bank of oklahoma mortgage calculator

*Refinance and New Home Purchase Loans are only available in the state of Oklahoma at this time. Home · Loan Calculators · Loan Programs · Insurance Claims. Your dream home deserves a mortgage to match. Talk to us about finding the right financing program to fit your needs. · Competitive Rates · Refinancing Available. Home loans vary based on their loan terms, fixed or variable interest rates and even Use our mortgage calculator to figure out your monthly payment. bank of oklahoma mortgage calculator

Bank of oklahoma mortgage calculator -

Oklahoma Mortgage and Refinance Rates

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Oklahoma Mortgage overview

By Dhara Singh

Oklahoma is one of the most affordable markets for homebuyers, with a median home value of $132,465 as of June 2020, according to Zillow. Homes for sale in some of the top cities — including Oklahoma City, Edmund and Tulsa — have median list prices roughly between $220,000 and $285,000, realtor.com reports.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) has a variety of programs to assist those who want to purchase a home in the state. Here are some of the options for affordable mortgages and down payment assistance.

OHFA Homebuyer Down Payment Assistance

The Homebuyer Down Payment Assistance program helps first-time homebuyers in Oklahoma by offering 3.5 percent of the loan amount toward the down payment and closing costs. Through OHFA, homebuyers can obtain the down payment assistance and a 30-year, fixed-rate mortgage, which can be a:

  • Conventional loan
  • FHA loan
  • USDA loan
  • VA loan

The down payment assistance is available only to first-time homebuyers in certain areas and all other buyers in other targeted locations.

The maximum purchase price varies, but can be as high as $453,100, depending on where the home is located and the type of loan. You must have a credit score of 640 or higher and be able to meet household income requirements.

There are also special mortgage interest rates and terms available for first-time buyers in occupations that serve the public good, including teachers, first responders and Oklahoma state employees.

OHFA 4TEACHERS – You must have a current teaching certificate from the Oklahoma State Department of Education and a contract with any accredited public school or private school in the state to qualify.

OHFA SHIELD – This program assists homebuyers who are working in jobs that serve the public welfare of Oklahoma citizens. For 2020, the purchase price limit is $294,600 and the home must be a primary residence. Down payment assistance of 3.5 percent of the mortgage amount is available.

Borrowers must meet household income requirements based on the county and family size, and the maximum debt-to-income ratio can’t exceed 45 percent. You’ll need a credit score of 640 or higher.

Here are the eligibility requirements for each category of first responder:

Firefighters – If you’re currently a firefighter for an Oklahoma municipality, or if you’re a volunteer firefighter with a volunteer fire department, you may be eligible for favorable OHFA SHIELD interest rates and terms on a home mortgage.

Law enforcement – If you’re a police officer, patrol officer, sheriff or otherwise currently working in law enforcement for an Oklahoma municipality, or you are a volunteer or reserve law enforcement officer, you may be eligible for the special OHFA SHIELD mortgage rates for first responders. You must be CLEET-certified.

Emergency medical services – Paramedics and EMTs currently employed by an Oklahoma EMS provider may be eligible for an OHFA SHIELD mortgage.

State employees – You can also qualify for an OFHA SHIELD mortgage if you are currently employed by an Oklahoma State Agency.

Oklahoma mortgage refinancing

The Oklahoma Housing Finance Agency doesn’t currently offer a mortgage refinancing program, but with interest rates at record lows, Oklahoma borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

In addition, homeowners who are having difficulty paying their mortgage can seek counseling from a variety of HUD housing counseling agencies and consumer counseling agencies in the state.

Oklahoma mortgage resources

Источник: https://www.bankrate.com/mortgages/mortgage-rates/oklahoma/

Get prequalified or preapproved for a mortgage

Close

Important Loan Information

All loans subject to credit approval. Rate shown for the 7/6 mo. Adjustable Rate Mortgage (ARM) is fixed for the first seven (7) years. This product has a 30-year amortization and requires 84 monthly payments of $3,482, followed by 276 monthly payments of $3,438. With an ARM loan, the rate is variable and may increase or decrease every 6 months after the initial fixed rate period based on changes to the index. This could result in an increase in the monthly payment. The monthly payments shown do not incldue amounts for taxes and insurance premiums, so the actual payment obligation may be greater. Rates shown assume standard mortgage qualifications, underwriting requirements, and Automatic Payment discount. Automatic Payment discount of 0.125% off the standard rate requires applicants to establish automatic mortgage payments from their new or existing Bank of the West personal checking or savings account. For ARM loans, the discount is applicable only during the initial fixed-rate period. All terms and conditions applicable to the checking or savings account apply, including fees and minimum opening deposits. Example based on purchase of owner-occupied, one unit, single family residence in Los Angeles, California with a loan amount of $800,000, 80% loan-to-value, and minimum 740 FICO score. The actual rate and APR will vary based on your credit history, property location, loan amount, loan term, discount points and other finance charges, and may be different than the rates displayed here. Other products and terms are available. Additional fees, conditions, and restrictions may apply. These rates are intended for informational purposes and are not an offer to extend consumer credit.

Источник: https://www.bankofthewest.com/personal-banking/loans/mortgage-purchase.html

Oklahoma mortgage calculator

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for ,  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE:

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can help you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE:

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if:

Источник: https://www.nerdwallet.com/mortgages/mortgage-calculator/oklahoma

Mortgage Loans

Apply Now

Log In

Throughout our history as a community bank- a bank continually expanding to secure its future while at the same time remaining a vital force as a locally owned bank focused on its community. Vision Bank has had the foresight to focus on our customers' needs. We understand that homeownership is both a need and a desire for many people in the communities we serve from the Oklahoma college towns of Ada, Durant, and Shawnee, to the farming communities of Meeker, Prague, Davis, and Sulphur. To this end, Vision Bank provides many useful tools as well as Mortgage Loan Originators at each of our 8 banks to make your home purchase dream a reality.

Mortgage Calculator

Loan Products

Home Equity Line of Credit (HELOC)

  • A home equity loan allows you to use the equity of your home as collateral, whereas a home equity line of credit gives you access to a large amount of cash, more than half of your home's value, minus the balance remaining on your mortgage.

Conventional

  • Available for purchase or refinance of your home, including cash-out or debt consolidation.
  • The interest rate can be fixed or adjustable, and have several options on repayment terms.

USDA Rural Development

  • Primarily used to help low-income individuals purchase new or existing residential property.

FHA

  • They are ideal for the first time homebuyer.
  • FHA loans offer low down payment, low interest rates, and easier credit qualifying.
  • Refinance options are also available.

