Mortgage & Home Loans

FAQ About Home Loans in Oklahoma

• What home loan financing does WEOKIE offer?

  WEOKIE offers flexible financing to purchase a home, refinance, or tap into your home equity. Our home loans include:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Jumbo loans
  • ITIN loans
  • Unique home loans
  • Home loan refinancing
  • Home equity loans
  • Home equity line of credit (HELOC)

   

• Why should I consider getting pre-approved before buying a home?

  You should consider pre-approval because:

  • Many realtors will not show you a home unless you're pre-approved. They want to know if you're serious about buying and that you have the ability to buy.
  • Getting pre-approved tells you what price range you can afford, helps you evaluate the monthly costs of a mortgage, and let's see how much of a loan you can get.
  • The pre-approval will give you some leverage when negotiating with the sellers.

  Fill out this quick mortgage form to be taken to our mortgage center to learn more and get pre-approved today!

• Can I refinance my existing home loan that I have through another lender?

  Yes! Our goal is to help you keep your hard-earned money in your pocket. If you have a home loan somewhere else, we may be able to reduce your monthly payments. 

  Be aware that when you refinance your first mortgage, you get a new mortgage to replace the old one – and that means a new set of closing costs. For an estimate of the closing costs, please contact a WEOKIE Mortgage Loan Officer at 405-235-3030 or 1-800-678-5363 or fill out this contact form and a rep will contact you.

• Can I get a home loan if my credit is less than perfect?

  We strive to provide affordable home loan options for all. Contact a WEOKIE mortgage professional to discuss your situation so that we can find the best option for your situation.

• Why can WEOKIE offer lower rates than some other lenders?

  WEOKIE is a not-for-profit credit union, not a bank. While banks are focused on earning a profit for its stakeholders, we focus on returning our profits to our members by offering lower fees and lower interest rates.

• Are there any other benefits of becoming a WEOKIE credit union member?

  Yes, when you join WEOKIE as a member, you become a part-owner of our credit union. In addition to great home loan rates, you become eligible for exclusive discounts, financial education resources, and premier online banking services.

  Another reason to finance your home with us is that we look beyond the numbers to the person filling out the application. We consider other factors beyond your current credit score when we review your application.

• Can I get a home loan if I have an ITIN and not an SSN?

  Yes, we can help you if you have an Individual Tax Identification Number (ITIN) rather than a Social Security Number (SSN). At WEOKIE we are committed to supporting everyone in our community in their financial journey. Learn more about ITIN Mortgage

  Whether you're looking to purchase a home, refinance, or access home equity, WEOKIE has options for applying with an SSN or ITIN. We offer the same great products, affordable fees, and terms. If you're ready to get started, WE are ready to help you finance your next major purchase.

• How can I apply for my home loan?

  We know your time is valuable, so we’ve made applying for a WEOKIE home loan easy and convenient with our online application process. We have 13 locations and you can apply in person, at a branch, or over the phone by calling us at 405-235-3030 or 1-800-678-5363.

• How long does the loan process take?

  Our simple online application takes only about 15 to 20 minutes to complete. We’ll contact you – often the same day you apply – on the status of your pre-approval. 

  • Once you're pre-approved, you can contact a Realtor and start looking for your home.
  • You can lock in an interest rate for up to 120 days while you are house hunting.
  • Once you find a home and your offer is accepted, you need to formally apply for your home loan and then we check all your documents and credentials in the underwriting process.
  • The underwriting and closing process may take around 30 days.

   

• What are the advantages and disadvantages of fixed-rate vs. adjustable-rate mortgages (ARMs)?

  You can choose which type of home loan is right for your needs. Here's what to keep in mind:

  • Fixed-rate mortgages may offer peace of mind because you know your rate and the monthly payment will stay the same for the life of the loan (apart from any changes in your taxes or insurance).
  • The disadvantage is that you will have the same rate even if rates start to drop. In that case, to get a lower rate, you’d need to refinance your mortgage.
  • Adjustable-rate mortgages give you a fixed rate for the initial period of your loan so your monthly payments are more affordable for the first years of your loan. 

  • That initial rate is often lower than what you can get with a fixed-rate mortgage and so an ARM is helpful when market rates are high, or if you plan to own your home for a short time only.

  • The disadvantage of an ARM is that once your initial period is finished, your rate will adjust with the market and may go up or down.

   

• What is a home equity loan or line or credit for?

  The most common use for a home equity loan or home equity line of credit is to pay for major home renovations and remodeling. When you use the funds for home improvements, the interest you pay may be tax-deductible. 

  In addition, you can use a home equity loan or line of credit for:

  • Car repairs
  • Medical and dental bills
  • New appliances
  • Weddings and vacations
  • Tuition
  • Debt consolidation and much more!

   

• When do I need a jumbo loan?

  You need a jumbo loan if you plan to purchase a home that costs more than the amount or limit set by the Federal Housing Finance Agency. When the purchase price goes above that limit, it is known as a non-conforming loan.

• What is PMI and how can I avoid it?

