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First National Bank of Oklahoma would like to welcome you to the Home Loan Department.

This department offers many types of products for the purchase or construction for new residences, second homes or investment properties. Also, we offer products for the refinance of current homes for home improvements, debt consolidation or cash-out of equity.

A home is the most valuable asset you can have and the purchasing and refinancing process can be a frustrating experience. We at First National Bank of Oklahoma want to ensure you this process does not need to be frustrating with the assistance of our home loan specialist. We can offer fast and easy pre-approvals before you begin shopping for that new purchase or considering that refinance by contacting our home loan specialist.

Contact us for more detailed information.



Products

There are many different types of home loan products available to fit your needs. Loan terms can range from 10 to 30 years with either fixed or adjustable rates. We offer competitive rate and fees with a no fee lock-in rate protection up to 70 days. Extended locks are available with lock-in fee.

Different products available consist of:

  • Conventional Loans – Fixed interest rate for term of loan.
     
  • FasTrak Home Loans
    • 15 Year In-House loans
    • Quick local approvals
    • FasTrak Closings in 2-4 weeks approvals
    • Fixed interest rates
    • Up to 80% loan to value for qualified borrowers
    • No Escrows
    • Purchases or Cashout Refinances
    • Construction to Permanent single closings
    • Owner Occupied Dwellings Only
    • Available in the following Oklahoma counties: Kay, Osage, Noble, Grant, Garfield

  • 5 or 7 Year Balloon Loans – Fixed interest rates for first 5 or 7 years then balance re-amortized for remaining term of loan at current market rates.
     
  • Stated Income/No Ratio Loans – Products that are based on minimum credit score and income stated on application for qualification.
     
  • Interest Only Loans– Products with interest only payments for first three to ten years of loan.
     
  • No Income No Asset Loans – Product that is based on minimum credit score and no documentation of income or assets required for qualification.
     
  • Adjustable Rate Products – Products that may have interest rate adjustments every 6 months, 12 months or after first 3, 5, 7 or 10 years. Adjustments may be protected with interest rate caps of 1% to 2% per adjustment period and 5% to 6% for lifetime rate adjustment. Typically new rates are determined by margin varying from 2.25% to 2.75% plus index based on Treasury bill or libor index. Some adjustable rate programs may offer a conversion to fixed rates after the initial 3, 5, 7 or 10 year fixed term for a $250.00 conversion fee.
     
  • Low or No Down Payment Products – Products that may be based on a minimum credit score that allows financing of 97% to 100% of sales price plus up to 3% of closing costs. These products may only require a borrower to contribute $500.00 of their own funds to transaction.

Contact us for more detailed information.



Questions & Answers

Please click on the questions below to view the answers.

Q: What information is needed to apply for a home loan?

Q: What is the difference between pre-qualifying and a pre-approval?

Q: How long does the home loan process take?

Q: How do I know how much my closing costs will be?

Q: What is the difference between loan origination fee and discount points?

Q: How can it be determined if discount points should be paid?

Q: Will I be able to include my homeowners insurance and property tax in my monthly payment?

Q: Are all home loan rates and closing costs the same?

Q: Is the seller able to assist with paying closing costs and pre-paid fees?

Q: What is PMI?

Q: Will First National Bank of Oklahoma service my loan?

Q: Can I have my home loan payment automatically taken out of my checking account?

Q: Am I allowed to make a lump-sum principal payment on my home loan?

Q: Is it possible to borrow additional funds on a home loan if I own my home?




Resources

The following links may be helpful:


FDIC
FIRST NATIONAL BANK OF OKLAHOMA
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