VA

  • VA loans are guaranteed by the U.S. Department of Veterans Affairs.
  • They are available to active, reservist and veterans of the armed forces.
  • The VA determines eligibility and issues a Certificate of Eligibility.
  • VA loans offer low or no down payment and do not require monthly mortgage insurance.
  • VA loans can be used for purchase or refinance.

Section 184 Indian Home Loan Guarantee Program

  • The Section 184 Indian Home Loan Guarantee program is a home mortgage product specifically designed for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. Congress established this program in 1992 to facilitate homeownership and increase access to capital in Native American Communities.

Home Renovation Loans

  • Loan amount is based on the home value after improvements are made.
  • Start improvements right after closing.

Agri-Access Program

  • Available for purchase or refinance of your home with hobby farm including extended acreage, including cash-out or debt consolidation.
  • The interest rate can be fixed, and have several options on repayment terms.

Construction

  • Our construction loan program allows interest-only payments to be made on those funds that have been periodically disbursed during the construction process.
  • Your Mortgage Loan Specialist can even give you pre-qualification on permanent financing before construction begins.

Bridge Loan

  • Use the equity of your current residence to cover the down payment of your new purchase.
    Interest only payments.
  • When your home sells, we can refinance that lower loan amount into regular payments.

Home Equity Second Mortgage

  • A second mortgage program allows you to use your home equity for home improvements, debt consolidation, etc.
  • Fixed interest rate.
  • Low closing costs.
  • You keep your current mortgage intact.

Why us?

Vision Bank is a trusted local mortgage lender with a long-term history in your community. Partner with us today to help you determine which type of mortgage home loan is right for you, and whether the time is right for you to purchase a home of your own.

Contact one of our bank locations or apply online today. We look forward to hearing from you.

Источник: https://www.visionbank.bank/mortgage-loans

How Much Mortgage Can You Afford?

Purchasing real estate with a mortgage is often the most extensive personal investment most people make. How much you can afford to borrow depends on several factors, not just what a bank is willing to lend you. You need to evaluate not only your finances but also your preferences and priorities.

Here is everything you need to consider to determine how much you can afford.

Key Takeaways

  • The general rule is that you can afford a mortgage that is 2x to 2.5x your gross income.
  • Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).
  • Your front-end ratio is the percentage of your annual gross income that goes toward paying your mortgage, and in general, it should not exceed 28%.
  • Your back-end ratio is the percentage of your annual gross income that goes toward paying your debts, and in general, it should not exceed 43%.

How Much Mortgage Can I Afford?

Generally speaking, most prospective homeowners can afford to finance a property that costs between two and two-and-a-half times their annual gross income. Under this formula, a person earning $100,000 per year can only afford a mortgage of $200,000 to $250,000. However, this calculation is only a general guideline.

Ultimately, when deciding on a property, you need to consider several additional factors. First, it's a good idea to have some understanding of what your lender thinks you can afford (and how it arrived at that estimation). Second, you need to have some personal introspection and figure out what type of home you are willing to live in if you plan on living in the house for a long time and what other types of consumption you are ready to forgo—or not—to live in your home.

While real estate has traditionally been considered a safe long-term investment, recessions and other disasters (like the 2020 economic crisis) can test that theory—and make would-be homeowners think twice.

How Do Lenders Determine Mortgage Loan Amounts?

While each mortgage lender maintains its own criteria for affordability, your ability to purchase a home (and the size and terms of the loan you will be offered) will always depend mainly on the following factors.

Gross Income 

This is the level of income a prospective homebuyer makes before taking out taxes and other obligations. This is generally deemed your base salary plus any bonus income and can include part-time earnings, self-employment earnings, Social Security benefits, disability, alimony, and child support.

Front-End Ratio

Gross income plays a vital part in determining the front-end ratio, also known as the mortgage-to-income ratio. This ratio is the percentage of your yearly gross income that can be dedicated toward paying your mortgage each month. The total amount of money that makes up your monthly mortgage payment consists of four components, known as PITI: principal, interest, taxes, and insurance (both property insurance and private mortgage insurance, if required by your mortgage).

A good rule of thumb is that the front-end ratio based on PITI should not exceed 28% of your gross income. However, many lenders let borrowers exceed 30%, and some even let borrowers exceed 40%.

Back-End Ratio

Also known as the debt-to-income ratio (DTI), it calculates the percentage of your gross income required to cover your debts. Debts include credit card payments, child support, and other outstanding loans (auto, student, etc.).

In other words, if you pay $2,000 each month in debt services and you make $4,000 each month, your ratio is 50%—half of your monthly income is used to pay the debt.

However, a 50% debt-to-income ratio isn’t going to get you that dream home. Most lenders recommend that your DTI not exceed 43% of your gross income. To calculate your maximum monthly debt based on this ratio, multiply your gross income by 0.43 and divide by 12.

Your Credit Score

If one side of the affordability coin is income, then the other side is your debt.

Mortgage lenders have developed a formula to determine the level of risk of a prospective homebuyer. The formula varies but is generally determined by using the applicant’s credit score.Applicants with a low credit score can expect to pay a higher interest rate, also referred to as an annual percentage rate (APR), on their loan. If you want to buy a home soon, pay attention to your credit reports. Be sure to keep a close eye on your reports. If there are inaccurate entries, it will take time to get them removed, and you don’t want to miss out on that dream home because of something that is not your fault.

How to Calculate a Down Payment

The down payment is the amount that the buyer can afford to pay out-of-pocket for the residence, using cash or liquid assets. Lenders typically demand a down payment of at least 20% of a home’s purchase price, but many let buyers purchase a home with significantly smaller percentages. Obviously, the more you can put down, the less financing you’ll need, and the better you look to the bank.

For example, if a prospective homebuyer can afford to pay 10% on a $100,000 home, the down payment is $10,000, which means the homeowner must finance $90,000.

Besides the amount of financing, lenders also want to know the number of years for which the mortgage loan is needed. A short-term mortgage has higher monthly payments but is likely less expensive over the duration of the loan.

Homebuyers need to come up with a 20% down payment to avoid paying private mortgage insurance.

How Lenders Decide

Many different factors go into the mortgage lender’s decision on homebuyer affordability, but they boil down to income, debt, assets, and liabilities. A lender wants to know how much income an applicant makes, how many demands there are on that income, and the potential for both in the future—in short, anything that could jeopardize its ability to get paid back. Income, down payment, and monthly expenses are generally base qualifiers for financing, while credit history and score determine the rate of interest on the financing itself.

Personal Considerations for Homebuyers

A lender could tell you that you can afford a considerable estate, but can you? Remember, the lender’s criteria look primarily at your gross pay and other debts. The problem with using gross income is simple: You are factoring in as much as 30% of your paycheck—but what about taxes, FICA deductions, and health insurance premiums? Even if you get a refund on your tax return, that doesn’t help you now—and how much will you get back?

