Oklahoma
Home Financing and
Mortgages
The Oklahoma housing market is currently benefiting
from historically low interest rates. Its economy is strong and as a result
the housing market is growing, The average house price in Oklahoma City, for
example, is up from $108,179 to $121,145 (2). Property priced below $100,000
is selling slowly so purchasers in this section of the market could be at an
advantage.
If you do need a mortgage to buy your dream home you’ll
have a dizzying choice of options available to you. Most of these plans will
fall into two categories, that of the fixed interest rate or adjustable
rate mortgage or ARM. If you go for the fixed rate option your repayments
will be the same for the duration of the repayment period. The ARM means an
initial period of a fixed rate of interest followed by a period of variable
interest payments. If you expect your income to increase in the future or
you intend to stay in the property only in the short term then the ARM could
be for you. The most common repayment terms are 15 and 30 years, though 10
and 20 are also available.
Another route to consider, if you need financial
assistance, is to approach the Oklahoma Housing Finance Agency. They work
with mortgage lenders throughout the state to provide 30 year low interest
fixed rate loans. They can also provide assistance to cover purchasing costs
and help with down payments.
Eligibility for this help is determined by income and
price limits. |
