Guide to Refinance, Mortgage,
& Home Equity Loans in
Moore, Oklahoma (OK)

Moore, OK is part of the Oklahoma City Metropolitan Are, as it is located less than 20 minutes from downtown Oklahoma City, the Will Rogers World Airport, the University of Oklahoma and Tinker Air Force Base. It is a rapidly growing suburb with a population approaching 55,000. Moore has a variety of recreational facilities, a community center, a senior citizens center, playgrounds, neighborhood parks, and a community swimming pool. Does this sound like a great place to live? Consider relocating to Moore.

Purchasing a new house is a big decision. After you’ve found the home of your dreams in Moore, the next step is to find someone to help you with your lending needs. An experienced loan officer will be able to help you through the entire loan process.

What to Expect at the Initial Meeting

You will need to bring basic information to your initial meeting with your loan officer. This information, along with the reason you need a loan, is essential to start the loan process. With this information, your loan officer will be able to determine what type of loan you will qualify for. It will be necessary for you to provide a lot of personal and financial information. A Verification of Employment form will be filled out by your employer and a Verification of Deposit form will be sent to your banks. With the information on these forms and your pay stubs, present housing costs, tax records, credit history, and any other assets you may have you will be able to fill out the loan application form. Your loan officer will be able to answer any questions that may arise during the process.

Available Loans

Your loan officer will be able to advise you on what types of loans are available and if you will qualify for any of them. Common types of loans include fixed rate, adjustable rate, balloon, and interest only loans.

● A fixed rate loan has the same interest rate throughout the duration of the loan. This means that your monthly payment will never vary.

● An adjustable rate loan has an interest rate that varies depending on the interest rate at the time of pre-determined intervals. Your monthly payments can increase or decrease at this time.

● A balloon loan has a low interest rate but has to be paid in full at the end of 5 years. This can be accomplished by either a lump sum payment or the sale of the home itself.

● An interest only loan allows your payments to include interest only for a specified period of time. At that point the principal is added and your payments increase.

Already Own a Home in Moore, OK?

Existing homeowners can benefit from either a refinance loan or a home equity loan. Refinancing your original mortgage at a lower interest rate obviously will lower your monthly payment and free up money that you can use for other expenses such as medical costs, credit card bills, and education costs. Another option is using the equity you’ve earned in your home to obtain a home equity loan. These loans can either be in a lump sum or a line of credit. This money can be used for remodeling or repair of your home, unexpected bills, a new car, or even a family vacation.

To qualify for a refinance loan or home equity loan you will have to go through the same loan application process that you would for a new mortgage.

Final Step

The final step is the closing. It is important that you bring a form of identification to the closing. You also need to be prepared to sign your name to multiple documents. Your initial down payment and payment of any necessary fees will be done at this time also. At the end of this meeting, you will be the proud owner of a new home, a refinance loan that lowers your monthly payment, or a home equity loan that will help you with your expenses.

To get help with your lending needs, contact our office today to set up an appointment with one of our knowledgeable loan officers.

Other Oklahoma (OK) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

(Click on any city name below for more information on finding a local or national lender near you & saving money!)

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