Mortgage Loan in OKC

Peace of mind is a valuable resource when it comes to your home mortgage. We know just how important it is to get the details right so that you’re set up for long-term success. We’ll explain all of your options thoroughly, go through all the ins and outs with you, and help you make the choice that’s right for you. We’d love to be your choice for a mortgage loan in OKC.

If you would like more information about our First-Time Homebuyer Program, click here.

Typical Closing Costs for Mortgages and HELOCs
Appraisal $300 – $485
Title Report $75 – $100
Recording Fees $55
Flood Certification $10
Processing Fee $250
Underwriting Fee 0.50% of loan amount
Credit Report Fee $50
Tax Service Fee $225
Mortgage Tax 0.01% of loan amount

FAQ’s

  • What type of mortgages do you offer?
    • We offer 15-year conventional mortgages, 10-year conventional mortgages, land loans, Home Equity Loans (AKA 2nd Mortgages), and HELOCs.
  • What type of documents do I have to provide for a mortgage?
    • Your mortgage officer will normally request two recent pay stubs, W-2 form for wage earners, or the last two years’ tax returns for self-employed borrowers. If you are also selling the current house you are living in then an insurance declaration page, and your most recent mortgage statement will also be requested.
  • What does my credit score need to be to qualify for a mortgage?
    • The minimum for most mortgages is a 640 but for land loans & investment properties, it is a 680. If your score is below 640, we have options to help improve your credit score. Give us a call.
  • How long do pre-approvals take?
    • We can have pre-approvals done in less than 24 hours once we have received all the required documentation.
  • Do I need a down payment?
    • Conventional loans require at least a 5% down payment.
  • Do you offer down payment assistance programs?
    • Yes! We work with several down payment assistance programs for everyone from first-time buyers to people who have owned a home in the past that will help cover the down payment and possibly even some of the closing cost!
  • When is the rate locked for the mortgage?
    • Rate will be locked at initial disclosures once you are pre-approved.
  • What is Escrow and do I have to have it?
    • Escrow is set up to pay your homeowners insurance, property taxes, PMI, Flood Insurance, and HOA dues. You only have to have an Escrow if you have PMI but can choose to have one for any first mortgage.
  • What is PMI?
    • PMI is private mortgage insurance that is federally required until your LTV (Loan to Value) drops to 80% and below. At 80%, the PMI can be removed and in conclusion, it will lower your monthly mortgage payment.
  • How long does it take to get a mortgage?
    • It typically takes an average of 30 to 40 days from putting in the application to closing day for the mortgage.
  • Does Focus Federal Credit Union sell their mortgages on the market after closing?
    • No! We keep and service all of our mortgages here.
  • Does Focus have an early payment penalty?
    • Feel free to make as many extra payments as you would like and pay it off as early as you want.
  • What are closing costs?
    • Closing costs are fees paid for services performed in connection to your loan. Some examples are the appraisal fee, title fees, and recording fees. Some of these fees are paid by the buyer and are paid by the seller. If you are working with a realtor, they can help you negotiate some of these fees with the seller. There is also the possibility to have some closing costs taken care of if you are using down payment assistance.
  • What type of mortgage should I get?
    • That is what we are here for! Call us today at 405-230-1328 and ask to speak to one of our mortgage loan officers. We will walk you through all of your options highlighting the pros and cons of each option to help you decide which route is best for you!