Friday, November 22, 2013

Fall pictures at Grand Lake, OK

 
 
Fall Pictures around Grand Lake in NE Oklahoma
 
 
Fall, 2013
 
 


 
 








 
 Fall is a great time to see the lake.  Lots of fishing tournaments now through the spring.
 
Wayne Short
Broker at RE/MAX Grand Lake
918-218-6011



Thursday, November 7, 2013


Grand Lake Extravaganza

$250,000 potential prize Bass tournament at Grand Lake, OK

April 1 to May 18, 2014

 

You can also CLICK HERE to go to the site.

 

$20 to register and get your key Chain with a special code #.  See the following site for official rules:

 



 
 



 

500 tagged bass at Grand Lake

You could win $250,000 or

$100,000, $50,000, $25,000, $10,000, $5,000 and several $1,000 tagged fish plus Hundreds of other valuable prizes available.

 

 

Looking for that “Right” fishing spot.

November 7, 2013 Mortgage rates for Grove, OK


Bank of Oklahoma

 
Mortgage rates for November 7, 2013
 
Please call Wayne "SHORTY" Short
RE/MAX Grand Lake
918-218-6011, cell and text
 
Call, text or email me with all your real estate questions for NE Oklahoma and the Grand Lake area.

 

Conventional Conforming Fixed

 

30 Year -  4.25 % + 0

15 Year – 3.375% + 0

 

Conventional Conforming ARM

 

5/1 ARM – 3.00% + 0

7/1 ARM – 3.50% + 0

 

FHA/VA/RD/Section 184

 

30 Year -  3.875% + 0

15 Year – 3.750% + 0

 

Jumbo Fixed

 

30 Year – 4.625% + 0

15 Year – 3.875% + 0

 

Jumbo ARM

 

5/1 ARM – 2.750% + 0

7/1 ARM – 3.375% + 0

 

The link to personal BOK website for Gretchen is www.gretchencasto.com
Gretchen is well versed on helping area clients with conventional, RD, FHA and VA loans.

 

Gretchen Casto
Mortgage Banker

Bank of Oklahoma N.A.
201 S. Main Street
Grove, OK  74344

918-787-2729 l Office
918-280-3364 l Fax
918-760-6086 l Cell

gcasto@bokf.com l E-mail

 

 

Today in America TV - The Wonderful City of Grove Oklahoma

Grand Lake O' Cherrokees








Click above link for a great video on Grand Lake and Grove, OK
 
 
Lake.autoplay=1&feature=share&attribution_tag=kF_WR7QFtS6yevG8z_Qtnw

 
 
Fun at Grand Lake, OK
 







Monday, November 4, 2013

Fall at Grand Lake, Oklahoma

 

Pictures of Grand Lake and Twin Bridges State Park

Fall, 2013

 
 
 
 










 





Economic and Mortgage update, Grand Lake, Oklahoma


November 1, 2013

Financial update
 
 

 

Great Mortgage rates this week:

 

Mortgage rates are doing great this week.  Demand is down a bit, the Federal Reserve is still buying government paper to keep the rate down.  Below are rate quotes:

 

                                          Conv. Fixed            FHA-VA Fixed         ARM’s

15 year Mortgages           3.375 to 3.5%        3.5%                    2.5%  3/
30 Year Mortgages           4.25%                   3.75%                   2.875%  5/1

 
11-1-13 Quote by ARVEST, Maria Keesling, lender

With the government shutdown over, the Jobs Report for September was finally released, and the markets and home loan rates reacted. Report by Bank of America for RE/MAX real estate agents.

 
The National unemployment rate dropped to 7.2% at the end of October.

 

 
The Labor Department reported that 148,000 new jobs were created in September, below the 183,000 expected. For July and August, the numbers were revised higher by a total of 9,000 jobs. The Labor Force Participation Rate, a measure of how many people are looking for work, was unchanged at 63.2 percent after falling in August to a 35-year low.

