Oklahoma Mortgage Refinance

Oklahoma (population 3,579,212) median home value is $100,700 with individual towns reporting both higher and lower values. For example, Tulsa (74136) home values hover around $116,300, whereas home values in Oklahoma City (73170) run between $136,166 to $159,847. Homes in the “Sooner State” sell for at a wide range of prices. The median home sale price in Oklahoma is $130,400 whereas homes sell for an average of $128,700 in Oklahoma City. In the past, homes have sold for $104,500 in Yukon (73099) and $412,002 in Broken Arrow (74011). Finding the right mortgage refinance product in Oklahoma can be challenging if the borrower doesn’t understand the basics of mortgage refinance. One of the best ways to start is to evaluate financial goals and budget, understand mortgage products, rates and terms. Home owners in Oklahoma should consider whether they plan to stay in their home for more than 10 years to determine which product is a good fit. Also, borrowers should determine if they prefer a fixed rate product where the rate is unchanged through the life the loan or an adjustable rate mortgage (ARM) where the rate may be lower and then fluctuates after the initial period. For example, a 30 year fixed rate mortgage in Oklahoma is 5.28% APR, whereas a rate on a 10/1 ARM is 4.48% APR. Home owners in Oklahoma are also eligible for several tax benefits resulting from mortgage refinance. Borrowers can deduct interest, points and property taxes on their annual return—which can equate to additional savings.