That’s why some financial experts feel it’s more realistic to think in terms of your net income (aka take-home pay) and that you shouldn’t use any more than 25% of your net income on your mortgage payment. Otherwise, while you might be able to pay the mortgage monthly, you could end up “house poor.” 

The costs of paying for and maintaining your home could take up such a large percentage of your income—far and above the nominal front-end ratio—that you won’t have enough money left to cover other discretionary expenses or outstanding debts or to save for retirement or even a rainy day. Whether or not to be house poor is mostly a matter of personal choice; getting approved for a mortgage doesn’t mean you can afford the payments.

Pre-Mortgage Considerations

In addition to the lender’s criteria, consider the following issues when contemplating your ability to pay a mortgage:

1. Income

Are you relying on two incomes to pay the bills? Is your job stable? Can you easily find another position that pays the same, or better, wages if you lose your current job? If meeting your monthly budget depends on every dime you earn, even a small reduction can be a disaster.

2. Expenses

The calculation of your back-end ratio will include most of your current debt expenses, but you should consider future costs like college for your kids (if you have them) or your hobbies when you retire.

3. Lifestyle

Are you willing to change your lifestyle to get the house you want? If fewer trips to the mall and a little tightening of the budget don’t bother you, applying a higher back-end ratio might work out fine. If you can’t make any adjustments or already have multiple credit card account balances—you might want to play it safe and take a more conservative approach in your house hunting.

4. Personality

No two people have the same personality, regardless of their income. Some people can sleep soundly at night knowing that they owe $5,000 per month for the next 30 years, while others fret over a payment half that size. The prospect of refinancing the house to afford payments on a new car would drive some people crazy while not worrying others at all.

Costs Beyond the Mortgage

While the mortgage is undoubtedly the most considerable financial responsibility of homeownership, there are many additional expenses, some of which don’t go away even after the mortgage is paid off. Smart shoppers would do well to keep the following items in mind:

1. Property Taxes

If you own a home, expect to pay property taxes, and understanding how much you will owe is an important part of a homebuyer's budget. The city, township, or county establishes your property tax based on your home and lot size and other criteria, including local real estate conditions and the market.

According to the Tax Foundation, the effective average rate nationwide for property taxes is 1.1% of the home's assessed value. This amount varies by state, and some states boast lower property taxes than others. For example, New York's is an average of 1.4%, but Oklahoma's is 0.88%. You will always have to account for paying property tax, even when your mortgage is paid off in full.

2. Home Insurance

Every homeowner needs home insurance to protect their property and possessions against natural and human-made disasters, like tornados or theft. If you are purchasing a home, you will need to price out the appropriate insurance for your situation. Most mortgage companies won't let you purchase a home without home insurance that covers the purchase price of their home. In fact, you may need to show proof of home insurance to be approved by your mortgage lender.

In 2018, the most recent statistics available as of early 2021, the average premium for the most common type of home insurance in the U.S. was approximately $1,200. But the amount goes up depending on the type of insurance you need and the state you reside in.

3. Maintenance

Even if you build a new home, it won’t stay new forever, nor will those expensive significant appliances, such as stoves, dishwashers, and refrigerators. The same applies to the home’s roof, furnace, driveway, carpet, and even the paint on the walls. If you are house poor when you take on that first mortgage payment, you could find yourself in a difficult situation if your finances haven’t improved by the time your home requires significant repairs.

4. Utilities

Heat, insurance, electricity, water, sewage, trash removal, cable television, and telephone services cost money. These expenses are not included in the front-end ratio, nor are they calculated in the back-end ratio. Nevertheless, they are unavoidable for most homeowners.

5. Association Fees

Many condominiums and coops and specific gated neighborhoods or planned communities assess monthly or yearly association fees. Sometimes these fees are less than $100 per year; other times, they are several hundred dollars per month. Some communities include lawn maintenance, snow removal, a community pool, and other services.

Some fees are only used for the administration costs of running the community. It’s important to remember that while an increasing number of lenders include association fees in the front-end ratio, these fees are likely to increase over time.

6. Furniture and Decor

Before you buy a new house, take a good look at the number of rooms that will need to be furnished and the number of windows that will require covering.

The Bottom Line

The cost of a home is the single largest personal expense most people will ever face. Before taking on such an enormous debt, take the time to do the math. After you run the numbers, consider your situation and think about your lifestyle—not just now but into the next decade or two. Before you purchase your new home, consider not only what it costs you to buy it but how your future mortgage payments will impact your life and budget. Then, get loan estimates for the type of home you hope to buy from several different lenders to get real-world information on the kinds of deals you can get.

Источник: https://www.investopedia.com/articles/pf/05/030905.asp

Mortgage Calculator

Mortgage Calculator

Are you looking tobuy a new home? Would you like to estimate your monthly mortgage payments beforehand? A home is a large purchase so it's important to find out on the front end the amount you could expect to pay on a monthly basis. You can use our mortgage payment calculator to easily estimate your monthly payment.

APPLY NOW

How Do I Use a Mortgage Payment Calculator?

Just enter the home price, your down payment amount, the interest rate, and the loan term, then press calculate and our mortgage calculator does the rest! It quickly takes the guesswork out of knowinghow much home you can afford.

With our advanced mortgage calculator, you can:

  • Change the down payment to see how it would impact your monthly payment.
  • Compare monthly payments for different home prices. Change the home price in the mortgage calculator to see how it affects your monthly payment.
  • See how shortening or lengthening the loan term affects your monthly payment.
  • Mix and match different factors based on the loan options you are considering.
  • Vary the interest rate to see how much you might save or pay based on rate changes.

Mortgage Calculator: Using our Home Loan Calculator

Home Price

The dollar amount you expect to pay for a home.

Down Payment

This is the initial payment you put toward the cost of your new home. How much do you plan to put down? You could put little-to-no money down depending on your loan type. However, when you enter a higherdown paymentinto the mortgage calculator, it lowers your estimated monthly payment.

Interest Rate

This is the cost of financing your home. You can adjust the interest rate on the mortgage calculator to see how it affects your monthly mortgage payment. Interest rates change daily based on market trends. Typically, your lender will determine your interest rate based on the perceived risk of lending you money to finance your home.

Here are some of the factors that influence their decision:

  • Loan Type
  • Credit History
  • Loan Amount
  • Down Payment Amount

Want to lock-in your mortgage interest rate? Read up on the benefits of amortgage rate lock!

Loan Term

How long do you plan to finance your home? A shorter-term loan will generally have a lower interest rate than a longer-term loan. On the other hand, a longer-term loan will offer a lower monthly payment.

