If you’re in the market for real estate, you won’t get too far without a banker. A good banker will be your guiding hand through the mortgage process, whether you’re buying your first or your tenth home. Texoma is chock full of bankers, but there’s a huge difference between an average one and a great one.
Finding a mortgage is probably the least exciting part of purchasing a home, but it’s also not to be taken lightly. A small mistake in your mortgage could cost you thousands of dollars and set back your dream of mortgage-free living.
Here are some things you should think about before speaking with a potential banker about homeownership:
Decide on a fixed, variable, or hybrid interest rate
Depending on the interest rates you are offered, a different type of rate may work better for you. If you find an excellent rate and only foresee it increasing in the future, then the peace of mind of a fixed interest rate will probably work best. However, your banker will be able to help you weigh all your different options at the given time.
Interest rates vary from lender to lender, and can vary widely between banks and mortgage brokers. One percentage point makes a big difference in the overall cost of your loan, so you want to shop around. Don’t be afraid to get pre-qualified or check your eligibility with several bankers before making your final decision.
Choose a repayment term
In Texoma, you can choose a repayment term up to 30 years, and that’s the term that many people choose. However, depending on your income and down payment, consider choosing a shorter term. Even lowering your term by 5 to 10 years can shave thousands off of your total interest payment and will make you debt-free that much sooner. Talk to your banker about what you can afford.
If you’re having trouble deciding, here are three lenders that we recommend to our Texoma clients:
TONYA ROBERTSON | Mortgage Loan Officer
Phone : 405.503.3149
Website : http://TRobertson.bank2.bank
CHOCTAW HOME FINANCE
Choctaw Home Finance
Phone : 580-326-7521
Website : http://www.choctawhomefinance.web-loans.com/
Phone : 405-542-7905
Website : https://skastner.firstunitedteam.com/
GATEWAY MORTGAGE GROUP, LLC
Phone : (580) 634-9226
Website : https://www.gatewayloan.com/loan_officers/brooke-fields/
Phone : (620) 870-2964
Website : https://www.geminifunding.net
Phone : (580) 920-1272
Website : https://branches.guildmortgage.com/ok/durant/david-jones-907-dddj.html
Phone : +1 (469) 340-6451
Website : https://movement.com/lo/jason-stier/
Phone : (580) 931-0808;6503
Website : https://www.visionbankok.com/about-us/locations/durant