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

While the law doesn’t require you to be a football fan to live in Stillwater, Oklahoma, it sure helps! Stillwater is home to Oklahoma State University, where football is king and has been for decades. The town of Stillwater is much more than just the university, however. It has become an almost perfect town to live in that is both small Oklahoma town and growing city. It is located almost halfway between Oklahoma’s two largest cities, Tulsa and Oklahoma City. If you already call Stillwater home, now is a great time to check out the rates on a home equity loan or a complete refinance. If you are thinking about moving to this great little town, you are probably in need of a mortgage. Here are a few helpful tips on getting the best deal you can the next time you visit a lender.

Refinance

If you are seriously looking to refinance your current mortgage, one aspect of your financial life that the lender is going to take a long, hard look at is called your debt-to-income ratio. This handy little number shows the lender how much debt you have compared to how much income you have. Don’t worry, you don’t need a perfect ratio to get approved for your refinancing, but the better the ratio is, the better message it sends to the lender that you are a mature, responsible adult who is ready to take on the responsibility of a refinanced mortgage.

The first thing the bank is going to want from you is a complete list of all your debts. And they want all of them, everything from leftover student loans that you might still be paying off to your car loan to your credit card debt, including store credit cards. You’ll report all of this to your lender, along with all of your income information, including any sources of income that you might have that come from someplace other than your job, and the lender will use that information to decide if you are approved for your refinance, and if you are, what sort of terms it feels comfortable offering you.

Mortgage

Your debt load is even more important when you are going for your initial mortgage. When you refinance, you already have a proven track record of paying off your mortgage month by month. When you are going for that first mortgage, the only payment history that you probably have is through your credit cards. That’s why it is important to stay out of debt as much as you can when you are thinking about buying a home. Don’t buy a car and keep a chokehold on your credit card debt. Most people don’t realize it, but buying a car and then trying to buy a home a few months after puts an unrealistic strain on your credit and your debt load. Most banks will either turn you down flatly or give you terms you don’t want. Keep your debt load clear and getting your first mortgage will be a breeze.

Home Equity Loan

When you apply for your home equity loan, the lender you choose will try to figure out what percentage of your monthly income goes towards paying your debt. The lender will then figure out if your income can handle paying an extra bill per month (your home equity loan payment). That’s why it is so important to keep a car loan either paid off or non-existent and the number of credit cards you have to an absolute minimum. You don’t want to give up on credit cards, because they are a great way to build and improve on your credit, but don’t let them run your life.

If you would like more information on getting a home equity loan, a refinance, or a first-time mortgage, please fill out the form below and one of our experts will contact you shortly.

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