Fixed-Rate Mortgages | WEOKIE Federal Credit Union (2024)

FAQ About Fixed-Rate Mortgages in Oklahoma

  • A fixed-rate mortgage is a simple, stress-free home loan option. You borrow an amount of money known as the loan principal and pay it back in equal monthly installments over your chosen loan term. Fixed-rate loan terms can be 15, 20, or 30 years. A 10-year option is also available but is usually for a refinance.

    The rate you get is based on many factors including:

    • Your credit score
    • Your loan term (shorter term gets lower rate)
    • Current market rates

    We want to ensure that our members have the best opportunity to make informed decisions, and the Mortgage Lending Experts with WEOKIE are always available to guide you through the process.

  • A fixed-rate mortgage means your interest rate and monthly payment will stay the same through your entire loan term, apart from any changes to your property taxes or insurance.

    • Long-term and monthly budgeting is easy.
    • Your rate isn't affected by changes in the markets and economy.
    • If rates go down in future, you can explore a mortgage refinance.

    You might consider an adjustable-rate mortgage (ARM) if you're only planning to stay in your home a short time and/or want a lower, fixed starting rate and payment before your rate starts adjusting with the markets.

  • With our exclusive Power Buyer program, you get pre-approved, and your low rate is locked in. You can then focus on finding your ideal home without worrying about the financing.

    • Compete in today's market with a rate lock and fully underwritten pre-approval.
    • Show you’re ready to buy.

    Your home buying process will be faster, so you and the sellers can get to the closing table more quickly and easily.

  • From the time your loan is pre-approved until the time you close on your home, rates can go up. With our exclusive Power Buyer program, you can lock in the rate you're offered at pre-approval.

    Lock N’ Shop keeps you safe from rate hikes while you look for your perfect home.

    • Available for Adjustable-Rate Mortgages and Fixed-Rate Mortgages.
    • Rate locks for 90 days.
    • If rates dip, you have the option of a one-time float down during the 90-day lock.
  • You can use our purchase calculators to see how much monthly payment and purchase price you can afford.

  • Our experts are here to guide you through the mortgage process! First, choose your loan type and term based on:

    • Your income
    • Your down payment
    • Whether you want a shorter loan term and higher payment to pay off your loan faster, or a longer loan term and lower payment to make monthly budgeting easier

    Next, apply online and get pre-qualified for your fixed-rate mortgage with a likely starting rate. If approved for pre-qualification, we move to the next steps:

    • We'll process your application, verify all your documents, and request proof of income.
    • We need to order an appraisal of the home and a title search to check for any liens, plus check your flood certification if needed.
    • When all this is done, we complete the underwriting process to finalize your loan approval.
    • Then we close on your mortgage!
  • The documents you need may vary depending on your situation, but here's our handy checklist so you can prepare:

    • Your current residence address, or addresses, for the past two years
    • Social Security numbers for all borrowers
    • Your employment history for the past two years – you'll need your employer(s) name, address, and phone number
    • Income information for all borrowers – you'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income, and any other regular source of income
    • Details about your rental or home ownership history
    • If you own any other real estate, we'll want to know the address, current market value, amount you owe, amount of rental income you receive (if any), and what your monthly payment is
    • Information about your current debts – we'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment

    We are here to help you find the right option to fit your needs. Give us a call at 405-235-3030 or apply online today.

Fixed-Rate Mortgages | WEOKIE Federal Credit Union (2024)

FAQs

Fixed-Rate Mortgages | WEOKIE Federal Credit Union? ›

While costs will always vary between institutions, when it comes to mortgage loan rates, credit unions often have much better rates. Credit unions are able to offer low mortgage rates, much lower than banks, because they borrow against themselves, being responsible to their own depositors vs.

Are mortgage rates better with credit unions? ›

While costs will always vary between institutions, when it comes to mortgage loan rates, credit unions often have much better rates. Credit unions are able to offer low mortgage rates, much lower than banks, because they borrow against themselves, being responsible to their own depositors vs.

What's the current fixed mortgage rate? ›

The current average mortgage rate for a five-year fixed rate mortgage is 5.04%, unchanged from last week.

Should I fix for 2 or 5 years? ›

5 year fixes allow you to take advantage of rates for a longer period, and avoid the hassle and cost of remortgaging every 2 years. You could also benefit from any house price appreciation, which can increase your equity and improve your loan-to-value ratio, making you eligible for lower rates when you remortgage.

