Darren 's Blog

Mortgage Update - buying a home, mortgage loans, referral thank you!

Darren Stewart (OakStar Bank) — Mon, 09 Nov 2009 18:34:50 -0600

Our town newspaper has a logo 'tis a priveledge to live in the Ozarks, and having been born in this area I can honestly say that is true. I have lived all over the globe growing up with my father in the military, dad retired in 1985 and we headed back home to Springfield. When you change schools 16 times in 18 years seeing the East coast, living on military bases and living in foreign countries with buildings predating our nations founding in 1776 it gives you a unique perspective on just how young America is but it also makes you appreciate your own home town.

The Ozarks has been a great place to live and a great place to raise a family. I have had the priveledge of assisting people buy their homes in this marvelous place for 13 years now and really enjoy doing the best job I can even in a time when getting a mortgage may seem like an arduous process, to the end goal of home ownership.

Things will continue to change in the mortgage industry and there will be no doubt be different forms, disclosures and entire re-vamping of closing statements- the focus however is the client and making sure the American dream of home ownership is realized.

I want to say thank you to all of my business partners for your continued support through this year, I really appreciate you trusting me with your clients - and I will do everything that I can to assist.

A special thank you to the men and women in the armed forces this week, as we salute our veterans on Wednesday - and to all the active military thank you for defending the greatest nation on earth.

Darren Stewart

OakStar Bank

Tax Credit Extension Passes - signed by President Obama today -

Darren Stewart (OakStar Bank) — Fri, 06 Nov 2009 17:41:20 -0600

The first time home buyers tax credit was extended to April 30, 2009 today- first time home owners will continue to receive up to $8,000 tax credit that would not need to be paid back as long as they occupied the home they were purchasing for 3 years.

In addition - they have enhanced the tax credit to couples who have lived at their existing residence for 5 years or more and are deciding to move up, that credit will be for $6,500.00.

Darren Stewart

OakStar Bank N.A.

Tax Credit Extension - Clears both the HR and the Senate heading to the President for his signature-

Darren Stewart (OakStar Bank) — Thu, 05 Nov 2009 18:05:47 -0600

Extension of the First time Home buyers tax credit has cleared both the House and Senate and is heading toward the White House for a signature. President Obama has indicated that he intends to sign the extension into law that would not only extend the credit until April 30, 2010 but enhance the credit to include a $6,500 tax credit to borrowers that have been in their homes for the last 5 years. What the details are in the bill on qualifying for the $6,500 and when that will go into effect or if it will be retroactive has not been elaborated on yet but I will be posting as soon as the extension goes into effect.

Should you have any questions regarding the tax credit please feel to contact me, email or call me! 2009 has been a great year and we look forward to assisting even more clients become home owners in 2010.

Darren Stewart

OakStar Bank, N.A.

USDA Loans Fiscal Year budget - Rural Development Loans without delays -

Darren Stewart (OakStar Bank) — Sat, 03 Oct 2009 08:52:37 -0500

The last quarter of the year is a time where the funding of rural development loans may experience delays at some lenders - that is not the case with us ! We continue to fund USDA loans we process and close in our own name and then are able to sell it to our servicer who continues to fund so that there is no interruption of service or delays in closing.

We are also unique in the way we process our USDA loans we send our underwriting package and we send the USDA package at the same time which allows for us to close USDA loans within a 30 day contract window.

For faster, uninterrupted, service on the Rural Development Loans please feel free to contact me.

Darren Stewart

OakStar Bank

First time Home Buyers Credit - The clock is ticking- Tax Credit Loan - Tax Credit - Mortgage, Tax Credit dead line - First time home buyers

Darren Stewart (OakStar Bank) — Sat, 03 Oct 2009 08:47:55 -0500

The clock is ticking..........

The first time home buyers tax credit deadline is fast approaching - all persons wanting to utilize the current tax credit of up to 10% of the purchase price with a cap at $8,000 must be closed by the last business day in November. That means you need to be finding a house NOW ..there are a myriad of things that can happen when you go to purchase a property - repairs may need to be made, not to mention the Thanksgiving holiday will be thrown in there as well.

Its also important to note that no matter what type of loan that you get VA, FHA, Conventional or USDA - if you have not owned a home in the last 3 years you are still eligible to receive the tax credit.

I have spent the last 21 years in the banking industry and the last 12 helping first time home buyers reach their dream of home ownership.

Advice to clients - if your considering shopping / making an offer on a short sale- Darren Stewart

Darren Stewart (OakStar Bank) — Fri, 03 Jul 2009 09:20:54 -0500

I originally posted this as a comment on another blog but thought I would repost this comment on my own blog. It is advice to a client who is thinking of making an offer on a short sale. Can it be done, you bet! is it for everyone - NO WAY!

I am a loan originator, I have seen buyers and realtors go through a huge amount of hoops in order to obtain a home. Before they venture on this journey of making an offer on a short sale I have a few things that I always tell my clients -

1) if you need something from them please give them at least 2 weeks or longer - if they need something from you get it to them in 2 hours. Patience is a huge thing and you will at the end of the day feel like you are being jerked around.

2) Your agents are going to be working hard for you - and you will get frustrated with them and you need to realize that alot of what is happening is not in anyones control, not the selling agent and not your agent. Its not their fault -

3) The seller is an entity not an individual- your agent will be navigating different departments and may be told one thing and then another, they are not dealing with a motivated seller who communicates clearly they are dealing with a seller who is trying to mitigate the amount of loss that is going to occur to them as a company and walking away from the transaction for them while it may not be logical may occur.

4) Focus on the positive - take a picture of the home - off of the listing or copy of the appraisal and put it somewhere in front of you - to remind you of the end goal.

5) focus on what your getting at the price your offering if you know your getting a home for $20k less than what you would normally pay for it - ask yourself is waiting 2 to 3 months for a home worth that amount of equity.

In some of these cases the buyers may or may not be able to live with what it takes to buy a short sale but all parties need to go into this type of transaction with eyes wide open, knowing it can change at anytime.

Darren Stewart

Missouri Loan Officer

Thank you - June - wrap up - Bond Money update Missouri Loan Officer - Darren Stewart OakStar Bank NA

Darren Stewart (OakStar Bank) — Thu, 02 Jul 2009 08:36:11 -0500

I just wanted to thank my business partners for a great June - and thank you for allowing me to assist your clients get into their new homes.

I have had several requests for MHDC Bond Money loans and we have several of those scheduled to close in July.

Bond Money is available in the state of Missouri if your not familiar with this loan program for first time home buyers please feel free to contact me and I can explain how this program is working for 2009!

If you have had clients before that used but its been awhile please feel free to contact me and I would be happy to update you on changes to that program.

Marketing toward that program in first time home buyer price ranges can get that home sold faster, and up until 12/1/2009 the first time home buyer qualifies for the IRS Tax credit for home purchase which would not have to be paid back if the client lives in the home for 3 years.

Again thank you for making my month and I look forward to assisting you all in July, 2009.

Darren Stewart

OakStar Bank

417 447 7927

fax 417 447 7920

dstewart@oakstarbank.com

June 2009 - Buying a home- the impact on todays Economy - Loan Officer - OakStar Bank

Darren Stewart (OakStar Bank) — Sat, 27 Jun 2009 09:29:23 -0500

What an amazing year 2009 has been so far, we have had a great refinance boom thanks to low interest rates, great interest in home buying due to rates and prices being lower, along with the incentives that are out there for first time home buyers.

Home buying is a huge economic engine for our ecnomy, inside a real estate transaction there can be up to anywhere from 12 to 20 different jobs represented, including: loan officer, loan processor, realtor, assistant, title company staff, county recorder, appraiser, insurance agent, flood company, credit bureau employees, surveyors, builders, home inspectors, engineers, attorneys and the list goes on and on.

When you make a decision to buy a home you employ alot of people that help the economy turn, rewards for buying a home are numerous - home ownership, investment, tax deduction, belonging to a community etc.

If you have been thinking about home ownership and are looking at buying your first home, this is perhaps the best time to purchase a home now, interest rates are still historically low, prices on homes are down from previous years, and there are government incentives this year to first time home buyers that may reward you up to $8,000 for buying now.

May and June have been outstanding months in real estate, with record closings and volume we are set to assist you when you decide to purchase your next home!

Darren Stewart

OakStar Bank

417 447 7927

May 2009 Missouri Loan Officer - What to bring to a loan application, or Items need to apply for a mortgage.

Darren Stewart (OakStar Bank) — Sun, 17 May 2009 22:22:50 -0500

Our volume that we are seeing has been amazing currently we have in our 2 month pipeline approximately 6 months of what we did last year, and we continue to see a growing trend, and for that i wanted to thank all of my business partners and past clients that put their faith and trust when they refer me another client.

I can not thank you enough YOU are the reason our business continues to grow. Right now I am running about 50% purchase business and 50% refinance business and I believe its due to the fact that more people are deciding to take the plunge and not only shop for a home but also put their home on the market, there is something stimulating to a seller if their buyer is a first time home buyer and is going to get a tax credit for buying a home.

I thought I would also highlight things that we need for the loan application these items are:

•q Signed application and disclosures

•q Copy of driver's license

•q Copy of social security card

•q 2007 & 2008 federal tax return (1040's) with all schedules

•q 2007 & 2008 W-2 forms for all employers

•q Most recent four (4) paystubs

•q Most recent two (2) bank statements from all asset accounts (all pages)

•q "WEBSITE PRINTOUTS WILL NOT BE ACCEPTED FOR STATEMENTS"

•q Insurance agent name & phone number

•q Copy of real estate purchase contract

•q Copy of canceled earnest money check (front & back)-obtain from bank

•q Signed gift letter from donor

••q Copy of fully executed HUD-1 settlement statement from sale of home

There may be other items that are required based on a case by case basis for instance was there a recent divorce? A copy of the divorce decree would then be required to especially if debts that are the previous spouse still are showing on the credit bureau.

There may have been a bankruptcy in the past, providing a copy of the discharge could be required.

Perhaps a debt that is now paid off or a recently acquired debt that does not show up on the credit bureau yet in both cases documentation could be required.

Should you have any questions about applying for a mortgage or the items that you need please feel free to email me anytime at dstewart@oakstarbank.com.

Darren Stewart

OakStar Bank

The quick online application - perfect for applying for your home loan when your in a hurry! Online Loan application- Real Estate - OakStar Bank Quick Application

Darren Stewart (OakStar Bank) — Sun, 26 Apr 2009 15:18:06 -0500

Time, ask any one in real estate and they will all say TIME is of the essence, with that being said our team has a dedicated site for the quick loan application that is linked to our web site, its a great way to start the process in a quick fashion!

Simply go to www.oakstarbank.com, at the bottom right hand corner is mortgage loans Apply Now, click the link and a pop window appears that will allow you to read our privacy policy, following that proceed to loan application and your first drop down menu allows you to select a loan officer. My name is located there and once selected and the quick application completed it will automatically email me and email my cell that I have an online loan application, we will then pull that information and begin the loan process and follow up with you!

Should you have any questions regarding the online application please feel free to call me at 417 447 79297 or email dstewart@oakstarbank.com.

Darren Stewart

OakStar Bank

4174477927

Keeping interest rates in perspective - a mortgage loan officer's perspective -

Darren Stewart (OakStar Bank) — Sun, 26 Apr 2009 14:59:33 -0500

Right now if your looking to buy a house or simply refinance your existing residence the million dollar question seems to be should I lock in NOW or should I wait to see what happens? I keep hearing things like: "I keep hearing on the news that its going to get down to _______." "Don't you think they are going to go lower" etc etc etc. The truth is that no one really knows where rates are going to go or be even the next business day. I heard a great statement from Dave Ramsey this week at his town hall meeting, "economists are in business to make weather anchors look accurate."

