Oklahoma Mortgage Lender

    The 5 Top Mortgage Lenders In Oklahoma: Which One Is Best For You?

    With an average property price of $128,934, Oklahoma is the 48th most expensive state in America to purchase a home. This puts it far below America's national median cost of $287,148 and makes it a more affordable location for future homeowners looking to settle down.

    If you want to get an even better deal on an Oklahoma home, you'll have to look at the available lender options and the market's current mortgage rates. No matter which state you choose for your new home, choosing a good lender will make it easier to be a homeowner. Some lenders offer state program benefits to families buying their first home. Others have more lenient credit requirements, allowing more people to qualify for their loan products.

    Keep reading to find out our top five Oklahoma mortgage lenders. Our handy guide will explain why they'll make your home mortgage more affordable, and what criteria you should look for in a mortgage lender!

    Choosing Mortgage Brokers In Oklahoma

    Before we give you our lender reviews for our top five choices in Oklahoma, we'll explain what makes a good mortgage lender. We look at the following criteria: affordability, variety of home loan products, ease of application, quality of customer service, and availability. 

    Affordability

    To gauge how affordable a mortgage banker or company can be, a mortgage broker may advise you to see how low their rates will go. However, interest and refinance rates change constantly, so they're not a reliable measure of an Oklahoma City lender's affordability.

    Here, we've listed other criteria which will give you a better measure of a mortgage banker or company's affordability.

    • Minimum FICO score: Your credit score indicates your ability to pay debts on time, which is why many lenders request your FICO score for a home loan application. Lenders usually require a minimum score of 620. However, some lenders may have lower score requirements to make their loans more affordable, particularly for first-time applicants.
    • Minimum down payment: The lower the required down payment, the easier it is for you to become a homeowner. However, lenders offer lower interest rates if you make a higher down payment. The average Oklahoma lender will require a minimum down payment of 20%. Some lenders will offer loans at a minimum down payment as low as 3%, provided you get private mortgage insurance.
    • Closing costs: Consumers should prepare to pay for additional expenses upon closing. The final closing cost will typically include an origination fee and application fee. See if your chosen lender will allow you to waive these expenses or fold them into your loan.
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    Loan Types Offered

    Even if an Oklahoma City lender offers excellent mortgage loan rates, you may have to search elsewhere if they don't offer the right loan type. To understand the differences between loan products, we've listed the most common loan types offered by mortgage lenders.

    • Fixed-rate conventional home loans: These home loans set a fixed payment rate for their entire term, typically for periods of 10, 20, or 30 years. These are ideal for consumers who want a predictable monthly mortgage payment.
    • Adjustable-rate conventional loans: Also called ARMs, adjustable-rate mortgages have a fixed rate for an agreed period. When the period expires, your ARM's guaranteed interest rate will have a changing annual rate based on current rates in the market.
    • Conforming loans: These are common loans that follow the maximum FHFA annual loan limit of $548,250 in Oklahoma.
    • Jumbo mortgage: These are loan options for purchasing homes priced higher than Oklahoma's lending limits. Note that if you get a jumbo home loan, the bank or company will typically charge a higher interest rate to compensate for the larger loan amount.
    • Government-backed loans: If you're pre-qualified for VA, USDA, or FHA loans, you should consider getting these government-backed options because of their low down payment requirements and better interest rates. In many cases, a government-backed loan means zero down payment, making it a much more affordable choice for homeownership!
    • Mortgage refinance: Mortgage refinancing allows consumers to trade their existing mortgage in for new ones. While this means they'll have a new balance to repay, many consumers can still benefit from refinancing. This is because their new lender will typically offer lower interest rates or easier repayment terms compared to their old lender. A refinance also lets you consolidate debt through cash-in/cash-out refinancing or a rate-and-term refinance.
    • Home equity loans: Also called home equity lines of credit or HELOCs, this type of mortgage loan allows a borrower to put up their Oklahoma house as collateral for the mortgage loan.

    Application Process

    When looking at an Oklahoma City bank or lending company, we look at how quickly and easily someone can apply online for a loan. We also check how long it takes for a mortgage loan application to be finalized and approved. 