Why did my mortgage go up if I have a fixed rate? ›

The benefit of a fixed-rate mortgage is that your interest rate stays consistent. But your monthly mortgage bill can still change — in fact, it generally fluctuates at least a little bit every year. Rising home values and insurance premiums have caused unusually dramatic increases for some homeowners in recent years.

Is it easier to get approved for a mortgage at a credit union? ›

Even closing costs can be lower with a credit union than with a bank. The entire mortgage application and underwriting process should be much quicker and easier with a credit union due to its close-knit structure.

What is a good rate on a mortgage? ›

As of June 12, 2024, the average 30-year fixed mortgage rate is 6.99%, 20-year fixed mortgage rate is 6.78%, 15-year fixed mortgage rate is 6.20%, and 10-year fixed mortgage rate is 6.07%. Average rates for other loan types include 6.87% for an FHA 30-year fixed mortgage and 7.02% for a jumbo 30-year fixed mortgage.

Is a fixed rate mortgage a good idea now? ›

If you are worried about how high your monthly mortgage payments could rise in the future, then fixing your mortgage rate remains a sensible choice. It means that it is important to shop around to find the best fixed-rate mortage deal as rates could remain elevated for some time.

What bank has the lowest mortgage rates? ›

Lenders with the best mortgage rates:
  • JP Morgan Chase: 4.81%
  • DHI Mortgage Company: 5.58%
  • State Employees' Credit Union (SECU): 5.79%
  • Navy Federal Credit Union: 6.08%
  • Wells Fargo Bank: 6.12%
  • Citibank: 6.20%
  • Pennymac: 6.29%
  • Cornerstone Home Lending: 6.29%
3 days ago

Are mortgage rates going to drop? ›

The 30-year fixed mortgage rate is expected to fall to the mid-6% range through the end of 2024, potentially dipping into high-5% territory by the end of 2025. However, recent economic developments have led some forecasters to believe that rates will remain elevated at around 7% for the remainder of this year.

Should I fix my mortgage now in 2024? ›

The mortgage rate forecast for 2024 is that rates are expected to go down, although it may take longer than had previously been hoped. In June 2024, we're seeing a mixed picture with the best mortgage rates on fixed rate mortgages; some are nudging up while others are being trimmed.

Will interest rates go down in 2024? ›

Rates also increased dramatically last year, though they trended back down toward the end of 2023. As inflation comes down, mortgage rates will recede as well. Most major forecasts expect rates to go down later in 2024.

Should I lock in my mortgage rate today? ›

Once you find a rate that is an ideal fit for your budget, lock in the rate as soon as possible. There is no way to predict with certainty whether a rate will go up or down in the weeks or even months it sometimes takes to close your loan.

Why did my escrow go up $400? ›

Escrow Changes

Changes in the price of your property taxes or homeowners insurance are among the most common causes of a mortgage payment increase. These funds are traditionally held in an escrow account connected with your mortgage payment.

Does your mortgage go up if your homeowners insurance goes up? ›

If you pay your homeowners insurance expenses as part of your monthly mortgage payment, an increased premium rate can raise your monthly mortgage payment amount and have a major impact on your finances.

Can you refinance a fixed-rate mortgage? ›

Yes, you can refinance a 30-year fixed mortgage. By doing so, you could secure a lower interest rate, which might reduce your monthly payments. It's a common choice if rates have dropped since your original mortgage was issued or if your financial situation has improved and you now qualify for better terms.

Do credit unions pay better interest than banks? ›

On average, credit unions offer higher saving rates and lower loan rates. This could help group your savings grow faster and your loan will cost less. Credit unions also tend to charge lower fees, require lower deposit balances and offer better service.

Do you get better mortgage rates with your bank? ›

Getting a mortgage from a bank

However, any lender you select won't necessarily have the best rates available to you, even your own bank. It's important to compare mortgages before selecting a lender directly, as they'll only be able to offer you the best option from their own range.

Is it better to go with a local bank for a mortgage? ›

The benefits of selecting a local lender are many. After you apply, the loan underwriting tends to be a lot quicker. That is because they have a deep understanding of the markets they serve and use this information to help you. Plus, local lenders tend to offer better rates as well as other types of financial services.

Is it better to go through a lender or bank? ›

Key insights. Mortgage lenders and banks both offer mortgages, but mortgage lenders often provide more options and a faster underwriting process. Banks provide a wide range of financial products, mortgages included, but don't have as personal of an approach.

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