The facts are these, in the last 20 years in banking up until last December the best rate I had ever closed on a 30 year fixed rate was 5.375 with no points, in December rates started to fall and currently we are still below the 5.375 mark, I have locked and closed loans well below that rate often times with no points.

Making a decision to wait usually means taking a risk or a gamble this is not up to your loan officer but each individual - I personally tend not to be a gambler but that is my personality and sometimes there are reasons not to wait. My advice on making a decision to lock in or not is as follows:

1) develop a target - much like developing a maximum bid before an auction, how much are you wanting to save on your payment or what is a rate you can live with.

2) translate the rate to dollars, waiting for that rate to fall below a certain benchmark like from 5 to 4.875 translate that into how much dollars per month that is actually saving you, I have done this countless times and depending on dollar amount and length of the loan sometimes the actual savings in dollars is a shock maybe just a few dollars per month the rate itself can be abstract make sure you translate that to dollars.

3) look at buying the interest rate down even more, any loan officer should be able to give you a choice of an interest rate to buy down to the next rate level, will it costs hundreds or thousands to obtain a cheaper rate.

4) calculate the buydown difference in the savings and can you make that back up in 2 to 3 years or will it take 5 years to save on the buydown.

5) should I really take cash out ? making the decision to take cash out of your home may cause the rate to be different than simply doing a rate and term refinance, please compare the 2 different options.

Find a loan officer that will put you on their watch list if you decide to wait, make sure this is computerized I currently have 25 people and we are shopping 13 different lenders daily watching to see if developed targets are reached.

We are living in the perfect storm of buying or refinancing - prices of homes are low - interest rates are very low, and we have first time home buyers receiving 8000 tax credits - 2009 is one of the best years ever in the real estate industry!!

Darren Stewart

OakStar Bank

417 447 7927

April 2009 - Month End- Thanks to my Valued Business Partners ! USDA update

Darren Stewart (OakStar Bank) — Sat, 25 Apr 2009 15:12:36 -0500

April was a fantastic month I believed I averaged having one closing for each day of the month, over half were purchase transactions and I appreciate the opportunity to take care of your clients. Thank you so much for trusting me with your clients, I really enjoyed working to make sure their closings ran smooth!

Currently we have a huge volume and we have expanded our home mortgage team, we have a great team with each of us having a huge amount of experience and we work as a team to accomplish each others goals and making sure your clients are taken care of. Whether you are in Bangkok buying a rental property in Springfield, Missouri, a native of Springfield or moving to this area for the first time, I welcome you to experience our team of professionals by allowing us to assist with your next real estate purchase.

**A few big notes this month, USDA - has expanded their income limits I believe I notified each of my local partners of this but if you have questions about that or any other part of the USDA program please feel free to contact me at 417 447 7927, OakStar has the ability to do the USDA program in any state in the United States in an area that allows for that type of financing.

**FHA rates are extremely low - and with the first time home buyer tax credit in effect until 12/1/09 its never been a better time for someone to buy a home.

**VA- Do you know someone who has a VA loan? have they looked into doing a Streamline refinance lately? if you know a veteran that would be interested in lowering their rate have them contact me at 417 447 7927. Should the veteran be disabled the VA funding fee is WAVED on the VA Loan. I love working wtih veterans, and was raised in the military, if you have questions regarding the streamline VA refinance or Interest Rate Reduction loan please call me.

Thank you so much for your business and looking forward to seeing you in May at the closing table!

Darren Stewart

OakStar Bank

417 447 7927

USDA Loan Income Limits are changing - EFFECTIVE Monday April 20, 2009 -USDA Loans Income Limits- USA -

Darren Stewart (OakStar Bank) — Sun, 19 Apr 2009 00:20:08 -0500

Income limits are changing on this program effective Monday April 20, 2009, if you have a client that was previously told they did not qualify for this program because they were over the income guideline I would encourage all of you to have them look again.

Income guidelines have always been based on the size of the family with USDA, each family size from 1 to 8 had its own income amount guideline, on Monday those that have 1, 2, 3 or 4 are going to the 4 person income guideline and those with 5,6,7 or 8 are going to the 8 income guideline.

