Getting the Best Mortgage as a First Time Home Buyer in Oklahoma
Oklahoma home values may be increasing, but first time home buyers in Oklahoma are still much better off than other homeowners across the country.
According to Zillow, the median home value in Oklahoma is currently $115,700. Although this marks a rise of 3 percent, Oklahoma first time home owners will find that their mortgage will be much more affordable when compared to the national median home value of $201,900.
For Oklahoma first time home buyers, finding an affordable mortgage is paramount—after all, finding great rates and flexible terms will make homeownership in Oklahoma manageable over the decades to come.
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How to Get the Best Oklahoma First Time Buyer Mortgage Rates
Finding the best mortgage rates for Oklahoma first time home buyers won’t happen immediately—it takes time and research to find what works for your unique financial situation.
If you’re interested in exploring your options, consider using the tips below to find the best rates for first time home buyers in Oklahoma.
Boost Your Credit Score
Just as with any loan, better credit scores will provide better interest rates. First time home buyers in Oklahoma can position themselves for a better mortgage rate through improved credit scores, even when it comes to refinancing down the road.
For example, according to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.
Compare that to 5.1 percent rates for credit scores between 620-639, and borrowers could potentially be looking at savings of 1.5 percent or more.
Even if it’s just a few points, an improved credit score could certainly help you get the best rates for an Oklahoma first time home buyer mortgage.
Save Up for a Down Payment
Saving up for a significant down payment may not be fun, but it can go a long way in boosting your chances at better Oklahoma first time home buyer loan rates.
Most Oklahoma mortgage lenders require at least 3 percent, but putting 20 percent down is the best way to provide long-term savings.
A larger down payment will not only affect the rate for a Oklahoma first time home buyer loan, but it can also save you from purchasing mortgage insurance, saving money over the life of the mortgage.
Compare Prices
Comparing current Oklahoma first time home buyer loan rates from multiple lenders can be tedious, but it’s the best way to ensure that you get an affordable mortgage.
Be sure to check multiple providers of Oklahoma first time home buyer mortgages, including online lenders, banks, and credit unions before committing to a lending product.
This is particularly relevant for first time home buyers in Oklahoma, since many mortgage lenders will offer special rates and terms for a first time home buyer loan.
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First Time Home Buyers’ Programs in Oklahoma
Aside from the mountains of paperwork and lists of financial jargon, many first time home buyers in Oklahoma find that coming up with a sizeable down payment is the biggest challenge.
Thankfully, a first time home buyers program in Oklahoma can be a great resource for easing financial stress and providing down payment assistance in Oklahoma.
Below, you can find a list of the most common first time home buyers’ programs in Oklahoma that an Oklahoma first time buyer may be able to benefit from.
- OHFA Dream—Provides down payment assistance in Oklahoma to support costs of purchasing a home due to a new job or big life event
- OHFA Gold—Assists Oklahoma first time home buyers by contributing to their down payment costs
- OHFA 4 Teachers—Supports educators in Oklahoma with a low interest, fixed-rate mortgage and down payment assistance in Oklahoma
- OHFA Shield—Down payment assistance and low interest rates for first time home buyers in Oklahoma that work as police officers or fire fighters
- Mortgage Credit Certificate—Provides annual tax benefits for Oklahoma first time home buyers
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Conclusion – Finding the Best Mortgage as a First Time Home Buyer in Oklahoma
Once you know what type of mortgage for a first time home buyer in Oklahoma you are interested in, your next step is to start evaluating lenders to find the best rates and terms.
Just as with any other shopping experience, it’s important to weigh your options and compare multiple offers for Oklahoma first time home buyer loans to ensure that you are getting the best deal possible.
Affordable and manageable mortgages for first time home buyers in Oklahoma are determined not just by monthly payments, but also by interest rates and mortgage terms.
As such, don’t be afraid to shop around until you find the best Oklahoma first time home buyer loan for your financial needs.
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