How to Get a Home Mortgage in Oklahoma

Purchasing your first home can sound a little frightening, but it really is an easy process. Most likely you will want to get an Oklahoma home mortgage loan to pay off the expenses of the property. There are some steps that you must follow to get an Oklahoma home mortgage loan.

Instructions

Difficulty: Easy

1. Request an online credit report, and review it for any blemishes. Clear these up before applying for a loan.
2. Check out the state of Oklahoma and the federal government’s programs for homeownership assistance that are offered to veterans, disabled, low-income buyers, single parents, senior citizens, and rural home buyers. In Oklahoma, some of these include the Home Investment Partnerships program, Continuous Rural Origination program, the Economic Development Initiative program and the Home of Your Own program.
3. Visit these government Web sites for other homeownership assistance programs:
   • Oklahoma Homeownership Overview
   • USDA Oklahoma Rural Development programs
   • Oklahoma Homeownership Assistance programs
   
4. Search for lenders who can tell you exactly which homes you can afford, and offer great interest rates and terms. Check your local credit unions and banks, as well as mortgage brokers and online lenders.
5. Select your preferred lender and get pre-approved for your home loan. You need to gather the required documentation such as credit reports, tax returns and forms, stocks and bonds, bank account numbers, and other various documents specified by the lender.
6. Get a real estate agent and look for a home. Realize that in Oklahoma, a real estate agent is only required to represent the seller and not the buyer.
7. Finalize your loan, and put a formal offer on the home that you want to buy.
8. Close on the home, and pay all applicable legal and closing fees. The lenders will send you payment booklets or documents shortly.
   
   

Tips & Warnings

• Make sure you shop around for the lowest interest rates. Even one quarter of a percent can mean thousands of savings over a 30-year mortgage.
• Have your future home inspected by a professional. Find problems that may exist before the deal is finalized.
• Do not let a real estate agent coerce you into buying a home you don’t want, as they may have another agenda.
• Before you sign anything, make sure that you thoroughly understand all the terms of the mortgage contract.
• Do not pay a lender to apply for a loan. No reputable lenders engages in this practice.
• Be sure that the title of the home is clear of liens before you purchase it.
• Recent low interest rates have led to many unethical lending and loan scams. Have an attorney review any documents before you sign them. Be aware of predatory lending where a lender intentionally coerces consumers into contractual loans with unusually high payment terms and interest rates, often directed at uninformed borrowers or those with poor credit.