “cave”.

Here is a highlight of some of the comments that were posted:

“Craft room with lots of storage, a workspace area, plenty of light, comfy chair for handwork, reading or maybe a nap…”- Barb Eaton

“I would love a big room with TONS of storage for WHATEVER! And a large, counter height island for crafting, sewing, scrapbooking, etc. Also a desk area for a “Mom Central” work station (computer, files, family paperwork, schedules). But mostly, LOTS of storage!!”- G.B.

“A room with lots of room for all my sewing machines and shelves, shelves and more shelves. A wall of drawers. Plenty of light. And lots of electrical plugs. “- A.W.

“Commenting for my mother,,, she said a craft/ scrapbook room,,, something with lots of shelves and electric plugs, and a “track” type lighting so she can move it where she is working.” A.B.

“Perfect woman cave—a room big enough for office space, scrapbooking with a nice work table and room for sewing machine and room for a quilting machine. Lots of storage space for lots of other crafts.” – M.M.

What we surmised from all of the comments were that our women fans want the following:

• Lighting- portable, changeable and adjustable to whatever the task at hand might be.
• Storage- drawers, shelves and islands.
• Plug ins- lots of them, portable and accessible from anywhere in the room.
• A space of their own to do what they want to do- organize, scrapbook, sew, be crafty, read, relax and work.

We enjoyed all of the comments! We always like to see what home buyers and home owners think is important in a house especially coming from the “decision maker” in the family!

Builder Magazine once again has Simmons Homes as one of the top 100 builders in the United States.  Ranked 84 in 2009, Simmons Homes made a dramatic jump from its 97th ranking in 2008.  For more information, click on the link below.

http://www.builderonline.com/business/builder-100/

Last week mortgage interest rates hit an all time low. In fifty years of mortgage rate tracking they are now at the lowest they have ever been. An average rate on a 30 year mortgage dropped to 4.69 percent while a 15 year mortgage rate fell to 4.17 percent.

Now is the perfect time to take advantage of the falling interest rates and invest in a new home. You will be paying less for the home over the life of the loan and your payments will be insurmountably less than what they could be if you wait a few months or what they would have been even a year ago. The only way for interest rates to go now is up.

What’s in an interest rate and why should you care? Your interest effects the monthly payment and overall balance paid on your home.

Let’s do the math:

If interest rates were to go up to just 5 percent you would pay $15,000 more over the life of a $200,000 30 year mortgage. Essentially, buying now will save you $15,000 in interest paid. That is serious savings!

If you were to buy a new home today, your interest rates would be locked in at the lowest rate in half a century, your monthly payment would be set at a lower monthly payment than ever before and the overall amount that you pay for your home would be considerably less.

We all like to keep our hard earned money in our bank account and buying now will allow you to do just that.

Like we’ve said before, our new green homes in Tulsa are built with today’s average buyer in mind; after all, we’re of the same mind as you when it comes to providing our families with safe, affordable, and comfortable homes. And, we’ve also told you that our Oklahoma green homes, which are ENERGY STAR qualified homes for your peace of mind and protection, can be personalized to your preference.

Last time, we noted that effective insulation is the first of these options. Today, we reveal another energy saving feature:

Green Home Feature#2: High-Performance Windows.

As anyone with a draft in their house knows, quality, weather proof windows are the key to keeping indoor temperatures comfortable. Our energy-efficient windows employ advanced technologies, such as protective coatings and improved frame assemblies, to help keep heat in during winter and out during summer. The windows of our new green homes in Tulsa also block the damaging ultraviolet sunlight that can discolor carpets and furnishings. Sound like your kind of windows?