Current Oklahoma Mortgage and Refinance Rates

Although each lender gets to determine exactly how it will assess you as a borrower, there are several factors determining mortgage rates that almost all lenders use. Here are a few tips to help you move those factors in the right direction, so that you can get the best mortgage rate:

1. Boost your credit. Your credit score signals to lenders whether you’re a low- or high-risk borrower. In general, the higher your score, the lower the rates lenders are likely to offer you.
2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is also a way for lenders to assess risk: In this case, it’s based on how heavy of a debt load you carry. If you can lower your DTI — for instance by increasing your income, paying off some debts or getting a cosigner — you’re more likely to see low rate offers.
3. Buy a single-family, site-built home. Lenders also associate certain home types with increased risk. If you’re looking for the best rates, avoid buying a manufactured home, a multifamily property, a vacation home or an investment property.
4. Pay for mortgage points. Mortgage points are a way to “buy down” your interest rate. Typically you’ll make a payment of 1% of your loan amount in exchange for an interest rate reduction of up to 0.25 percentage points. It can help to think of this as an upfront interest payment that reduces your total interest charges over the long haul.
5. Compare offers from multiple lenders. A very simple way to save money is to shop for your best rate. That means gathering loan estimates from three to five lenders, and comparing the loan terms they offer you. This straightforward method can help you choose the loan with the lowest rate and save you thousands of dollars, according to LendingTree data.

→ Oklahoma conventional loans. Conventional loans are the traditional choice of borrowers with decent credit. However, they may not be within reach for all, as the minimum requirements are fairly strict — only borrowers with at least a 620 credit score can qualify.

→ Oklahoma FHA loans. FHA loan requirements are more forgiving, and borrowers with credit scores as low as 500 can qualify; that said, you’ll have to put 10% down to qualify when your score is between 500 and 579. If making a smaller down payment is your priority, you’ll need at least a 580 credit score to access FHA loans that require only 3.5% down.

→  Oklahoma VA loans. VA loan requirements are designed to put homeownership in reach for active duty service members and veterans. Qualified military borrowers with a qualifying service record can purchase or refinance without making a down payment or paying for mortgage insurance.

→  Oklahoma streamline refinances are loans — like an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL) — that let you refinance with less paperwork and documentation. That’s why these loans are called “streamline”: They’re typically faster and easier to qualify for than standard refinances. However, you can only access them if you’re refinancing from an FHA loan into another FHA loan, or from a VA loan into another VA loan.