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Oklahoma Mortgage Bank First Time Home Buyer
First-Time Home Buyer Frequently Asked Questions
If this is your first home purchase, you probably have several questions regarding the home buying process. While the steps and terminology may seem confusing, our team of Oklahoma Mortgage experts is here to assist you every step of the way. Below, you will find a few of our First-Time Home Buyers most frequently asked questions about the mortgage step of the home buying process. Our staff at Oklahoma Mortgage Bank has provided answers to these questions and is here to answer any other questions you may have.
How much money will I be asked to pay upfront?
Because several factors make up the upfront costs of a home, this amount varies greatly. The two main factors that make up the upfront costs are the down payment and closing costs. Down payments vary depending on the price of the home and the mortgage program you choose. Closing costs are the fees associated with the actual processing of your home loan. These fees include: appraisal or inspection, title search, attorney, insurance and points. Usually closing cost range between three and six percent of the total loan value.
How much should I save for a down payment on my future house?
Unfortunately, down payments are not a one-size-fits-all matter. The exact amount required for a down payment will depend on the price of the home you choose to purchase as well as the mortgage program you choose. For example, FHA Loans only require home buyers to put down 3.5%,* while conventional loan programs can require up to 20%.* There are also mortgage programs available that do not require any down payment amount. However, do not let low down payment percentages mislead you; a low down payment percentage is often accompanied by a higher interest rate.
Can I still purchase a home if I do not have the money for a down payment?
Yes! You CAN still purchase a home without money for a down payment. In addition to loan packages that require “no down payment”, certain government insured mortgages such as FHA Loans allow you to receive down payment funding through gifts. Gifts that go towards funding a down payment can come from the seller, non-profit organizations or a variety of other down payment assistance programs.
How do I find out if I qualify for a mortgage program?
To find out which mortgage programs you are eligible for, contact Oklahoma Mortgage Bank at (800) 308-8503 or fill out a form on the left-hand side of the page. One of our expert loan officers will assist you promptly and get you well on your way toward home ownership.