Top Refinance & Best New Home Mortgage Rates in Oklahoma (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Oklahoma home values may be increasing, but homeowners 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 over the past year, an Oklahoma mortgage is still poised to be an affordable purchase when compared to the national median home value of $201,900.
Granted, despite the affordability of a home in Oklahoma, it’s worth mentioning that experts predict a continual increase in home values over the next year.
If you’re planning on taking out an Oklahoma mortgage or refinancing an existing Oklahoma home loan, the current mortgage rates in Oklahoma are optimal for homeowners.
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Which Oklahoma City Are You Located in?
When it comes to finding the best mortgage rates in Oklahoma, there are plenty of factors to consider, especially for a first-time home buyer in Oklahoma.
For many Oklahoma mortgage lenders in Tulsa, Norman, Oklahoma City, Lawton, Edmond, Broken Arrow, and other cities in Oklahoma, the location of the home will play a significant role in what type of mortgage rates in Oklahoma are available.
This means that homes across the state could have varying mortgage rates based on the individual city, neighborhood, and the condition of the home itself.
While you are searching for the best mortgage rate in Oklahoma, it may be worthwhile to check the rates for neighboring cities to explore other Oklahoma mortgage rates that could potentially be more affordable over the long run.
See the table below for a list of some of the largest cities in the state offering a wide range of Oklahoma mortgages.
| Top Oklahoma Cities | Population (2016) |
| Oklahoma City | 638,367 |
| Tulsa | 403,090 |
| Norman | 166,575 |
| Broken Arrow | 107,403 |
| Lawton | 94,653 |
| Edmond | 91,191 |
| Moore | 61,415 |
| Midwest City | 57,305 |
| Enid | 51,004 |
| Stillwater | 49,504 |
| Muskogee | 38,352 |
| Bartlesville | 36,647 |
Source: Google
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Factors that Influence Oklahoma Mortgage Rates
To maintain good financial health, monthly payments on Oklahoma mortgages should not be higher than 28 percent of your monthly income, which should include related expenses like principal, interest, taxes, insurance, and even HOA fees.
While the terms of your Oklahoma mortgage will play a role in determining monthly costs, the Oklahoma mortgage rate will be the biggest factor in whether your monthly payments are affordable.
See the sections below for common elements that can impact your mortgage rate in Oklahoma.
Credit Score
Just like any other loan, your credit score is used as a benchmark for reliability. If you have a high credit score, Oklahoma mortgage lenders see that as proof of reliability, and will offer lower mortgage rates in Oklahoma as a result.
A low credit score is problematic for lenders, since it raises doubts on whether they can trust borrowers to pay off Oklahoma mortgages.
While you are exploring mortgage rates in Oklahoma, you should also take the time to look over your credit score with a fine-toothed comb. Look for ways to boost your score through paying off any old debts or resolving errors before committing to Oklahoma mortgage rates.
Tulsa, OK
Location
As mentioned above, the location of your home could make a difference in Oklahoma mortgage rates, since lenders may have varying rates depending on the neighborhood or city.
There may be differences when purchasing a home in an urban vs. rural area, so make sure that you take note of the location when looking for a great mortgage rate in Oklahoma.
Down Payment
Putting aside more money for a down payment certainly isn’t fun, but it’s a great way to boost your chances of getting a lower Oklahoma mortgage rate. According to Bankrate, most lenders require a payment of at least 3 percent.
Although some mortgage lenders in Oklahoma may allow for lower down payments, the best way to save yourself from additional long-term costs—like mortgage insurance—is to put 20 percent down.
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Conclusion – Finding the Best Oklahoma Home Loans
When searching for the best Oklahoma mortgage rate for you, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking an Oklahoma mortgage rate for a loan totaling over $424,100, some lenders may be able to provide different terms and rates.
For this reason, it’s important to confirm any Oklahoma mortgage rates and terms for specific amounts before making a commitment.
Additionally, it’s also important to keep in mind that APR and payment information often does not include state-specific taxes or required insurance premiums.
As such, you should expect that your monthly Oklahoma mortgage payment will be greater when taxes and insurance products are added.
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