Fixed-Rate Mortgages | WEOKIE Federal Credit Union (2024)

FAQ About Fixed-Rate Mortgages in Oklahoma

• How does a Fixed-Rate Mortgage work?

  A fixed-rate mortgage is a simple, stress-free home loan option. You borrow an amount of money known as the loan principal and pay it back in equal monthly installments over your chosen loan term. Fixed-rate loan terms can be 15, 20, or 30 years. A 10-year option is also available but is usually for a refinance.

  The rate you get is based on many factors including:

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  • Your credit score
  • Your loan term (shorter term gets lower rate)
  • Current market rates

  We want to ensure that our members have the best opportunity to make informed decisions, and the Mortgage Lending Experts with WEOKIE are always available to guide you through the process.

• Why choose a fixed-rate mortgage?

  A fixed-rate mortgage means your interest rate and monthly payment will stay the same through your entire loan term, apart from any changes to your property taxes or insurance.

  • Long-term and monthly budgeting is easy.
  • Your rate isn't affected by changes in the markets and economy.
  • If rates go down in future, you can explore a mortgage refinance.

  You might consider an adjustable-rate mortgage (ARM) if you're only planning to stay in your home a short time and/or want a lower, fixed starting rate and payment before your rate starts adjusting with the markets.

• What are the advantages of mortgage loan pre-approval?

  With our exclusive Power Buyer program, you get pre-approved, and your low rate is locked in. You can then focus on finding your ideal home without worrying about the financing.

  • Compete in today's market with a rate lock and fully underwritten pre-approval.
  • Show you’re ready to buy.

  Your home buying process will be faster, so you and the sellers can get to the closing table more quickly and easily.

• What is a rate lock?

  From the time your loan is pre-approved until the time you close on your home, rates can go up. With our exclusive Power Buyer program, you can lock in the rate you're offered at pre-approval.

  Lock N’ Shop keeps you safe from rate hikes while you look for your perfect home.

  • Available for Adjustable-Rate Mortgages and Fixed-Rate Mortgages.
  • Rate locks for 90 days.
  • If rates dip, you have the option of a one-time float down during the 90-day lock.

• How can I work out my monthly payment?

  You can use our purchase calculators to see how much monthly payment and purchase price you can afford.

• What is the mortgage process?

  Our experts are here to guide you through the mortgage process! First, choose your loan type and term based on:

  • Your income
  • Your down payment
  • Whether you want a shorter loan term and higher payment to pay off your loan faster, or a longer loan term and lower payment to make monthly budgeting easier

  Next, apply online and get pre-qualified for your fixed-rate mortgage with a likely starting rate. If approved for pre-qualification, we move to the next steps:

  • We'll process your application, verify all your documents, and request proof of income.
  • We need to order an appraisal of the home and a title search to check for any liens, plus check your flood certification if needed.
  • When all this is done, we complete the underwriting process to finalize your loan approval.
  • Then we close on your mortgage!

• What documents are needed for a fixed-rate mortgage?

  The documents you need may vary depending on your situation, but here's our handy checklist so you can prepare:

  • Your current residence address, or addresses, for the past two years
  • Social Security numbers for all borrowers
  • Your employment history for the past two years – you'll need your employer(s) name, address, and phone number
  • Income information for all borrowers – you'll be asked to include salary, overtime, bonuses, commissions, interest/dividend, retirement income, and any other regular source of income
  • Details about your rental or home ownership history
  • If you own any other real estate, we'll want to know the address, current market value, amount you owe, amount of rental income you receive (if any), and what your monthly payment is
  • Information about your current debts – we'll ask for the name of the creditor, the account number, the current balance owing and the amount of your monthly payment

  We are here to help you find the right option to fit your needs. Give us a call at 405-235-3030 or apply online today.