    These are the specific criteria we look at in a home loan process:

    • Length of time to finalize loan applications: Most Oklahoma City lenders will finish processing your application after several weeks. However, some may take a few months to finalize your application. Get a broker to check how long your mortgage process will take, so you know when to start scouting for your dream house.
    • Online accessibility: Not everyone has the time or energy to apply for a mortgage loan in person, so online resources and accessibility are very convenient features. See if your potential lender will allow you to fill an application and finalize the process through their website or app.
    • Rate transparency: The more information that lenders give access to, the easier it will be for you to compare rates and fees and choose the most affordable option. Search for a bank or lender that discloses their mortgage rates even without an application.
    • Required documents: Oklahoma City lenders will require you to submit certain documents as evidence that you can make your monthly payment. The more documents that you need to fill and submit, the longer it will take for a mortgage banker or company to verify them.
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    Customer Service

    Because a mortgage is a long-term contractual obligation, good personalized service is essential for borrowers. A consumer-friendly lender will readily answer your questions, give you requested information, and prioritize your concerns.

    Look up an Oklahoma City bank or lender's JD Power and BBB ratings – these will tell you how satisfied other borrowers are with their service and helpfulness.

    Availability

    For consumers who prefer to apply for a mortgage in person, the availability of physical branches is a must. Check if your preferred lender operates in Oklahoma City, and how many branches it has statewide. The more branches they have in your state, the easier it will be to contact someone and talk face to face.

    The 5 Best Oklahoma Mortgage Lenders

    If you're looking for a great Oklahoma mortgage lender, we've listed our top five companies here. Each of these companies has its respective strengths, so choose one that best suits your future home plans and budget! Here’s a quick look at our five picks.

    Fairway IndependentRocket MortgageVeterans United Home LoansCarrington MortgageNBKC
    Best forProduct availabilityOnline lendingVA loansLow credit scoresCustom interest rates
    Loans
    Conventional loan-
    FHA loan
    VA loan
    USDA loan--
    Jumbo loan
    Fixed-rate loan--
    Adjustable-rate mortgage-
    Other criteria
    Min. credit score (FICO)FHA600580-500620
    VA-620640500620
    USDA---550-
    Conventional620620-620620
    Jumbo660--680
    Min. down payment3%3%0%3%3%
    BBB rating (A+ to F)A+A+A+A+A
    JD Power rating (out of 1000)865883N/A703850

    1. Fairway - Widest Variety Of Home Loan Products

    Fairway is known for having one of the biggest selections of loan types. Apart from conventional loans and government-backed loans like an FHA loan, it also offers renovation loans and HELOCs.

    You can readily talk to a loan officer face-to-face in one of their many nationwide branches. However, Fairway is also an online lender, so you can easily fill in your application through its official site and app.

    Lender availability: Fairway has 700 branches in multiple states nationwide.

    2. Rocket Mortgage By Quicken Loans - Best Online Lender

    Rocket Mortgage is serviced by Quicken Loans and offers a simple, hassle-free online lending experience for mortgages. It has plenty of online resources to guide borrowers, including mortgage calculators and educational videos that will explain the loan process.

    It offers various loan products such as conventional and mortgage refinance loans. It also offers VA and FHA loans, but not USDA loans.

    Lender availability: Rocket Mortgage's online services are available nationwide.

    3. Veterans United - Best For Military Borrowers

    Known as the largest American mortgage provider for VA loans, Veterans United also offers VA refinancing loans. However, it's a challenge to find information about conventional, FHA, and USDA loans on their site.

    Lender availability: Veterans United allows online applications. However, it only has physical branches in 18 states.

    4. Carrington Mortgage Services - Top Choice For Low Credit Borrowers

    Low FICO scores are a common obstacle for many potential new homeowners. Fortunately, Carrington's nontraditional checks allow more people to qualify for loans. Apart from a credit report check, Carrington also looks at your individual circumstances to assess your qualifications, such as bank documents and rent payments.

    Lender availability: Consumers can apply for Carrington’s mortgages online, except for residents of Massachusetts and North Dakota. It has 6 physical offices in Arizona, California, Connecticut, Florida, Indiana, and Maryland.

    5. NBKC - Best Business For Customized Loan Rates

    NBKC is known for having low mortgage rates and allowing borrowers to quickly fill applications online. However, one of its biggest advantages over other lenders is that it readily tells borrowers customized interest rates and fee estimates – all without asking for your contact details!

    Lender availability: NBKC provides loans to all 50 US states, with four physical branches in Kansas and Missouri.

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    Find The Best Mortgage Lender For Your New Home

    If you've found the perfect home in Oklahoma, you're in luck. It's easier to finance a home purchase there than in other states. However, with the help of a good lender, that dream house will be even more affordable for you to purchase!

    To find out more about home mortgages in Oklahoma, talk to us at Wesley Mortgage, LLC. We'll explain the application process to you and help you find the mortgage loan that best suits your budget!

    Written By Ed Wallace
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