Here are some of the common loan terms entered into the calculator:

  • 15-Year Fixed Rate Mortgage- A home loan paid over a term of 15 years. It will have a higher monthly payment but a lower interest rate than a 30-year mortgage.
  • 30-Year Fixed Rate Mortgage- A home loan paid over a term of 30 years. It will have a lower monthly payment but a higher interest rate than a 15-year mortgage.
  • I CAN Mortgage- A home loan that allows you to choose the term of your mortgage. You can finance your home for the number of years you want. You can enter 1, 5, or 10 years into the mortgage calculator to see how it would change your monthly mortgage payment.

Private Mortgage Insurance

If you enter a down payment of at least 20% of the home’s purchase price into the mortgage calculator, Private Mortgage Insurance (PMI) will not be added to your monthly payment. For example, a 20% down payment on a $300,000 home is $60,000.

PMI is required if you make a down payment of less than 20% or if you have less than 20% equity when you refinance; it may be canceled once you exceed 20% equity.

PMI guarantees that the lender gets paid if the borrower defaults on the loan. The PMI calculator defaults to .28 but PMI varies according to your credit score and the size of your down payment, it is usually an annual charge between 0.25% and 1.5% of the loan amount.

Want tostop paying mortgage insurance? We can show you how!

Can a Mortgage Calculator Help Me Buy a Home?

Yes, a mortgage calculator can help you buy a home by letting you see what you can reasonably afford to spend. Here are a few ways you can use the mortgage calculator to plan for your future:

  • Change the down payment amount and home price to see how it would impact your monthly payment.
  • See the effects shortening or lengthening the loan terms would have on your monthly payment and total interest paid.
  • Vary interest rates to see how your monthly and total payments change based on interest rate changes.
  • Use the amortization schedule to see how much you will pay towards your principle balance and interest balance per month over the life of your loan. 

What Are the Most Common Types of Mortgages and Which Mortgage Should I Get?

The most common types of home mortgage loans include conventional loans, FHA loans, and VA loans. Here’s a simple breakdown of each:

  • Conventional Loan: Not backed by the government, lenders may offer borrowers home mortgage loans with more flexible terms, features, and benefits.
  • FHA Loan: Designed to make home ownership more affordable, these Federal Housing Administration insured mortgages allow buyers who are unable to qualify for a conventional loan to receive home financing.
  • VA Loan: Guaranteed by the U.S. Department of Veteran Affairs, these loans help active duty military, veterans, and qualifying military spouses receive lower interest rates and better terms than available through a conventional mortgage loan.

Browse our mortgage loan options page for more information on these loans and more to explore your options.

How Do I Lower My Monthly Mortgage Payment?

Our mortgage payment calculator can be the first step is understanding where you might be able to lower your costs each month.

There are a few proven ways of making sure you pay less every month:

  • Don’t pay for PMI:a down payment of at least 20% will mean not having to pay for private mortgage insurance each month. This is especially important to consider if you are thinking about anFHA loan, where you could be paying mortgage insurance for the entire life of the loan regardless of how large your down payment is.
  • Purchase less house:while it may seem obvious to many, a smaller home loan means a lower purchase price and smaller monthly mortgage payment.
  • Take out a loan with a longer lifespan: with a longer loan term, your monthly payments will be lower; however, you’ll end up paying more in interest over the additional years.
  • Find a lower interest rate:Not only can putting down more than 20% eliminate the need to pay mortgage insurance, but you’ll also end up with a lower interest rate as well.

Can My Mortgage Payments Increase?

Yes, it is possible your monthly mortgage payment could go up in certain circumstances, including:

  • If yours is an adjustable-rate mortgage.
  • If your property taxes or homeowner insurance payments increase.

How Much Home Can I Afford?

To determine how much house you can afford and if you qualify for a loan, lenders look at the following factors:

  • Debt-to-income Ratio: Try to keep your debt-to-income ratio below 28%.
  • Steady Income: You can prove your income in a few ways, including through bank statements, pay stubs, or tax returns.
  • Payment History: A history of paying your bills on time lets lenders know you are a reliable borrower.
  • Down PaymentAmount: The higher your down payment, the likelier you are to be approved for a mortgage. Putting more money down lets you borrow less money and get better mortgage terms, too.

What Factors Influence My Mortgage Interest Rate?

Your lender will determine your interest rate based on the perceived risk of lending you money to finance your home. The factors that influence your mortgage interest rate will include:

  • Loan Type: Your interest rate can be influenced by whether you have a conventional loan or a government-backed loan.
  • Credit Scores: If you have a higher credit score, you will most likely receive a lower interest rate than someone with a lower credit score.
  • Loan Amount: How much you need to borrow for your home will influence the interest rate you receive on your mortgage.
  • Down Payment Amount: Putting down more money means a lower interest rate, as you will need to borrow less money for your home.
  • Length of Loan: A shorter-term loan generally brings a lower interest rate than a longer-term loan, but also means higher monthly payments.

Additionally, borrowers can opt for a fixed interest rate or an adjustable interest rate. The former locks in your rate for the length of your loan, whereas the latter changes based on various factors.

What Costs Are Included in a Mortgage Payment?

The typical costs included in a mortgage payment are principal, interest, taxes, and insurance.

  • Principal: The amount you borrowed for your home and how much you have left to pay.
  • Interest: The cost of financing your home.
  • Taxes: Property taxes go towards funding local public services.
  • Insurance: Homeowner’s insurance helps protect against significant costs in the event of a fire or other highly damaging events.

Some people also choose to finance their closing costs, rolling those payments into their home mortgage loan.

Can I Make Additional Payments to My Mortgage?

Yes, you can make additional payments to your mortgage, allowing you to pay down your principal balance faster. This shortens the overall length of your mortgage, ensuring you pay less in interest and save more in the long term. 

Should I Choose a Short-term or Long-term Mortgage?

The loan term you choose will depend on your circumstances, with both short- and long-term loans offering many different benefits.

  • Short-term Loan: They usually offer lower interest rates but require higher monthly payments.
  • Long-term Loan: Come with lower monthly payments, but higher interest rates and greater total interest costs.

When deciding what loan terms are right for you, factor in both monthly payments and the total cost of your loan.

Go Beyond Our Mortgage Calculator

Have questions about using the mortgage payment calculator? Wondering how much house you can afford? Whether you need help withreal estate investingorloans for first time home buyers, we're here to help with your home financing needs.

Источник: https://www.newamericanfunding.com/calculators/mortgage-calculator/

Financial Calculators

Mortgage Calculators

Auto Loan Calculators

  • Auto Loan
    Determine your car loan payment bank of oklahoma mortgage calculator on your purchase price or find out how much you can buy based on your monthly payment.
  • Dealer Financing vs Credit Union Financing
    Use this calculator to help you determine whether you should take advantage of low interest dealer financing or credit union financing combined with a manufacturer rebate.

