Loan Options

Home Loan Options for Oklahoma City, OK Property Owners

Financial Concepts Mortgage has spent the last 20 years helping clients afford their dream home. We are the premier mortgage lender in Oklahoma City, OK. Our home loan options are diverse and catered to our client’s specific needs. We pride ourselves on fostering positive relationships with clients like you. Suppose you are a first-time homeowner, a previous homeowner, or you need to refinance. In that case, we can assure you there is a solution. Our team will work tirelessly to find one. Most importantly, we are a locally-owned mortgage bank, ensuring you receive the personal touch you deserve. Our team knows there is no one-size-fits-all mortgage. Searching for the right mortgage has never been easier.

We Proudly Offer A Diverse Collection of Home Loan Options

Over the years, we have learned the importance of providing our clients with more than enough options. No two situations are the same. That means you can rely on our team to assess your financial situation and suggest a mortgage that works for your current situation and future plans. We offer the following loan options to homebuyers in Oklahoma, Kansas, Texas, Arkansas, and Alabama:

• Conventional Loans
• Down Payment Assistance Loans
• FHA Loans
• Section 184 Loans
• USDA/RHS Loans
• VA Loans

Fixed-Rate Vs. Adjustable-Rate Loans

There are many mortgage types, but fixed-rate and adjustable-rate mortgages are the most common. You can count on our team to assess your situation and suggest the best mortgage for your budget and long-term outlook when you come to us. We have years of experience, enabling us to explain the details to our clients. You can choose between:

Fixed-Rate Mortgages: If you choose a fixed-rate mortgage, your interest rate will never change, meaning the monthly principal and interest payment stays the same.

Adjustable-Rate Mortgages: Homeowners who opt for an adjustable-rate mortgage will experience variable interest rates. Generally, the interest rates and payments rise over time.

The Advantages and Disadvantages of Fixed-Rate Mortgages

Fixed-rate mortgages are an attractive option to homeowners for many reasons. The biggest is security. You will stay protected with a fixed-rate mortgage if national interest rates rise. This stability is a massive plus because interest rates will rise and fall over the years. It will be much easier to budget with a fixed-rate mortgage. It is easier to compare loan options with a fixed-rate mortgage, making the process easier for homebuyers. There are disadvantages, though. The drawbacks of this type of mortgage include:

• You will not benefit financially when interest rates fall.
• There is no lower introductory fee.
• The rates are much higher than adjustable-rate home loans.
• Many homebuyers will not qualify for them.

The Pros and Cons of Adjustable-Rate Mortgages

Since many homebuyers do not qualify for a fixed-rate mortgage, there is another available option. Adjustable-rate mortgages differ from fixed-rate mortgages but offer numerous high-quality benefits. For instance, many adjustable-rate mortgages include an introductory period. Even if they don’t, the long-term advantages include flexibility, rate and payment caps, and the ability to save money when interest rates drop. The downsides of an adjustable-rate mortgage include:

• Your payments can potentially increase from year to year.
• It can be difficult to plan around them, and they carry more risk.
• Some adjustable-rate mortgages come with a prepayment penalty.
• They are complex.

We Help You Choose the Right Mortgage

If you qualify for a fixed-rate mortgage, you will have a choice ahead of you. We can help with that. You need to consider a range of factors when selecting a mortgage. For instance, you want to ask how large a mortgage you and your family can pay today. You always need to consider whether you would be able to handle interest rate hikes. Fixed-rate mortgages are better for long-term residents, so you should consider how long you plan to live in the house. Lastly, we can help you assess the status of the market and what direction interest rates are heading. The most important thing is to use our resources to help you make an informed decision about your future.

Trusted Mortgage Services Since 2001

We have helped home buyers purchase their dream homes since 2001. We genuinely care about our clients and enjoy helping them begin their homeownership journey. We can help you too. Whether you are a first-time buyer or on your second or third home, we offer the same degree of unparalleled customer support. Our friendly and knowledgeable mortgage experts act solely in your interests, ensuring you receive the best home loan for you and your family. Contact us today for more information.

Fixed-Rate vs. Adjustable-Rate Mortgages

Depending on your financial situation and the type of home loan you take out, you may have either a fixed-rate or adjustable-rate mortgage.

With a fixed-rate mortgage, your interest rate never changes for the life of the loan, meaning your monthly principal and interest payment stays constant. Adjustable-rate mortgages, on the other hand, have variable interest rates with the initial rate typically set below the market rate for a comparable fixed-rate loan. The interest rate will then rise over the life of the loan, increasing at a pre-arranged frequency. As the interest rate increases, your monthly mortgage payment may increase as well.