 

The Unemployment Rate hit a 5-year low in September, falling to 7.2 percent. This was fueled to some degree by workers entering retirement and those Americans opting out of the workforce in a stagnant job market. And in the latest Weekly Initial Jobless Claims Report, claims fell by 12,000 in the latest week but still came in above expectations. The bottom line is that we are simply not seeing any meaningful improvement in the labor market.

 

What did this mean for home loan rates? Remember that weak economic news normally causes investors to move their money into safe investments like bonds. This includes mortgage bonds, to which home loan rates are tied. We saw that dynamic in the markets last week, as bonds rallied after the weak Jobs Report was released, helping home loan rates reach their lowest levels in four months.

 

Also still helping bonds and home loan rates is the Fed’s current Quantitative Easing program, in which the Fed has been purchasing $85 billion in bonds and Treasuries each month to stimulate the economy and housing market. With key economic reports delayed due to the shutdown, and with the September Jobs data weaker than expected, there is not much chance the Fed will taper its purchases at its meeting this week. This should help keep home loan rates attractive through the remainder of 2013.

 

Home loan rates remain attractive compared to historical levels and now remains a great time to consider a home purchase or refinance.

 

 

As you can see in the chart below and as mentioned above, the Unemployment Rate hit a 5-year low in September, though this was due in part to workers entering retirement and others opting out of the workforce. The Jobs Report for October has been delayed one week and will be released November 8.
 
 
 

 
New HUD FHA short sale requirements went into effect October 1
 
 
§  Eligibility Requirements: To successfully complete a short sale under the FHA short sale program, the borrowers must meet the following requirements:
*  They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship.  In legal terms, it must be an "arm's-length" transaction.  Any knowing violation of the arm's-length requirement may be a violation of federal law.
*  Your mortgage must be in default, on the date the short sale transaction closes.
*  Before closing, any additional liens against the property must be released. A lien holder who demands a payment to release its lien must submit a written statement, and an agreement to release the lien if that amount is paid.
§  Financial Hardship Validation Requirement: For a standard preforeclosure sale, servicers must use a Deficit Income Test (DIT) to determine a homeowner's financial hardship.  The IRS Collection Financial Standards will be used to verify homeowners expenses not reflected in their credit report.  Only owner-occupied properties are eligible for the standard preforeclosure sale.
§  New Streamlined Short Sale Option: Homeowners eligible for a streamlined short sale may not be required to submit financial information or have a financial hardship.  Principal residences, second homes, investment properties and service members who have received Permanent Change of Station (PCS) Orders are potentially eligible.
§  Property Appraisal: The appraisal of your property should be completed within approximately ten business days.  After the appraisal, the short sale file will be updated and prepared for review.  In some cases, approval may be required by the investor and/or FHA, which may take more time.
§  Cash Contribution: As a new condition, you might be required to make a final payment (sometimes called a cash contribution) before or at closing.  This payment will reduce the deficiency balance.
§  Borrower's Incentive Compensation: If you are an owner occupant, acting in good faith, and successfully selling your property, you may be eligible for an incentive of up to $3,000.  If you are required to make cash contribution, you are not eligible for this incentive.
*  The revised FHA short sale addendum must be signed and dated by all parties.  Under this addendum, all parties agree that the subject property must be sold through an arm's-length transaction.  An arm's-length transaction is defined as a short sale between two unrelated parties that is characterized by a selling price and other conditions that would prevail in an open market environment.  Also, no hidden terms or special understandings can exist between any of the parties (e.g., buyer, seller, appraiser, sales agent, closing agent, and mortgagee) involved in the transaction.
  • Data provided by Bank of America
 

 
 
 
 
 
 
 
 

 
 

 

Effective October 1, 2013 U.S. Department of Housing and Urban Development (HUD) has announced the following changes to their Federal Housing Administration (FHA) Short Sale requirements: