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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Refinancing your mortgage can mean great savings for you and
your family. Replacing your existing mortgage with a lower
interest loan, changing the term of your loan, or even
consolidating all your debts into this new loan could save you
money, both monthly and over the life of the loan.
The rule of thumb is when interest rates are 1.5 to 2% lower
than you are currently paying on your mortgage, it's time to
consider refinancing.
Would Refinancing Be Worth It?
Refinancing can be worthwhile, but it does not make financial
sense for everyone. There are a number of items to consider,
such as how long you plan to stay in the house. Most sources say
that it takes at least 3 years to fully realize the savings from
a lower interest rate, given the costs of the refinancing.
Refinancing can be a good idea for homeowners who:
* Have an adjustable-rate mortgage (ARM) and want a fixed-rate
loan to have the certainty of knowing exactly what the mortgage
payment will be for the life of the loan. * Want to build up
equity more quickly by converting to a loan with a shorter term.
* Want to draw on the equity built up in their house to get cash
for a major purchase or for their children's education.
What Are the Costs of Refinancing?
Costs can vary significantly from area to area and from lender
to lender, so the following are estimates only. Your actual
closing costs may be higher or lower than the ranges indicated
below.
Application Fee $75 - $300. This charge imposed by your lender
covers the initial costs of processing your loan request and
checking your credit report.
Appraisal Fee $150 - $400. This fee pays for an appraisal, which
is a defensible estimate of the value of the property.
Survey Costs $125 - $300.
Homeowner's Hazard Insurance $300 - $600.
Lender's Attorney's Review Fees $75 - $200. The lender will
usually charge you for fees paid to the lawyer or company that
conducts the closing for the lender.
Title Search and Title Insurance $450 - $600. This charge will
cover the cost of examining the public record to confirm
ownership of the real estate, and the cost of an insurance
policy.
Home Inspection Fees $175 - $350.
Loan Origination Fees 1% of loan. The origination fee is charged
for the lender's work in evaluating and preparing your mortgage
loan.
Mortgage Insurance 0.5% - 1.0%. Depending on the type of loan
you have and other factors, another major expense you might face
is the fee for private mortgage insurance.
Points 1% - 3%. Points are prepaid finance charges imposed by
the lender at closing to increase the lender's yield beyond the
stated interest rate on the mortgage note. One point equals 1%
of the loan amount.
Prepayment Penalty. A prepayment penalty on your present
mortgage could be the greatest deterrent to refinancing. The
mortgage documents for your existing loan will state if there is
such a penalty. In some loans, you may be charged interest for
the full month in which you prepay your loan. In the future,
always make sure there is NO prepayment penalty.
In Conclusion
A homeowner should plan on paying an average of 3 - 6 % of the
outstanding principal in refinancing costs, plus any prepayment
penalties and the costs of paying off any second mortgages that
may exist.
Whether or not that is a wise decision is purely a numbers
matter.
About the author:
Visit Refinance Mortgage to learn more. Ron King
is a full-time researcher, writer, and web developer. Copyright
2005 Ron King. This article may be reprinted if the resource box
is left intact.