Oklahoma Mortgage Rates
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OKLAHOMA CONFORMING 30 YEAR FIXED RATESToday's Average: 4.85% What does this mean?
About Mortgage Rates in Oklahoma
Oklahoma mortgage loans are no different than any other states, whether you are a first time home owner looking to buy in Oklahoma city, Edmond, Shawnee or other areas or a home owner looking to refinance you want to ensure you get the best deal. Low interest rates and low closing costs are among the most important aspects to your loan but many other features can help save you money as well.
Mortgage 101 gives you access to the best loans with the most desirable features such as low down payments, no PMI or low cost points at closing. With over 1.6 million housing units and 68% owner occupied, refinance loans are offered as well.
The 5/5 & 5/1 Adjustable Rate Mortgage
This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage
Mortgage Refinancing in Oklahoma
In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.
Other Mortgage Terms
Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.
Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.
Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.