Budgeting & Savings Calculators

  • Savings
    Find out how consistent investments over a number of years can be an effective strategy to accumulate wealth.
  • Budgeting Tool
    Budgeting is made easier with this tool that can help you start meeting your financial goals.
  • Monthly Budget Tool
    Explore your monthly fixed and flexible expenses and identify areas for additional saving.
  • Emergency Savings
    Discover recommendations for how much to maintain in an emergency fund, in case of job loss or minor emergencies.

Student Loan Calculators

Retirement & Investment Calculators

Other Calculators

  • Enhanced Loan
    Use the slider controls to instantly change your monthly payment, loan amount, interest rate or term.
  • Snowball Debt Elimination
    This Debt Calculator applies two simple principles to paying off all your Debt bank of oklahoma mortgage calculator can cut years off of your repayment schedule.
  • Debt Payoff
    Find out how much interest you can save by paying off your debts by comparing different pay-down methods.
Источник: https://www.oklahomacentral.creditunion/Calculators

How Much Mortgage Can You Afford?

Purchasing real estate with a mortgage is often the most extensive personal investment most people make. How much you can afford to borrow depends on several factors, not just what a bank is willing to lend you. You need to evaluate not only your finances but also your preferences and priorities.

Here is everything you need to consider to determine how much you can afford.

Key Takeaways

  • The general rule is that you can afford a mortgage that is 2x to 2.5x your gross income.
  • Total monthly mortgage payments are typically made up of four components: principal, interest, taxes, and insurance (collectively known as PITI).
  • Your front-end ratio is the percentage of your replacement left airpod 1st gen gross income that goes toward paying your mortgage, and in general, it should not exceed 28%.
  • Your back-end ratio is the percentage of your annual gross income that goes toward paying your debts, and in general, it should not exceed 43%.

How Much Mortgage Can I Afford?

Generally speaking, most prospective homeowners can afford to finance a property that costs between two and two-and-a-half times their annual gross income. Under this formula, a person earning $100,000 per year can only afford a mortgage of $200,000 to $250,000. However, this calculation is only a general guideline. bank of oklahoma mortgage calculator Ultimately, when deciding on a property, you need to consider several additional factors. First, it's a good idea to have some understanding of what your lender thinks you can cheap trailer homes for rent (and how it arrived at that estimation). Second, you need to have some personal introspection and figure out what type of home you are willing to live in if you plan on living in the house for a long time and what other types of consumption you are ready to forgo—or not—to live in your home.

While real estate has traditionally been considered a safe long-term investment, recessions and other disasters (like the 2020 economic crisis) can test that theory—and make would-be homeowners think twice.

How Do Lenders Determine Mortgage Loan Amounts?

While each mortgage lender maintains its own criteria for affordability, your ability to purchase a home (and the size and terms of the loan you will be offered) will always depend mainly on the following factors.

Gross Income 

This is the level of income a prospective homebuyer makes before taking out taxes and other obligations. This is generally deemed your base salary plus any bonus income and can include part-time earnings, self-employment earnings, Social Security benefits, disability, alimony, and child support.

Front-End Ratio

Gross income plays a vital part in determining the front-end ratio, also known as the mortgage-to-income ratio. This ratio is the percentage of your yearly gross income that can be dedicated toward paying your mortgage each month. The total amount of money that makes up your monthly mortgage payment consists of four components, known as PITI: principal, interest, taxes, and insurance (both property insurance and private mortgage insurance, if required by your mortgage).

A good rule of thumb is that the front-end ratio based on PITI should not exceed 28% of your gross income. However, many lenders let borrowers exceed 30%, and some even let borrowers exceed 40%.

Back-End Ratio

Also known as the debt-to-income ratio (DTI), it calculates the percentage of your gross income required to cover your debts. Debts include credit card payments, child support, and other outstanding loans (auto, student, etc.).

In other words, if you pay $2,000 each month in debt services and you make $4,000 each month, your ratio is 50%—half of your monthly income is used to pay the debt.

However, a 50% debt-to-income ratio isn’t going to get you that dream home. Most lenders recommend that your DTI not exceed 43% of your gross income. To calculate your maximum monthly debt based on this ratio, multiply your gross income by 0.43 and divide by 12.

Your Credit Score

If one side of the affordability coin is income, then the other side is your debt.

Mortgage lenders have developed a formula to determine the level of risk of a prospective homebuyer. The formula varies but is generally determined by using the applicant’s credit score.Applicants with a low credit score can expect to pay a higher interest rate, also referred to as an annual percentage rate (APR), on their loan. If you want to buy a home soon, pay attention to your credit reports. Be sure to keep a close eye on your reports. If there are inaccurate entries, it will take time to get them removed, and you don’t want to miss out on that dream home because of something that is not your fault.

How to Calculate a Down Payment

The down payment is the amount that the buyer can afford to pay out-of-pocket for the residence, using cash or liquid assets. Lenders typically demand a down payment of at least 20% of a home’s purchase price, but many let buyers purchase a home with significantly smaller percentages. Obviously, the more you can put down, the less financing you’ll need, and the better you look to the bank.

For example, if a prospective homebuyer can afford to pay 10% on a $100,000 home, the down payment is $10,000, which means the homeowner must finance $90,000.

Besides the amount of financing, lenders also want to know the number of years for which the mortgage loan is needed. A short-term mortgage has higher monthly payments but is likely less expensive over the duration of the loan.

Homebuyers need to come up with a 20% down payment to avoid paying private mortgage insurance.

How Lenders Decide

Many different factors go into the mortgage lender’s decision on homebuyer affordability, but they boil down to income, debt, assets, and liabilities. A lender wants to know how much income an applicant makes, how many demands there are on that income, and the potential for both in the future—in short, anything that could jeopardize its ability to get paid back. Income, down payment, and monthly expenses are generally base qualifiers for financing, while credit history and score determine the rate of interest on the financing itself.

Personal Considerations for Homebuyers

A lender could tell you that you can afford a considerable bank of oklahoma mortgage calculator, but can you? Remember, the lender’s criteria look primarily at your gross pay and other debts. The problem with using gross income is simple: You are factoring in as much as 30% of your paycheck—but what about taxes, FICA deductions, and health insurance premiums? Even if you get a refund on your tax return, that doesn’t help you now—and how much will you get back?

That’s why some financial experts feel it’s more realistic to think in terms of your net income (aka take-home pay) and that you shouldn’t use any more than 25% of your net income on your mortgage payment. Otherwise, while you might be able to pay the mortgage monthly, you could end up “house poor.” 

