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  HOME ABOUT US FAQ RESOURCE CENTER CONTACT US LOCATE MORTGAGE LENDERS January 06, 2009

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Mortage Terms


  > Closing
Also known as settlement this is the time at which the property is formally sold and transferred from the seller to the buyer it is at this time that the borrower takes on the loan obligation pays all closing costs and receives title from the seller.
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  > Rehabilitation mortgage
A mortgage that covers the costs of rehabilitating repairing or Improving a property some rehabilitation mortgages - like the FHAs 203k - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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  > Refinancing
Paying off one loan by obtaining another refinancing is generally done to secure better loan terms like a lower interest rate.
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Did You Know?    
 
 
Lender Will Usually Require Mortgage Insurance
If your down payment is less than 20% of the value of the house the lender will usually require mortgage insurance. The insurance policy covers the lender’s risk in the event that you do not make the loan payments. Typically you will pay a monthly premium along with each month’s mortgage payment. Your private MI can be canceled at your request in writing when your reach 20% equity in your home.

 

 
   Mortgage Lender Resources
Contact our Oklahoma Mortgage Lenders


If you live in the following cities and need a mortgage lender you should contact our Oklahoma mortgage lender as soon as possible:

  • Ada
  • Altus
  • Ardmore
  • Bartlesville
  • Bethany
  • Broken Arrow
  • Chickasha
  • Choctaw
  • Claremore
  • Collinsville
  • Duncan
  • Durant
  • Edmond
  • El Reno
  • Enid
  • Guthrie
  • Lawton
  • Mcalester
  • Miami
  • Muskogee
  • Mustang
  • Norman
  • Oklahoma City
  • Okmulgee
  • Owasso
  • Ponca City
  • Sand Springs
  • Sapulpa
  • Shawnee
  • Stillwater
  • Tahlequah
  • Tulsa
  • Yukon
       
 
Did You Know?    
 
 
Lender Will Usually Require Mortgage Insurance
If your down payment is less than 20% of the value of the house the lender will usually require mortgage insurance. The insurance policy covers the lender’s risk in the event that you do not make the loan payments. Typically you will pay a monthly premium along with each month’s mortgage payment. Your private MI can be canceled at your request in writing when your reach 20% equity in your home.

 
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Oklahoma Audio & Video    
 
  Brokers Urge New Scale For Jumbo Mortgages
Audio, RM, 48 Kbps, 2:58:00 AM, 8/19/2005

Reporter Scott Horsley reports on federally sponsored underwriters Fannie Mae and Freddie Mac back mortgages up to $369,000. Without federal underwriting, home buyers pay a higher interest rate.
Source: National Public Radio
 
 
Oklahoma External Sites    
 
 

OIG Oklahoma Audit Reports - HUD
We surveyed First Mortgage Company (lender), Oklahoma City, Oklahoma, because of its high number of defaults and claims. The lender is the largest ..

 


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The information provided on Oklahoma City Mortgage Lenders.com is not intended to be mortgage advice, but merely conveys general information related to mortgage issues commonly encountered.

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