Mortgage Loans in Oklahoma: What You Need to Know

Getting the right home starts with the right home loan. With terms from 10 to 30 years, Focus Federal Credit Union offers a range of mortgage loans in OKC to fit your budget and goals. Our team will explain your options and work with you, so you can fulfill your dream of owning your own home.

The Complete Mortgage Process in OKC

Whether you’re a first-time home buyer or looking to upgrade, knowing what to expect and how to approach the mortgage process is integral to home buying. Each mortgage timeline runs on its own schedule, but from start to finish, you need about three to five months to secure a property and mortgage loan in OKC.  

Mortgage Pre-approval

While finding a new home can be exciting, buying too much house can leave you financially overwhelmed. That’s why you need to check your finances and set a budget when you’re planning to buy a new home. When you apply for pre-approval, you’ll answer questions, including those about income, assets, and debts. Focus Federal Credit Union will pull your credit report to get a complete picture of your financial situation to determine how much you can afford. 

Find a Property

Because you know your budget, you’re ready to begin looking for a new home. Now comes the best part — finding your new home. Connect with a real estate agent when you start viewing properties. An agent can help narrow your search and show you properties in your price range.

Make an Offer

Your real estate agent will help you submit an offer and begin negotiating with the seller once you find a home you love. If necessary, your proposal will contain contingencies allowing you to walk away from the deal. Common contingencies include:

  • Appraised home value in relation to the loan amount
  • Home inspections don’t find significant issues 
  • You can secure final mortgage approval

How to Apply for a Mortgage in Oklahoma

Now you’re ready to apply for a mortgage loan in OKC. As you compare options, it’s necessary to understand interest rates and how they impact your monthly payment. Much of the documentation you provided to get prequalified is used for your mortgage application. You may need to provide additional materials. 

Underwriting Process

Mortgage underwriters will give final approval for your mortgage. During the verification process, they look at your assets and finances and verify your property details. They access your application and will either accept, reject, or approve it with conditions. Once approved, you’ll receive a Closing Disclosure that provides you with everything you need to know about your loan, including your monthly payment, down payment, interest rate, and closing costs

Closing Procedures for Mortgage Loans in Oklahoma

Once your loan is approved, it’s time to attend a closing meeting. Bring your Closing Disclosure, a valid photo ID, a down payment, and a check for closing costs. You’ll have a chance to ask any last-minute questions about your loan.

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
Mortgage Tax $5