This is huge and should widen the door of this program and its appeal, if your current mortgage loan officer does NOT offer this product I would encourage you to give us a call, OakStar Bank is a local bank located in Springfield, Missouri, but we are approved to do USDA loans in any part of the country including all 50 states where the USDA loan is an acceptable option.

Darren Stewart

417 447 7927

OakStar Bank

USDA 100% loan program reminder and changes to Income Limits

Darren Stewart (OakStar Bank) — Tue, 14 Apr 2009 00:17:41 -0500

Re-blogged by 0 agents

Rural Development Loans- USDA Guarantee Loans- Missouri Home Loans- Darren Stewart OakStar Bank (edit/delete)

USDA / Rural Developement Loans are one of the only remaining 100% loan options that are left in todays current market with the exception of the VA loan program. Both programs are awesome in reducing your clients monthly expense by having their guarantee's replace the need for mortgage insurance, immediately decreasing the clients monthly payment by an average of about $50 to $75 depending upon purchase price. This may also help them buy a higher priced home or allow them to get a larger home that they previously would not have qualified for since the MI insurance premium is not needed on these programs.

When can a client utilize the USDA / Rural Development program - when they are purchasing in a non metropolitan area - and their income falls below thier particular counties household income guidelines. Income guidelines are dependant on location, number of persons in the household, child care expenses, medical expenses, and whether or not any member is on disability, all of these factor in to our income calculation so just because a client says hey i make over the limit if they have some of these expenses that may bring them under, its best to consult a loan professional and have them get pre-qualified on the loan program.

I specialize in this program and we are able to close these loans in our name what that means to you is that we can close these loans faster, we fund in our name and prepare our own documents so your clients are not waiting for the file to be sent to the local RD office and then come back through levels of approval instead we submit our files to the RD office immediately for approval so that we can close these, not everyone has this ability and some are at the mercy of having to wait on documents and funds.

To learn more about the USDA program or marketing a property on this program please feel free to contact me no matter where you are, we are licensed Nationwide to work with the local RD office in each state and specialize in making sure the transaction is smooth no matter where you are!

Just an important update - Income Guidelines for this product are changing as of 4/20/09 those limits for 1, 2, 3 person family are going to be the same as current 4 family limit, and 5,6,7 family members are going to 8 family member limit.

If I can be of assistance please feel free to email me at dstewart@oakstarbank.com or call at 417 447 7927.

Darren Stewart

OakStar Bank

Missouri Bond Program - TCAL explained- First time Home buyers - Down Payment Assistance -

Darren Stewart (OakStar Bank) — Tue, 14 Apr 2009 00:11:43 -0500

I wanted to write a quick blurb about the TCAL program through the Missouri Housing Development Commission. The TCAL program stands for Tax Cash Assistance Loan- think of it as an advance loan on the $8000 tax credit that a first time home buyer is eligible for if closed prior to 12/1/2009.

The loan is similar to the old bond money loan with the exception of instead of a grant there is a second mortgage placed against he property that can be paid back in one lump sum out of the tax credit that a first time home buyer is eligible for. The loan requires a quick online counseling/home buyer education on how the program works and can be found on the MHDC website.

Basically the client is loaned the down payment and closing costs if necessary, they sign a second mortgage and when the tax credit is received that money is then paid back in full, if not it shifts to a true second with a monthly payment.

This is a viable option for customers that are first time home buyers ONLY, that do not have any other means of saving or getting a down payment, I say that because the rate on this program is well above current market rates for an FHA loan, so its very VERY important your client compare the TCAL program with an FHA loan, the current rate on a TCAL loan is 6.31 while FHA rates have ranged from 5 to 5.50 over the last couple of weeks. Remember FHA down payment can be a gift and the minimum down payment is 3.50 percent.

We will always advise the client and give choices and options to the client to best fit their financial needs rather than just push them into a loan program.

If you happen to be in a state outside of Missouri google your states Housing division or Economic arm in your state to see if a similar program is available.