The costs of paying for and maintaining your home could take up such a large percentage of your income—far and above the nominal front-end ratio—that you won’t have enough money left to cover other discretionary expenses or outstanding debts or to save for retirement or even a rainy day. Whether or not to be house poor is mostly a matter of personal choice; getting approved for a mortgage doesn’t mean you can afford the payments.

Pre-Mortgage Considerations

In addition to the lender’s criteria, consider the following issues when contemplating your ability to pay a mortgage:

1. Income

Are you relying on two incomes to pay the bills? Is your job stable? Can you easily find another position that pays the same, or better, wages if you lose your current job? If meeting your monthly budget depends on every dime you earn, even a small reduction can be a disaster.

2. Expenses

The calculation of your back-end ratio will include most of your current debt expenses, but you should consider future costs like college for your kids (if you have them) or your hobbies when you retire.

3. Lifestyle

Are you willing to change your lifestyle to get the house you want? If fewer trips to the mall and a little tightening of the budget don’t bother you, applying a higher back-end ratio might work out fine. If you can’t make any adjustments or already have multiple credit card account balances—you might want to play it safe and take a more conservative approach in your house hunting.

4. Personality

No two people have the same personality, regardless of their income. Some people can sleep soundly at night knowing that they owe $5,000 per month for the next 30 years, while others fret over a payment half that size. The prospect of refinancing the house to afford payments on a new car would drive some people crazy while not worrying others at all.

Costs Beyond the Mortgage

While the mortgage is undoubtedly the most considerable financial responsibility of homeownership, there are many additional expenses, some of which don’t go away even after the mortgage is paid off. Smart shoppers would do well to keep the following items in mind:

1. Property Taxes

If you own a home, expect to pay property taxes, and understanding how much you will owe is an important part of a homebuyer's budget. The city, township, or county establishes your property tax based on your home and lot size and other criteria, including local real estate conditions and the market.

According to the Tax Foundation, the effective average rate nationwide for property taxes is 1.1% of the home's assessed value. This amount varies by state, and some states boast lower property taxes than others. For example, New York's is an average of 1.4%, but Oklahoma's is 0.88%. You will always have to account for paying property tax, even when your mortgage is paid off in full.

2. Home Insurance

Every homeowner needs home insurance to protect their property and possessions against natural and human-made disasters, like tornados or theft. If you are purchasing a home, you will need to price out the appropriate insurance for your situation. Most mortgage companies won't let you purchase a home without home insurance that covers the purchase price of their home. In fact, you may need to show proof of home insurance to be approved by your mortgage lender.

In 2018, the most recent statistics available as of early 2021, the average premium for the most common type of home insurance in the U.S. was approximately $1,200. But the amount goes up depending on the type of insurance you need and the state you reside in.

3. Maintenance

Even if you build a new home, north sea texas 2011 won’t stay new forever, nor will those expensive significant appliances, such as stoves, dishwashers, and refrigerators. The same applies to the home’s roof, furnace, driveway, carpet, and even the paint on the walls. If you are house poor when you take on that first mortgage payment, you could find yourself in a difficult situation if your finances haven’t improved by the time your home requires significant repairs.

4. Utilities

Heat, insurance, electricity, water, sewage, trash removal, cable television, and telephone services cost money. These expenses are not included in the front-end ratio, nor are they calculated in the back-end ratio. Nevertheless, they are unavoidable for most homeowners.

5. Association Fees

Many condominiums and coops and specific gated neighborhoods or planned communities assess monthly or yearly association fees. Sometimes these fees are less than $100 per year; other times, they are several hundred dollars per month. Some communities include lawn maintenance, snow removal, a community pool, and other services.

Some fees are only used for the administration costs of running the community. It’s important to remember that while an increasing number of lenders include association fees in the front-end ratio, these fees are likely to increase over time.

6. Furniture and Decor

Before you buy a new house, take a good look at the number of rooms bank of oklahoma mortgage calculator will need to be furnished and the number of windows that will require covering.

The Bottom Line

The cost of a home is the single largest personal expense most people will ever face. Before taking on such an enormous debt, take the time to do the math. After you run the numbers, consider your situation and think about your lifestyle—not just now but into the next decade or two. Before you purchase your new home, consider not only what it costs you to buy it but how your future mortgage payments will impact your life and budget. Then, get loan estimates for the type of home you hope to buy from several different lenders to get real-world information on the kinds of deals you can get.

Источник: https://www.investopedia.com/articles/pf/05/030905.asp

Oklahoma mortgage calculator

Under "Home price," enter the price (if you're buying) or the current value (if you're refinancing). NerdWallet also has a .

Under "Down payment," enter the amount of your down payment (if you’re buying) or the amount of equity you have (if refinancing). A  is the cash you pay upfront for a home, and  is the value of the home, minus what you owe.

On desktop, under "Interest rate" (to the right), enter the rate. Under "Loan term," click the plus and minus signs to adjust the length of the mortgage in years.

On mobile devices, tap "Refine Results" to find the field to enter the rate and use the plus and minus signs to select the "Loan term."

You may enter your own figures for ,  and , if you don’t wish to use NerdWallet’s estimates. Edit these figures by clicking on the amount currently displayed.

The mortgage calculator lets you click "Compare common loan types" to view a comparison of different loan terms. Click "Amortization" to see how the principal balance, principal paid (equity) and total interest paid change year by year. On mobile devices, scroll down to see "Amortization."

» MORE:

The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

The variables are as follows:

Determining what your monthly house payment will be is an important part of figuring out how much house you can afford. That monthly payment is likely to be the biggest part of your cost of living.

Using NerdWallet’s mortgage calculator lets you estimate your mortgage payment when you buy a home or refinance. You can change loan details in the calculator to run scenarios. The calculator can wells fargo debit card atm withdrawal limit you decide:

Mortgage lenders are required to assess your ability to repay the amount you want to borrow. A lot of factors go into that assessment, and the main one is debt-to-income ratio.

Your  is the percentage of pretax income that goes toward monthly debt payments, including the mortgage, car payments, student loans, minimum credit card payments and child support. Lenders look most favorably on debt-to-income ratios of 36% or less — or a maximum of $1,800 a month on an income of $5,000 a month before taxes.

» MORE:

If your mortgage payment included just principal and interest, you could use a bare-bones mortgage calculator. But most mortgage payments include other charges as well. Here are the key components of the monthly mortgage payment:

Typically, when you belong to a homeowners association, the dues are billed directly, and it's not added to the monthly mortgage payment. Because HOA dues can be easy to forget, they're included in NerdWallet's mortgage calculator.

