NLIC.org

Claude Said:

If my aunt is cosigning on my mortgage, does her husband have to sign too according to oklahoma law?

We Answered:

I don't know Oklahoma law, but so long as your aunt is not putting up, as collateral for your loan, any property that she co-owns with your uncle, then my guess that she doesn't need his signature. However, if she is pledging any co-owned property, then the co-owner will need to sign also.

Pedro Said:

Does a house have to be deeded for a year before it can be flipped (state of Oklahoma)?

We Answered:

I am a mortgage banker and broker. The short answer has been stated several times...."no." It sounds like you are working with a broker. If the bank the broker is working with came up with this requirement, why didn't the broker simply find another bank to do the deal. Something here doesn't add up. If you still need help in this regard, please contact me at wwi_2@yahoo.com

Ron Said:

Should I lock my rate now or wait?

We Answered:

You didn't say how much your loan was for. Usually the mortgage origination fee is equal to 1% of the loan. Anything more is high, anything less is low, but usually means that you pay a bit higher interest rate.

There are no 6.059% rates. I'm guessing this is the APR, which IS NOT your interest rate, but the rate plus the cost to borrow the money. Your actually rate should be a bit lower.

Even if the rate was 6.059%, this is a GREAT RATE for a self-employeed borrower.

I WOULD LOCK IN TODAY. You say that you are to close in less then 3 weeks, but still can't lock in surprises me. Usually you can lock in 30 days before settlement. And in MOST cases 60 days without a lock in fee.

Rates are great today. Will the go down in 3 week enough to actually make it worth the risk of waiting. NO.

Could rates go up. YES. God knows what bad news is in the works. When the news of the subprime problem came out several months ago, rates jump anywhere from 1 to 2%.

Lock in today and be able to sleep at night.

Justin Said:

Where does earnest go if qualified for the loan, but then Three Weeks later get denied by the bank underwriter?

We Answered:

Give notice to the Seller that the loan terms are unacceptable, cancel the Contract by delivering written notice of cancellation to Seller and receive refund of Earnest Money.

The above clause is so vague (loan terms are unacceptable) that it appears you may actually get a refund. What does the realtor say? Usually failure to qualify, even when done in good faith, means you lose the earnest money to the seller to help compensate there lose of time as the property has been effectively off the market upon acceptance of your offer. In this contract it could mean anything.

Note: This is not legal advise contact a real estate attorney for more specific information which will vary from state to state according to local laws. I do not reside in OK