Darren Stewart

OakStar Bank -

Home Loans - Home Lending - January 2009 Recap - OakStar Bank NA - Springfield MO

Darren Stewart (OakStar Bank) — Sat, 07 Feb 2009 23:05:53 -0600

2009 is off to a fantastic start having one of my best January's ever, along with 2009 we have seen alot of changes this month and it looks like there is even more to come. I wanted to thank each of my business partners for both their referrals and patience as we handle the volume of business that is coming in.

Purchases business was up in January and with even more contracts coming in February I really appreciate each and everyone of the realtor partners that we are currently working with. OakStar Bank continues to watch the market for our clients with several folks deciding to refinance we are watching rates closely as they continue to fluctuate.

The bond money program continues to evolve with changes in the market happening rapidly we are also keeping our eyes on the current plan that provides for a even larger tax credit to home buyers - if that goes into law it will be increasing the volume of business we all will have.

Should you decide to purchase in 09, or refinance OakStar Bank is ready to help you!

Darren Stewart

OakStar Bank NA

417 447 7927

Springfield Missouri Home Builders Show this weekend its going on now through Sunday-

Darren Stewart (OakStar Bank) — Sat, 07 Feb 2009 13:14:19 -0600

This weekend is the annual home builders show going on right now through Sunday at the downtown convention center in Springfield, Missouri. I have worked this show for the past 10 years and every time I make a contact that leads to a loan.

While building is down across the nation our local economy is so diversified that we do have clients that are building custom homes and this is the perfect show to see a lot of vendors all in one spot!

Darren Stewart

OakStar Bank

Missouri Bond Money - First time Home Buyers changes to the MHDC Bond program 1st half of 2009

Darren Stewart (OakStar Bank) — Sat, 31 Jan 2009 23:54:01 -0600

There is alot of confusion and alot of changes to this program for the first part of 2009 and I thought I would update this program here. MHDC has rolled out a program called TCAL or the Tax Cash assistance Loan financing option. This option allows first time home buyers that would normally receive a bond grant - get an advance on the IRS loan that first time home buyers qualify for under the stimulus package that was passed in 2008.

First time home buyers that have purchased a home have the ability to get a tax credit Loan for up to 10 percent of the purchase price of the house with a maximum of $7,500. This is a loan that has to be paid back in annual payments to the IRS.

In order to get this you must be a first time home buyer. MHDC is now doing an advance of money up to 6% of the purchase price to first time home buyers to purchase the home with MHDC getting paid back from the IRS loan that clients are obtaining, the other 4% difference from the IRS the client gets to keep.

I hope this quick explanation helps but many are confused on how this works, should you have any questions please feel free to contact me at 417 447 7927.

Darren Stewart

OakStar Bank

Rate watch list continues to grow-

Darren Stewart (OakStar Bank) — Sun, 04 Jan 2009 21:32:41 -0600

As more and more people watch for the best rates that are availalbe our rate watch list continues to grow as many believe that the rates will fall below 5.00% again, I am asked every day if that is going to happen.

NO one can tell where rates are going but I can tell you that those that have their information turned into their banker and are waiting are the best prepared to take advantage of any market rate dips should they begin happening again.

If you have any questions about getting registered on our watch list please feel free to contact me at 417 447 7927 or by email at dstewart@oakstarbank.com.

Darren Stewart

OakStar Bank N.A.

Rates are really great, - now is the time to buy now more than ever. Darren Stewart, OakStar Bank - The Perfect Storm -

Darren Stewart (OakStar Bank) — Sat, 20 Dec 2008 23:20:14 -0600

In the movie "The Perfect Storm" 3 weather systems combine in the middle of the Atlantic to create a weather event that is totally unprecedented. Our financial markets seem to be having a storm of their own but, looking at everything that is coming together it points to a GREAT OPPORTUNITY TO BUY- we are seeing purchase prices at low levels - and we are sending interest rates at low levels - kick in the economic stimulus benefits that have come to pass in the last few months and we have a time to buy that is totally unprecedented.

If you are not looking to buy at least take the opportunity to see where rates are to refinance your current mortgage and have someone calculate the savings over where you are currently. Prices are so great right now and there is alot of homes from which to choose.