The mortgage calculator lets you test scenarios to see how you can reduce the monthly payments:

Your monthly payment can go up over time if:

Источник: https://www.nerdwallet.com/mortgages/mortgage-calculator/oklahoma

Mortgage Recasting: Can It Save You Money?

If you have enough extra cash in the bank to make a lump-sum payment and you want to reduce your monthly mortgage bill, mortgage recasting might be a good option for you. We’ll walk you through the mortgage recasting process, let you know which types of loans qualify and help you decide whether it’s the right fit for your financial needs.

What Is Mortgage Recasting?

Mortgage recasting bank of oklahoma mortgage calculator the process of reducing your mortgage balance through a lump-sum payment, and then making smaller monthly payments until you pay off your loan. Unlike mortgage refinancing, mortgage recasting does not change your loan term or your interest rate—you’ll simply have a lower monthly payment, but you’ll also save on interest payments over the life of the loan.

Say, for example, you recast a 30-year, $400,000 mortgage with $350,000 remaining by paying a lump sum of $100,000 five years after the loan was originated. Recasting the loan would involve amortizing the remaining $250,000 balance over the remaining 25-year term. Under these circumstances, the monthly payment—assuming a 3.5% interest rate—would decrease from $1,796 to $1,252 following the recast.

If your lender doesn’t offer recasting, you can make a lump-sum payment on your mortgage on your own. Doing so will decrease your loan balance, but your monthly payments will stay the same. Still, you’ll be able to pay off your loan early if you go this route.

How Does Mortgage Recasting Work?

Follow these steps to recast your mortgage:

  1. Contact your lender to determine your eligibility. Not all lenders offer mortgage recasting, so it’s important to confirm availability with your lender before setting aside funds. What’s more, some types of mortgages (like those backed by the Bank of oklahoma mortgage calculator Housing Administration and Department of Veterans Affairs) are not eligible for recasting. Your lender also will be able to tell you if your mortgage is eligible.
  2. Save money for an extra payment. In addition to confirming that your mortgage can be recast, find out if your lender has a minimum lump-sum payment. This amount is typically between $5,000 and $10,000, but may be a percentage of your outstanding mortgage balance—usually up to 10%. Based on your lender’s mortgage recast requirements, save money for your lump-sum payment before continuing with the process.
  3. Request to recast your loan. When you’re ready to proceed with the recasting process, submit a formal request to your lender. Note that many lenders charge a fee of up to $500 for recasting, but this fee varies. That fee is significantly lower than you’d pay to refinance your home loan. Once approved, make your lump-sum payment against your outstanding mortgage balance.
  4. Continue making payments. After recasting your mortgage, your monthly loan payment will be lower based on the remaining balance. However, the recasting process can take weeks to complete once you’ve made your payment, and it’s important to continue regular payments in the meantime. Once you receive notification that your mortgage was recast, start making your newly calculated payments.

Types of Loans That Can Be Recast

If you want to save on your monthly payments—while keeping your current interest rate—mortgage recasting can be an excellent alternative to refinancing. That said, not all lenders offer the service and not all loans are eligible for recast. For example, conventional mortgages and jumbo mortgages can be recast, but FHA loans and VA loans cannot.

Eligibility of Loans for Recast

What To Keep In Mind Before Recasting Mortgage

Even if your mortgage is eligible to recast and your lender offers the service, it may still not be the best fit for your unique financial circumstances. Before recasting, consider your:

  • Financial circumstances. If you have a large amount of cash on-hand, you may wish to recast your mortgage. That said, it’s wise to consider whether you’ll need that money for other large expenses. Also evaluate whether there have been any changes (like a reduction in income) that might make you ineligible for a popular alternative to recasting—mortgage refinancing.
  • Creditworthiness. One of the main perks of mortgage recasting is that it results in a lower monthly mortgage payment. However, if your credit score has improved substantially since you took out your mortgage, you may qualify for a lower interest rate. In this case, refinancing your mortgage—rather than recasting—can save you money while extending the loan term and reducing your monthly payment.
  • Current interest rate. Likewise, if mortgage rates are significantly lower than when you first mortgaged your home, it may make more sense to refinance instead of recast.

Is Recasting a Mortgage a Good Idea?

Mortgage recasting may be a good idea if you:

  • Have cash on-hand. If you have money saved up or receive a cash gift or inheritance, recasting your mortgage is an excellent way to invest in your home equity while keeping more of your income each month.
  • Want lower monthly payments. By recasting your mortgage, you’ll reduce your loan principal and reduce your monthly payment amount.
  • Won’t qualify for a more competitive interest rate. The ability to keep your current rate when recasting a mortgage makes it an excellent option for borrowers with poor credit or low income.
  • Purchased a new home before selling the old. In this situation, you can use the funds of your home sale to recast your new mortgage.

Alternatively, you may want to consider refinancing your home if you:

  • Don’t have the money for a large lump-sum payment. Refinancing a mortgage doesn’t require you to make a large one-time early payment against your mortgage principal. Keep in mind, however, that you will likely have to pay closing costs if you refinance your mortgage—but these can often be added onto your new mortgage, rather than paid upfront.
  • Want a shorter loan term. Even though you’re making a large payment on your mortgage, you won’t be rid of the loan any sooner when you recast.
  • Could qualify for a lower interest rate. Recasting a mortgage does not impact your interest rate or modify your loan term. If your credit has improved—or mortgage rates have fallen—since your mortgage was issued, consider refinancing instead.
  • Need cash for other major expenses. Bank of oklahoma mortgage calculator you’ll need cash to cover upcoming expenses, tying it up in a mortgage recast may be unwise. Instead, consider a cash-out refinance that will enable you to refinance your mortgage and borrow additional cash.

Was this article helpful?

Thank You for your feedback!

Something went wrong. Please try again later.

Источник: https://www.forbes.com/advisor/mortgages/mortgage-recasting/

Oklahoma Mortgage and Refinance Rates

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Oklahoma Mortgage overview

By Dhara Singh

Oklahoma is one of the most affordable markets for homebuyers, with a median home value of $132,465 as of June 2020, according to Zillow. Homes for sale in some of the top cities — including Oklahoma City, Edmund and Tulsa — have median list prices roughly between $220,000 and $285,000, realtor.com reports.

First-time homebuyer programs in Oklahoma

The Oklahoma Housing Finance Agency (OHFA) has a variety of programs to assist those who want to purchase a home in the state. Here are some of the options for affordable mortgages and down payment assistance.

OHFA Homebuyer Down Payment Assistance

The Homebuyer Down Payment Assistance program helps first-time homebuyers in Oklahoma by offering 3.5 percent of the loan amount toward the down payment and closing costs. Through OHFA, homebuyers can obtain the down payment assistance and a 30-year, fixed-rate mortgage, which can be a:

  • Conventional loan
  • FHA loan
  • USDA loan
  • VA loan

The down payment assistance is available only to first-time homebuyers in certain areas and all other buyers in other targeted locations.

