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Oklahoma Mortgage Rates

Oklahoma Mortgage and Refinance

Have you ever considered settling down in Oklahoma? Heavily influenced by its Indian heritage as well as the neighboring states, it’s a state that’s heavily populated in some areas and downright rustic in others. Natural gas, agriculture and aircraft are some of the biggest industries in Oklahoma. The climate is for the most part temperate, but the occasional tornado and snow storm prove the weather can be extreme. Overall though, Oklahoma is a beautiful state full of beautiful people.

Compare Oklahoma Mortgage Rates

Before you can settle in the Sooner State, you’ll need to find the mortgage with the best rate. That’s where can help. Dozens of mortgage calculators and informative articles on timely mortgage issues help you understand the options. And an online directory of Oklahoma brokers puts contact and rate request information right at your fingertips.

Oklahoma conforming mortgage information

Once you start mortgage shopping, you’ll see that there are conforming and non-conforming Oklahoma mortgages. Because of the liquidity the federal agencies Freddie Mac and Fannie Mae provide, non-conforming mortgages cost more than conforming loans. Conforming loans also have a lower rate so it makes sense to find out if you qualify. They do have limits on the amount that can be borrowed which can be a problem when home values are on the rise. These loans also have limits on a borrower’s allowable debt-to-income ratio. There are other qualifying criteria and your Oklahoma lender can explain them. But remember, conforming loan standards are reviewed annually and when needed, changes are made so the standards stay in line with current trends in the economy.

Second mortgages in Oklahoma

An Oklahoma second mortgage lets you turn your home’s equity into cash without impacting your first mortgage in any way. When it comes to second mortgages, you have two choices. You can apply for an adjustable-rate HELOC, or Home Equity Line of Credit. Or you can apply for a home equity loan with a fixed rate. There is some risk involved; therefore you should always make sure you’ll be able to afford the additional debt before applying. A second mortgage is secured by your home’s equity which is determined by your home’s current value minus the amount owed on your first mortgage. How much your lender will allow you to borrow likely will range between 75 and 125% of the equity value in your home.

Popular Areas in Oklahoma

Oklahoma City
Ponca City