Missouri has announced Bond Money for first time home buyers that is currently available - we have tax breaks that are availalbe in addtion to a tax credit (loan) avaialbe for first time home buyers - with everything thats coming together there has never been a better time to buy a home.

Home Loans, Home Loans, Home Loans - Darren Stewart OakStar Bank, NA - apply online in 5 minutes- or less

Darren Stewart (OakStar Bank) — Wed, 10 Dec 2008 22:48:22 -0600

Busy? Not enough time to take advantage of where the market is? Currently if your paying 6% or more it may be time to make time, and if you don't have a lot of time, your able to apply online in 5 minutes at www.OakStarBank.com- on our home page is a quick application, located in the lower right hand corner, it takes about 5 minutes to complete the "quick app" once you click apply online you will be directed by pop up to our privacy policy proceed to our application and the first drop down menu has your choice of loan officers. My name appears there, Darren Stewart, and once you have selected your loan officer it takes about 5 minutes to answer some basic questions. Click Submit and this will automatically email and call my cell phone to alert me that there is application we will get started right away and it costs nothing to apply!!!

Darren Stewart

OakStar Bank

417 447 7927

Buying a Home - a key component in financial planning- Springfield Mo home loans, Springfield Missouri mortgages -Darren Stewart OakStar Bank

Darren Stewart (OakStar Bank) — Sun, 07 Dec 2008 19:07:51 -0600

Retirement investment, Estate planning, saving for a childs education, setting up a living a trust, all of these activities many times are considered "financial planning". There is a key component not among this list and that would be buying and financing your home! In our world many times this is just not part of financial planning to many people view the mortgage as a necessary evil something that we have to have so we might as well get it over with apply for it, obtain it, close it and start making our payments. Many times its not thought of as being part of the financial plan. That thinking has to change in order to make sure that your house does not own you or your mortgage does not own you!

Buying a home is one of the IF NOT THE single biggest expenditure that you can make in your financial plan, look at the percentage allowable on the monthly budget - most experts agree keep your housing expense at or below 30% of your income, that's almost a 1/3 of your income- no other item draws such a huge number but housing.

Since buying a home is that large of a percentage of your financial plan putting a plan together to make your mortgage work for you is essential - buying a home should fit in your overall plan we don't buy the house and then say ok lets plan with whats left over! Many have done that and we are now seeing record foreclosures happening.

Making sure you know how a mortgage works and understanding the time value of money is huge when it comes to having a mortgage. Take a look at the interest that accrues over 30 years and if your paying that it can be staggering - (typically a good rule of thumb is multiply the amount financed times 3 and you will be close for 30 years worth of monthly payments). Prepaying or applying extra to principal is something that when you crunch the numbers gives you a rate of return and building equity faster than sticking with that minimum monthly payment!

Making the 15 year payment on a 30 year loan is an option and your banker can calculate that out for you or you can google amortization schedules and find an online caculator to crunch the numbers as well.

Refinancing is a valuable option that may save you thousands in the long run - especially with rates low however if you are looking to sell the property in a short time my advice would be not to spend the cost on the refinance since it can sometime take a few months to years to make up that cost to refi.

Above all obtaining a mortgage is a financial transaction that makes an impact on the ability to effect every other financial goal that my clients have - I want to make sure that we can put the best possible mortgage together so that my client is successful at meeting their financial goals because helping your client navigate a great financial plan is the beginning of a great relationship.

Springfield Missouri Mortgages, Mortgages in Missouri - Options for financing a home - 2009

Darren Stewart (OakStar Bank) — Sat, 06 Dec 2008 13:47:21 -0600

Southwest, Missouri is a great place to live, work and play our economy despite what the National media seems to be saying is diverse, and the opportunities that are coming together for 2009 are awesome! If you are thinking of buying a home I would encourage you to get in touch with a realtor to navigate the many homes on the market to choose from!

Opportunities for home financing are changing as well for the POSITIVE !!!! New sources of down payment funds for first time home buyers will becoming available in January and I am excited about the opportunities that first time home buyers have in Missouri in 2009.

