Getting the Best Mortgage Rates in Tulsa (10-15-30-Year Fixed, 5/1, 7/1 ARM)
Named as the Best City for Young Entrepreneurs by Forbes, there are plenty of reasons for homeowners to start settling their roots in Tulsa.
With two universities, two world-renowned art museums, plenty of art deco architecture, live entertainment, and one of the best zoos in the nation, it may not be surprising that home prices are on an upward trend.
In fact, according to data from Trulia, median home sales have increased by $18,150, marking a 14 percent increase over the past year.
As home prices continue to increase, potential homeowners will want to make sure they find the best mortgage rates in Tulsa to keep homeownership affordable over the next few decades.
Conventional vs Adjustable Rate Tulsa Mortgages
Mortgage lenders in Tulsa provide a wide range of conventional and adjustable rate loan types, including those listed below.
Conventional Tulsa mortgages include:
- 10-year mortgage loans
- 15-year mortgage loans
- 20-year mortgage loans
- 30-year mortgage loans
A conventional mortgage rate in Tulsa is a loan that has a fixed-interest rate that won’t change throughout the life of the loan.
These types of Tulsa mortgage rates conform to established industry and regulatory guidelines based on size of the loan and your financial situation. Terms for conventional Tulsa mortgages typically range between 10 to 30 years.
Conversely, adjustable rate Tulsa mortgages will have fluctuating interest rates, meaning that if the real estate market begins to offer more favorable rates, so will your mortgage.
With typically shorter terms and the opportunity to get better Tulsa mortgage rates over time, these types of loans are popular options for homeowners looking to refinance existing Tulsa mortgages.
Adjustable rate Tulsa mortgages include:
- 5/1 ARM
- 7/1 ARM
- 3/1 ARM
What Influences Your Interest Rate?
There are plenty of factors that could make a difference in the rates you receive from mortgage lenders. Tulsa mortgages can be influenced by any of the following:
- Type of loan and term length
- Your credit score and history
- The overall amount of the loan
- The initial down payment amount
Tulsa mortgage rates will be primarily based on your credit score, since lenders use this to gage their level of risk, or whether a borrower will default on a loan.
In addition to the factors listed above, mortgage rates in Tulsa are constantly in a state of flux, meaning that the current financial market could easily impact Tulsa mortgage rates from one day to the next.
Additional Considerations for Tulsa Mortgage Tables
When searching for the best mortgage rates in Tulsa, there are a few additional pieces of information to keep in mind.
If you have a good, great, or excellent credit history and you are seeking a Tulsa mortgage rate for a loan totaling over $424,100, some lenders may be able to provide more competitive Tulsa home loans.
For this reason, it’s important to confirm current rates and terms on Tulsa mortgages before making a commitment.
Additionally, it’s also important to keep in mind that APR and payment estimates do not include state-specific taxes or required insurance premiums. As such, you should expect that your monthly Tulsa mortgage payment will be greater when taxes and insurance products are added.
Conclusion – Getting the Best Mortgage Rates in Tulsa
Buying your first home takes time, not only to find the best Tulsa mortgage rates, but also to go through the purchasing process itself.
From the time you submit an application until closing, most Tulsa mortgage lenders will need between 30-45 days to complete the proper paperwork. This means you will want to have some sort of plan to avoid additional expenses or unnecessary delays.
You should also consider applying a down payment of 20 percent or more, as many mortgage lenders will waive the costs of mortgage insurance on Tulsa home loans.
If you are planning to refinance an existing Tulsa mortgage, taking the time to compare refinance rates from multiple lenders can be instrumental in keeping long-term costs down.
Ultimately, finding the best mortgage rates and refinance rates will come down to understanding your unique financial situation and focusing on the long-term effects of mortgage rates in Tulsa.
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