  PMI is private mortgage insurance, and you generally need to pay it if your down payment is under 20%. The PMI is designed to help the lender in case you can't pay your mortgage. 

  If your down payment is under 20%, there are other types of loans that offer ways to avoid paying PMI. For example, you can pay a higher APR in exchange for no PMI.

• What if I can't find the loan I need?

  We offer a range of unique loans to cater to everyone's different needs, wants, lifestyles, and financial situations. If you don’t see what you’re looking for, please reach out to our mortgage loan team so they can assist you.  You can fill out this mortgage form and a rep will contact you, or give us a call at 405-235-3030 or 1-800-678-5363

• What insurance requirements do you have for home loans?

  All properties secured by a mortgage require proof of homeowners insurance. If your property is located in a flood zone, we will require proof of flood insurance coverage too.

  Note that you may change insurance companies, but you'll need to let us know anytime changes are made to the insurance coverage. Before you make any changes to your deductibles or coverage, contact us to see if there are any restrictions or limitations.

• Can I pay my own real estate taxes and homeowners insurance on my WEOKIE mortgage?

  Borrowers with a loan to value less than 80% may request to waive the escrow account requirement and pay these items themselves with WEOKIE approval. 

  Loan amounts with a loan to value greater than 80% require an escrow account for the payment of real estate taxes and insurance. In this case, real estate taxes, homeowners' insurance, and PMI, if applicable, are added to the monthly payment and held in escrow. The tax and homeowners' insurance bills are sent directly to WEOKIE and paid by WEOKIE when due. With some exceptions, WEOKIE does not require an escrow account, and the taxes are paid by the borrower.

• What is an escrow account?

  An escrow account is established to hold money collected by WEOKIE to pay your hazard insurance, property taxes and, if required, PMI insurance premiums when they are due. This is sometimes called an "impound account."

  WEOKIE usually requires escrow payments every month to ensure that they have enough to pay the insurance and taxes for you. This is a way for WEOKIE to make sure its collateral is secure.

  • Find out the current taxes from the county treasurer website or from the seller
  • Find out your current homeowner’s insurance payments from your insurance agent
  • If your loan requires PMI insurance, contact your WEOKIE Mortgage Loan Officer

   

• What are my closing costs for my mortgage?

  The specific amount of your closing costs will vary. A home loan often involves many fees, including third-party fees, government fees, and lender fees along with escrows for taxes and hazard/homeowners insurance.

  If you’d like more information, please contact a WEOKIE Mortgage Loan Officer.  You can fill out this mortgage form and a rep will contact you, or give us a call at 405-235-3030 or 1-800-678-5363

• How does WEOKIE determine what rate I get for my home loan?

  Our lending team will take into account your overall financial situation and work with you to get the best mortgage rate possible. 

  In general, your annual percentage rate (APR) is based on your:

  • Credit score – higher scores get lower rates
  • Loan-to-value (LTV) ratio – lower LTV gets lower rates
  • Your chosen loan term – shorter terms get lower rates than longer terms.

   

• How can I qualify for a better mortgage rate?

  Before you apply for your mortgage, you can find out your credit score and take any possible steps to improve it. For example, you could: 

  • Consolidate high-interest debt with a personal loan or low-interest balance transfer card.
  • Make sure you don't have any outstanding payments or liens.
  • Work to lower your credit utilization rate, which is how much of your available credit you've used.
  • Ideally, you want to use less than 30% of your credit across all of your accounts.

   

• Will I get the same interest rate for a fixed-rate and adjustable-rate mortgage (ARM)?

  The rates on these mortgage types are different. Here's how they work:

  • A fixed-rate mortgage comes with higher rates because you get the security of knowing you'll have the same rate and monthly payment through the life of your loan, so budgeting is easy.
  • If you lock in a higher rate when you purchase your home, you can refinance later to see if you can get a lower rate for the remainder of your loan term.
  • An ARM offers you a lower fixed rate than a fixed-rate mortgage, but only in the initial period of your loan.
  • After your initial period is over, your rate adjusts with the market on a schedule. For example, it might adjust every 5 or 15 years.

   

• How can I choose between a fixed-rate and adjustable-rate mortgage?

  If you're not sure which to choose, an ARM offers a lower rate right now and is a good option if you plan to move, sell, or refinance in the short term. You can take your chances that market rates will be lower when your rate starts adjusting.

  A fixed-rate mortgage means you get the same rate for the life of your loan, which is great if you lock in a low rate when you purchase your home. But it does mean you're stuck with a higher rate if market rates drop in future—unless you refinance your mortgage.

  At WEOKIE, we want everyone to be able to buy the home they need, and we work hard to help our members do just that. Talk to our home loan experts today so that we can help you make the right choice.

• Will I get the same mortgage rate for a home purchase that I would for a mortgage refinance?

  Oklahoma refinance rates tend to be similar to purchase rates, but the exact rate you get may depend on your financial situation, including if you have a down payment for your refinance and your current loan-to-value (LTV).