If you are planning to buy a home in OKC then you will have to spend a lot of time searching for a lender to avail of an easy home loan. Though you can find several private lenders in this city but a small variation in their rate of interest can make a difference of thousands of dollars until you repay the loan completely. In this situation, the Bank of Oklahoma can be a good option in this regard. This bank offers various types of home loans as per your requirement.
Variety of home loans offered by Bank of Oklahoma
Traditional home loans
Traditional home loans from the Bank of Oklahoma can be the best option for those searching for an easy and quick home loan with the best services to the customers. You can easily buy your new home as soon as possible with the help of conventional home loans offered by the Ban of Oklahoma as you can qualify for this loan just by depositing 3% of the total price of the home as a down payment. For conventional home loan in OKC, you will have to deposit a 3% down payment which is less than the down payment for an FHA loan. It is available only for the single unit of the primary home which you must be buying for the first time. Any income limit does not apply to this loan.
Bank of Oklahoma offers FHA or Federal Housing Administration supported loans for the people who do not have perfect credit and want to pay a lower down payment. You can be eligible for this loan just by depositing a 3.5% down payment. It will allow you to build the equity of your house after taking this mortgage loan. In this way, it is the best home loan for people who have a credit score of more than 600, a bit less than a perfect credit score. Thus loan can help you to buy a home even if you do not have enough savings just by qualifying for this home loan.
Jumbo size home loan
Jumbo home loan offered by the bank of Oklahoma can allow you to buy your dream home. This loan allows you to buy real estate up to $3,000,000. It is one of the most flexible mortgage loans as it allows you to buy any home of your choice. This loan is available for both adjustable interest rates and fixed rates if it is more than $480,000.
Build and lock program
If you want to construct a house according to your requirements then the Lock and Build Program of the Bank of Oklahoma can be the best option for you. You can construct a new home by using the lock option on the extended rate of interest. Its rate of interest can be locked for nearly 270 days when you are building a new home. This loan program allows a drop in the rate of interest within 45 days of the expiry of the lock period if either the construction of the home is completed or the rates in the market go down earlier.