Oklahoma Mortgage Rates

May 22, 2015 04:37 PM Eastern

Refinance rates now in OKLAHOMA CITY, OK [Change this]

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Home Price (Purchase)
When you get a mortgage to purchase a home, the lender uses the lower of the agreed-upon purchase price or the property's appraised value to determine your maximum loan amount. The loan amount divided by the property home price equals your loan-to-value ratio, or LTV. That ratio is one of the major factors that lenders use to set your mortgage rate. If your LTV exceeds 80 percent, you'll probably be required to pay mortgage insurance, which increases your monthly payment. If the property appraises for less than the agreed-on purchase price, you are not usually required to complete the purchase.
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Home Value (Refinance)
This is your estimate of the current value of your property. When you refinance, your home is almost always evaluated by a licensed appraiser. The refinance loan amount divided by the property's appraised value equals your loan-to-value ratio (LTV), and that number is one of the major factors that determine your mortgage rate. To get an accurate refinance rate quote, your home value estimate must be reasonably accurate.
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Down Payment
The down payment is the amount you pay upfront when you finance property. Your purchase price minus your down payment equals your mortgage amount. The higher your down payment, the more likely you are to be approved for a home loan. If your down payment is less than 20 percent of the purchase price, you'll probably be required to pay for mortgage insurance, which increases your monthly payment.
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Credit Score
Your credit score is a number designed to measure your credit-worthiness. It's based on a formula that combines many factors, including your payment history, amount of credit used and number of accounts. This number is used by lenders to calculate the probability that you'll default on your mortgage. Most lenders won't approve mortgages to applicants with credit scores lower than 620. Your credit score is one of the most important factors that determines your mortgage rate - applicants with higher scores are offered better mortgage rates.

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Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.

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Oklahoma Mortgage Rates and Unique Homebuyer Assistance Programs
"Oklahoma is OK," and this is truly the case when it comes to purchasing a home in this state. However, if you want to purchase a home in Oklahoma City, Tulsa or any of the other densely populated areas of Oklahoma, you’re going to have to show that you are capable of paying for the home and affording the monthly mortgage payments.

If you have unique circumstances, or are financially unable to purchase a home through conventional means, you can get assistance from the Oklahoma Housing Finance Agency (OFHA). This agency is designed to help buyers understand Oklahoma mortgage interest rates and other home buying processes.

Services offered by the OHFA include:

• help for first time homebuyers
• help for homebuyers in difficult financial situations
• help for renters and landlords
• information on current OK mortgage rates
• information and resources for HUD and Section 8 housing

The mission of the OFHA is to help people find and get into homes across Oklahoma. The OFHA works with mortgage lenders all over the state to provide 30-year fixed-rate home loans with interest rates below current Oklahoma mortgage interest rates.

Homebuyer Programs with Low OK Mortgage Interest Rates
Among the programs available from the OFHA is the 1st Gold Program, which helps make the dream of owning a home in Oklahoma a reality. For those who qualify, the 1st Gold Program will take care of your first mortgage loan closing costs and down payment, which is great for those buyers who do not have significant savings.

By working with the OFHA, you can determine your eligibility for this program. There are Targeted Areas and Non-Targeted Areas of the state, determined by national census statistics. In Non-Targeted Areas, you have to be a first-time homebuyer in order to qualify for these offered benefits. Targeted Areas have no such qualifications.

OFHA Industry Specific Programs with Low Oklahoma Mortgage Rates
The OFHA honors the heroism of police officers and firefighters by offering them low OK mortgage interest rates. The OHFA Shield Program is available for current police and firefighters living in Oklahoma who meet minimum gross income requirements. Living in the home and occupying it as your primary residence is another requirement for this program.

The OFHA 4 Teachers Program is another industry-specific program that offers low Oklahoma mortgage rates. Participants must have a teacher’s certificate, live in Oklahoma and meet income guidelines in order to receive the current OK mortgage rates offered by the program.

These OFHA programs are available to all eligible residents of Oklahoma. By working directly with this agency, aside from getting a low mortgage interest rate, you can get the assistance and special consideration that you need in order to qualify for a loan or obtain help for your down payment and closing costs.