To many, the name Oklahoma does not elicit any sort of amazing reaction. The only people who know just how great Oklahoma is are the people who have been there. Even simply passing through Oklahoma, it is hard to pass by all of the quaint shops and sweeping, rolling hills. The climate has a tinge of humidity in the air, which is welcomingly refreshing from all of the dryness present in the surrounding states. All of this beauty makes living in Oklahoma an easy decision. Unfortunately, however, many residents of Oklahoma are paying far too much each month on their mortgages. Many of these individuals may benefit from refinancing their current mortgage. Refinancing your mortgage is a process that requires individuals to obtain a new loan to pay the remaining balance on their existing home. This new loan is for a lower amount than the original loan, and it gives homeowners access to their equity. Refinancing also gives homeowners access to new loan rates and terms that were not around when they initially purchased their home. This process was designed to save homeowners money.
Quick Oklahoma Housing Facts:
- Percent of homeowners in Oklahoma: 68.4%
- Percent of renters in Oklahoma: 31.6%
- Median annual income in Oklahoma: $36,598
- Average credit score in Oklahoma: 666
- Best Oklahoma city to live in: Broken Arrow, OK
- Median Oklahoma home value: $70,700
When to Refinance in Oklahoma
Oklahoma residents must not hastily commit to refinancing, regardless of how attractive it sounds. There are a few important considerations that homeowners should make prior to finalizing a refinancing program. First, be sure to research the terms and conditions of both your current mortgage package and the new refinancing program. Be wary of hidden charges and costs. Many agencies label these costs as penalties, closing charges, or miscellaneous fees. Read all of the fine print to avoid having to pay for these very expensive charges. It is also important to be mindful of what is taking place in the current real estate market. If rates are lower than 1.5% less than what you are currently paying, then the time is right to refinance. If they are higher, you are taking the risk of losing money in a process that was designed to save you money.
How much house can I afford in Oklahoma
One of the biggest problems facing Oklahoma’s homebuyers is figuring out how much house you can afford. We offer a wide range of online calculators to help you determine how much you can afford. A couple things to remember when doing your calculations is to include Oklahoma property taxes, and other monthly obligations – including credit card debt.
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