Since there is some economic stimulus benefits available to Missouri Home buyers this year most of these benefits will be changing after or during 2009 so keeping informed of the changes is paramount to make sure you make the most of your time and take advantage of buying NOW!

First time home buyers bond money, as new bond money is released in 2009 customers in certain counties do not necessarily have to be first time home buyers in order to qualify, this has been waved until the end of 2009 for Greene, Chrsitian, Webster, Taney and Stone counties, this means Bond money is available to first time home buyers and clients who previously owned a home or just sold a home.

The $7,500 tax credit loan that is available to anyone buying a house from April 2008 to May 2009 that allows for a 0% interest loan from the IRS for those who invested or purchased a home for the first time in that time period.

There will also be a loan that will allow access to those funds in advance so that those funds can go towards the closing costs and down payment that is set to come out in January and more details will be following-

Those that are outside the city limits of Springfield may look into the USDA financing option with the exception of Nixa, Battlefield and Springfield, this option is a 100% financing option with income restrictions getting more lenient coming January 20, 2009.

Opportunities abound in Southwest Missouri, there is a great inventory of homes on the market, if you have questions about any of these programs please feel free to contact me at 417 447 7927.

Darren Stewart

OakStar Bank

Market Happenings first week of December - 2008 - rates are LOW! - great time to buy or refinance Darren Stewart OakStar Bank

Darren Stewart (OakStar Bank) — Sat, 06 Dec 2008 13:08:12 -0600

Rates dropped dramatically this week spurring refinance business and inspiring those buyers out there to move on the making a decision to purchase a home, after about 65 hours in the office this week its great to be resting up to begin the process of closing the business.

I wanted to continue to thank my many business partners here for your continued referrals that have allowed me to average more than a million a month for 2008 thanks to you I have seen business increase in this market, some of you are new business partners this year and some of you I have worked with for several years, I appreciate all of you, your trust, and your valued relationship.

In 2009 I am looking to double my production each month to increase business and allow for more clients to have the OakStar Bank Experience. We are a high volume, low cost mortgage office and we have the best team in Southwest Missouri.

Geographically I am located in Southwest Missouri but we are able to lend anywhere in the country with USDA and VA programs available in any state in the US along wtih conventional loans anywhere as well.

We were able to close a VA loan in the Dallas Ft Worth area this past week and we picked up more leads in the St Louis and Kansas City area, each time when compared to other lenders in those areas our closing costs and rates beat the competition.

No matter where you may be purchasing, if you would like to discuss home ownership, obtaining a mortgage whether your downsizing to a home you plan on retiring in or purchasing your lake home or buying your very first house, I would love the opportunity to assist you!

If you are a realtor and have yet to work with OakStar Bank I would love to spend some time talking to you about how we can increase your business as well in 2009 and let you know all of the many opportunities we have to finance your clients and the wide range of products that are still available and the new ones that will be coming up in 2009, there are some exciting things happening for home buying in 2009.

I look forward to helping you make 2009 your best year in this business.

Darren Stewart

OakStar Bank

417 447 7927

USDA - Rural Development Program has outstanding rates this week !!!!!!

Darren Stewart (OakStar Bank) — Sun, 30 Nov 2008 14:30:39 -0600

USDA Rural Development is a great loan product that is available to customers who are buying in a qualifying area that is NOT a metropolitan area. Interest rates were significantly below 6% for this product along with other loan programs if your even considering purchasing a home this is one of the best times to buy in a very long time.

Mortgage Rates are down, Homes are in a good supply on the market! This is creating great opportunities for the move up buyer to get a really great home at a great rate and at a great price. There is always a cost to waiting- and not doing something, if you thinking about buying but wanting to wait until your value goes up in your home you need to realize that the prices on the bigger house your wanting will also be going up.

Contact your local realtor to begin hunting for your next home, if you do not currently have one please feel free to contact me I have several great realtors that I work with that would love the opportunity to assist you on finding your next home.

Darren Stewart, OakStar Bank

417 447 7927