Understanding the top questions Stride Mortgage is hearing from home shoppers

Oklahoma Lending Partner

Understanding the top questions Stride Mortgage is hearing from home shoppers

March 18, 2022

The housing market is ever-changing, shifting from a buyer's marketing with high levels of inventory to a seller's marketing with a low level of inventory available. Over the past few years, Homes by Taber has held true to our transparent buying process and our no smoke and mirrors approach to building and selling. We've remained one of the only builders in the area to:
1. Post home prices to our website, including prices for floor plan options and enhancements.
2. Allow customers to build and make selections on their home, even throughout the supply chain struggles faced across the country.
3. Post mortgage rates on our finance page to inform shoppers of their potential rates.
4. Meet closing dates so our customers are able to move in their homes and plan for the future.
5. Continue to communicate the importance of using a qualified lender to help ensure you are able to close on time, without the issues that arise from the unqualified lenders that fill the marketplace. 

To continue the conversation and help our customers understand some of the top lending questions that are being asked right now, our Director of Marketing Lindsay Haltom met with our partners at Stride Mortgage. Read below to see their answers to the biggest questions they are hearing from shoppers in the Oklahoma home market. 

  • How does an increase in rates change a customer's ability to get approved?  

In today’s ever-changing market, interest rates will play a large role in the maximum purchase price that a buyer will be approved for. Debt to income ratio guidelines will remain the same, while rates fluctuate; therefore, when rates increase, the maximum purchasing power that a buyer will have will decrease. It is important to work with a mortgage advisor that is experienced in changing markets and is able to help formulate a plan to find solutions during these times. Interest rates are constantly changing until your rate is locked, and your mortgage advisor will be there to keep you informed throughout those changes. - Lindsey Scott 

  • How soon can a home buyer lock in their rate prior to closing? Does Stride allow buyers to pay to lock in their rate sooner? 

We can lock your rate in once we are 60 days out from closing. Stride does have a long-term lock program which will vary in pricing as it’s also tied to the current market conditions. Typically, there is a non-refundable fee associated with a long-term lock option so it’s important to go over the parameters and specific buyer situations when it comes to a long-term lock option. - Shelly Wisdom 

  • Do you recommend buyers lock in their rate sooner than normal? Or is it only when they are on the verge of not qualifying due to future rate increases?  

Yes, with rates increasing it is a very good idea to secure a rate if qualifying could be in jeopardy. Also, if a buyer is on a budget, it might be beneficial for them to move forward with an extended lock option to secure their payment within their budget. - Aimee Dauphin 

  • What are the options for paying down your rate and how does that affect homebuyers long term? 

The options will vary daily as the cost of the buy down moves with the market/rate. Buying down your interest rate is an option on each loan. This is a one-time charge (due at closing) to lower your rate for the life of the loan.  Your lender should review with you the options and the long-term savings versus the upfront cost. Each buyer will have a different set of scenarios, and the financial impact will vary from person to person.  Since Stride Mortgage offers a $2,000 closing cost credit to all Homes by Taber buyers, these funds can be utilized to buy down your interest rate and save money on your monthly payment for the life of the loan! - Lindsey Scott 

  • Can you help explain why using Stride is an important element to the Taber experience? 

Stride is a local Oklahoma bank that controls the transaction from start to finish.  What that means is that our team is here locally to provide the best and most timely service available in the market.  This ensures that loans close on time, every time. This is extremely important in a moving rate market as rates have specific days they may be locked/secured and if those dates come and go, it can be costly to the client to extend their lock. Also, closing with Stride means the consumer doesn’t have to worry about extending their closing date and possibly paying more for the home in the end. 

The Stride team has been working with Taber for the last 5 years and knows the cost associated with each transaction upfront, so there are no surprises to the consumer. - Aimee Dauphin 

(This information is as of March 18, 2022. For the most up-to-date information, please contact Stride.)

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Thank you Homes by Taber for making this dream become a reality! I can't wait to move in and make this my new home!

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