Oklahoma Mortgage Rates

March 31, 2015 01:22 AM 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.

30 Year Fixed Rates as low as

Interest Rate
3.500%
APR
3.674%
Monthly Payment
$899
Capital One
Interest Rate
3.500%
APR
3.674%
Monthly Payment
$899
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $899
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $899
Lender Fees $4,262
Lender Credit $0
Total Closing Fees* $4,262
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings—we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process—one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too—you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
Herring Bank
Interest Rate
3.500%
APR
3.741%
Monthly Payment
$898
(844) 707-9782 Contact
Herring Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $898
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $898
Lender Fees $5,841
Lender Credit $250
Total Closing Fees* $5,591
*Other 3rd party fees may apply
Herring Bank
Email Lender

About the Lender

Herring Bank originated in Vernon, Texas in 1899. The bank provides a full range of commercial and consumer banking products, as well as investment and trust services. While the bank is primarily owned by the family of its founder, Col. C.T. Herring, the bank has directors and owners in communities that it serves. Through local leadership and ownership, Herring Bank has created a legacy of helping customers with their financial needs for some 110 years.
Herring Bank
Email Lender Write a Review

Lender Reviews

Wonderful People & Experience

Yes, I recommend this lender

Wonderful!

By: Anonymous (Borger, Tx)

Home Purchasing Process

Yes, I recommend this lender

It was a great experience overall.

By: DeeDee (Arlington, TX)

Excellent experience with a refi

Yes, I recommend this lender

Jeremy @ Herring helped me out every step of the way through the refi process. He was very up front about costs (which were very competitive) and what to expect from the process. Many companies try and lure you in by using shady tactics like misrepresenting the fees and whatnot. Not so with Herring, Jeremy purposefully overestimated all the closing costs and fees (he disclosed this fact and it proved true at closing) and was still very competitive. Jeremy responded very quickly to any questions I had or any information that I needed via either email or phone. He was also generally available after 5 PM which helps if you are trying to get things sorted during a business week. I was able to close quickly and smoothly while saving a boatload of money!

By: WilliamN (Oklahoma City, OK)
See All Reviews

15YearFixed Rates as low as

Interest Rate
2.750%
APR
3.158%
Monthly Payment
$1,357
Herring Bank
Interest Rate
2.750%
APR
3.158%
Monthly Payment
$1,357
(844) 707-9782 Contact
Herring Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $1,357
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,357
Lender Fees $5,591
Lender Credit $500
Total Closing Fees* $5,091
*Other 3rd party fees may apply
Herring Bank
Email Lender

About the Lender

Herring Bank originated in Vernon, Texas in 1899. The bank provides a full range of commercial and consumer banking products, as well as investment and trust services. While the bank is primarily owned by the family of its founder, Col. C.T. Herring, the bank has directors and owners in communities that it serves. Through local leadership and ownership, Herring Bank has created a legacy of helping customers with their financial needs for some 110 years.
Herring Bank
Email Lender Write a Review

Lender Reviews

Wonderful People & Experience

Yes, I recommend this lender

Wonderful!

By: Anonymous (Borger, Tx)

Home Purchasing Process

Yes, I recommend this lender

It was a great experience overall.

By: DeeDee (Arlington, TX)

Excellent experience with a refi

Yes, I recommend this lender

Jeremy @ Herring helped me out every step of the way through the refi process. He was very up front about costs (which were very competitive) and what to expect from the process. Many companies try and lure you in by using shady tactics like misrepresenting the fees and whatnot. Not so with Herring, Jeremy purposefully overestimated all the closing costs and fees (he disclosed this fact and it proved true at closing) and was still very competitive. Jeremy responded very quickly to any questions I had or any information that I needed via either email or phone. He was also generally available after 5 PM which helps if you are trying to get things sorted during a business week. I was able to close quickly and smoothly while saving a boatload of money!

By: WilliamN (Oklahoma City, OK)
See All Reviews
Capital One
Interest Rate
2.875%
APR
3.129%
Monthly Payment
$1,370
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $1,370
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $1,370
Lender Fees $3,512
Lender Credit $0
Total Closing Fees* $3,512
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings—we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process—one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too—you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.

5YearARM Rates as low as

Interest Rate
2.500%
APR
3.006%
Monthly Payment
$790
Herring Bank
Interest Rate
2.500%
APR
3.006%
Monthly Payment
$790
(844) 707-9782 Contact
Herring Bank
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 30 Days
Down Payment $50,000
Principal and Interest Payments $790
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $790
Lender Fees $5,841
Lender Credit $250
Total Closing Fees* $5,591
*Other 3rd party fees may apply
Herring Bank
Email Lender

About the Lender

Herring Bank originated in Vernon, Texas in 1899. The bank provides a full range of commercial and consumer banking products, as well as investment and trust services. While the bank is primarily owned by the family of its founder, Col. C.T. Herring, the bank has directors and owners in communities that it serves. Through local leadership and ownership, Herring Bank has created a legacy of helping customers with their financial needs for some 110 years.
Herring Bank
Email Lender Write a Review

Lender Reviews

Wonderful People & Experience

Yes, I recommend this lender

Wonderful!

By: Anonymous (Borger, Tx)

Home Purchasing Process

Yes, I recommend this lender

It was a great experience overall.

By: DeeDee (Arlington, TX)

Excellent experience with a refi

Yes, I recommend this lender

Jeremy @ Herring helped me out every step of the way through the refi process. He was very up front about costs (which were very competitive) and what to expect from the process. Many companies try and lure you in by using shady tactics like misrepresenting the fees and whatnot. Not so with Herring, Jeremy purposefully overestimated all the closing costs and fees (he disclosed this fact and it proved true at closing) and was still very competitive. Jeremy responded very quickly to any questions I had or any information that I needed via either email or phone. He was also generally available after 5 PM which helps if you are trying to get things sorted during a business week. I was able to close quickly and smoothly while saving a boatload of money!

By: WilliamN (Oklahoma City, OK)
See All Reviews
Capital One
Interest Rate
2.750%
APR
2.991%
Monthly Payment
$817
Capital One
Email Lender

Offer Details

Home Value $250,000
Requested Loan Amount $200,000
Lock Period 60 Days
Down Payment $50,000
Principal and Interest Payments $817
Estimated Mortgage Insurance Payments $0
Total Monthly Mortgage Payment $817
Lender Fees $2,512
Lender Credit $0
Total Closing Fees* $2,512
*Other 3rd party fees may apply
Capital One
Email Lender

About the Lender

You can expect better with Capital One. Whether you need help with refinancing, a new home purchase, debt consolidation, or financing home improvements, your idea of better likely starts with savings—we maximize your savings with competitive rates and lower than average closing costs. But savings is only the start. We also strive to provide a better loan process—one that’s totally clear right from the start, with no hidden fees or unexpected surprises along the way. You can expect better service too—you’ll have a responsive team of dedicated mortgage specialists assigned and available to you every day, each member trained to anticipate and able to take care of all your needs.
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.