The maximum purchase price varies, but can be as high as $453,100, depending on where the home is located and the type of loan. You must have a credit score of 640 or higher and be able to meet household income requirements.

There are also special mortgage interest rates and terms available for first-time buyers in occupations that serve the public good, including teachers, first responders and Oklahoma state employees.

OHFA 4TEACHERS – You must have a current teaching certificate from the Oklahoma State Department of Education and a contract with any accredited public school or private school in the state to qualify.

OHFA SHIELD – This program assists homebuyers who are working in jobs that serve the public welfare of Oklahoma citizens. For 2020, the purchase price limit is $294,600 and the home must be a primary residence. Down payment assistance of 3.5 percent of the mortgage amount is available.

Borrowers must meet household income requirements based on the county and family size, and the maximum debt-to-income ratio can’t exceed 45 percent. You’ll need a credit score of 640 or higher.

Here are the eligibility requirements for each category of first responder:

Firefighters – If you’re currently a firefighter for an Oklahoma municipality, or if you’re a volunteer firefighter with a volunteer fire department, you may be eligible for favorable OHFA SHIELD interest rates and terms on a home mortgage.

Law enforcement – If you’re a police officer, patrol officer, sheriff or otherwise currently working in law enforcement for an Oklahoma municipality, or you are a volunteer or reserve law enforcement officer, you may be eligible for the special OHFA SHIELD mortgage rates for first responders. You must be CLEET-certified.

Emergency medical services – Paramedics and EMTs currently employed bank of oklahoma mortgage calculator an Oklahoma EMS provider may be eligible for an OHFA SHIELD mortgage.

State employees – You can also qualify for an OFHA SHIELD mortgage if you are currently employed by an Oklahoma State Agency.

Oklahoma mortgage refinancing

The Oklahoma Housing Finance Agency doesn’t currently offer a mortgage refinancing program, but with interest rates at record lows, Oklahoma borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.

In addition, homeowners who are having difficulty paying their mortgage can seek counseling from a variety of HUD housing counseling agencies and consumer counseling agencies in the state.

Oklahoma mortgage resources

Источник: https://www.bankrate.com/mortgages/mortgage-rates/oklahoma/

Mortgage Rates in Oklahoma

5 affordable places to live in Oklahoma

While the entire state of Oklahoma is affordable compared to the rest of the country, there are places that offer more bang for your buck than others.

1. Okmulgee

Okmulgee is ranked eighth on Niche's list of the most diverse places in Oklahoma. With plenty of amenities and access to outdoor areas like Okmulgee Lake, this town offers a slower pace of life without giving up the luxuries you'll find in more urban areas. Plus, the median home value is extremely affordable at $65,900, a staggering $118,800 lower than the national median of $184,700. Tax-Rates.org lists property taxes at 0.56% of a property's fair assessed market value, which could also contribute to the high rate of home ownership here.

2. Ponca City

Named after the Ponca tribe, Ponca City has a population of 24,424, comprised of families, young professionals, and retirees. The city offers lots of dining and other attractions, perhaps most notably Standing Bear Park, Museum and Education Center. Kay County's property taxes are 0.71%, one of the lowest rates in the country, according to Tax-Rates.org. About 63% of residents own their homes, with a median home value of $93,700.

3. Altus

Altus is home to Altus Air Force Base, and offers residents above-average schools, plus parks and restaurants. The median home value is $85,500, much lower than the national median. Property taxes in Jackson County are 0.64%, lower than the state average of 0.74%.

4. Sperry

Sperry is a suburb of the major city of Tulsa, and ranks third on Niche's list of suburbs with the lowest cost of living in Oklahoma. Home costs are some of the lowest on our list, coming in at a median value of just $70,500. Property taxes, on the other hand, are the highest in Tulsa County at 1.06%. About two-thirds of residents own their homes.

5. Muskogee

About 50 miles from Tulsa, Muskogee is another affordable city, albeit one made famous by the enduring Merle Haggard hit "Okie from Muskogee." With a median home value of $91,200, it's more affordable than most of the state. Property taxes are also an affordable 0.70%, slightly lower than the state average. More than half of residents own their homes, and Muskogee schools are rated average.

Regardless of where you settle in Oklahoma, shopping around for a mortgage will lower your housing costs. To help secure the most competitive rates and terms, work on improving your credit score and lowering your debt-to-income ratio in order to attract the best offers.

Источник: https://www.fool.com/the-ascent/mortgages/rates/OK/

Get prequalified or preapproved for a mortgage

Close

Important Loan Information

All loans subject to credit approval. Rate shown for the 7/6 mo. Adjustable Rate Mortgage (ARM) is fixed for the first seven (7) years. This product has a 30-year amortization and requires 84 monthly payments of $3,482, followed by bank of oklahoma mortgage calculator monthly payments of $3,438. With an ARM loan, the rate is variable and may increase or decrease every 6 months after the initial fixed rate period based on changes to the index. This could result in an increase in the monthly payment. The monthly payments shown do not incldue amounts for taxes and insurance premiums, so the actual payment obligation may be greater. Rates shown assume standard mortgage qualifications, underwriting requirements, and Automatic Payment discount. Automatic Payment discount of 0.125% off the standard rate requires applicants to establish automatic mortgage payments from their new or existing Bank of the West personal checking or savings account. For ARM loans, the discount is applicable only during the initial fixed-rate period. All terms and conditions applicable to the checking or savings account apply, including fees and minimum opening deposits. Example based on purchase of owner-occupied, one unit, single family residence in Los Angeles, California with a loan amount of $800,000, 80% loan-to-value, and minimum 740 FICO score. The actual rate and APR will vary based on your credit history, property location, loan amount, loan term, discount points and other finance charges, and may be different than the rates displayed here. Other products and terms are available. Additional fees, conditions, and restrictions may apply. These rates are intended bank of oklahoma mortgage calculator informational purposes and are not an offer to extend consumer credit.

Источник: https://www.bankofthewest.com/personal-banking/loans/mortgage-purchase.html

Notice: Undefined variable: z_bot in /sites/msofficesetup.us/bank/bank-of-oklahoma-mortgage-calculator.php on line 136

Notice: Undefined variable: z_empty in /sites/msofficesetup.us/bank/bank-of-oklahoma-mortgage-calculator.php on line 136

3 Replies to “Bank of oklahoma mortgage calculator”

  1. What is the minimum amount they will provide because I am willing to become pilot it cost 40. lacs

Leave a Reply

Your email address will not be published. Required fields are marked *