Mortgages: About.com Guide to banking/loans Justin Pritchard has a much more extensive look at home mortgage loans, but in general, the most popular types of mortgages in Oklahoma City include:
- Fixed Mortgages - Typically available in 15 or 30 year terms, these mortgages are the least risky and the most common. Though payments and rates can be higher than some other options, the monthly payment amounts are set in advance and do not vary.
- Adjustable Rate Mortgages - These riskier mortgages allow the rate to fluctuate. Typically, you get a lower initial rate, but the gamble is that it adjusts in a certain period of time. If it adjusts substantially upward, it can often create a hardship.
- Interest Only Mortgages - Because you are not paying on the principal of the loan at all, these mortgages typically result in a smaller monthly payment. However, it can create a situation where you build little to no equity in your home.
However, keep in mind that rates change on a daily basis. In addition, a number of factors such as credit score and down payment amount can effect your rate. Check this chart from About.com for the most current numbers, and consult your bank or mortgage broker.
Banks and Mortgage Brokers: Always do your research and shop around before selecting a bank or broker for your mortgage needs. The best rates are only part of the equation; often, brokers are only middlemen and approving on behalf of another lending institution. Don't be afraid to ask questions, don't allow yourself to be pressured into a decision, and look for references.
In Oklahoma City, there are countless banks and mortgage brokers, but you can begin your research by contacting the National Association of Mortgage Brokers or the Oklahoma Mortgage Brokers Association. In addition, the Oklahoma State Banking Department offers listings of banks, credit unions and savings & loans.
