Home Uncategorized Current BOK Mortgage Rates Reviews: Today’s Best Analysis

Current BOK Mortgage Rates Reviews: Today’s Best Analysis

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BOK has serviced the unique home-buying needs of Oklahoma residents for over 100 years and has grown into the largest bank in the state. This lender’s diverse selection of home loans are suited to a wide range of customers, including first-time homebuyers, moderate-to-low income borrowers and those with less than perfect credit.

BOK’s conventional fixed and adjustable-rate home loans feature some of the lowest down payment minimums around, allowing qualified borrowers to put as little as 3 percent down. Homebuyers who are looking for a face-to-face service environment can visit one of the bank’s physical branches or submit an application online and follow up in-person.

The biggest advantage of working with BOK is its impressive variety of mortgage products, which include conventional fixed and adjustable-rate, jumbo, FHA, USDA, and VA loans. They also offer a few unique specialty programs, such as its Native American Home Loans, which are available to members of a federally recognized tribe with down payments as low as 1.25%.

The bank’s Lock and Build Loans are perfect for financing the construction of your dream home, as qualified applicants can lock in a low interest rate for up to 270 days while the house is being built.

BOK Mortgage Facts

  • Considered the largest bank in Oklahoma
  • Offers a truly diverse selection of conventional, government-backed, and specialty mortgage products
  • Conventional loans can be secured with down payments as low as 3 percent
  • The website lacks specific product information on loan terms
  • Earned an A+ rating from the Better Business Bureau
  • Provides Native American Home Loans with highly competitive rates, even if your credit score is well below average

Overview

bok mortgage rates reviewBank of Oklahoma (BOK) can trace its roots back to The Exchange National Bank of Tulsa, which was founded in 1910. The bank changed its name in 1975 and moved its headquarters to a larger facility in Tulsa, Oklahoma, where it resides to this day. Bank of Oklahoma is an owned subsidiary of BOK Financial Corporation, which was acquired by George Kaiser in 1991 from the Federal Deposit Insurance Corporation. BOK Financial operates seven banks with physical branches in eight U.S. states.

Current Mortgage Rates

BOK Loan Specifics

BOK provides a diverse selection of mortgage products to its customers in Oklahoma, including conventional fixed and adjustable-rate, jumbo, FHA, VA, and USDA loans. This lender also offers several unique home financing programs for qualified borrowers, such as its Lock and Build mortgages and Native American Home Loans.

Fixed-Rate Loans

This conventional mortgage type features consistent interest rates and monthly payments over the full life of the loan, making it a solid choice for homebuyers that plan to settle down long-term. Most lenders require borrowers to put at least 5 percent down upfront, but BOK accepts down payments as low as 3 percent. Eligible applicants can secure an interest rate as low as 3.875 percent on a one-unit primary residence, though certain restrictions do apply.

Adjustable-Rate Loans

Unlike fixed-rate mortgages, this home financing solution is based on a variable rate that annually adjusts to market performance after an initial fixed-rate period. Although this type of mortgage is a bit less stable, it offers incredibly competitive interest rates during the first few years, which may benefit homebuyers that are unsure about their long-term plans. BOK accepts down payments of as little as 3 percent and allows borrowers to use gift funds to cover the amount.

Jumbo Loans

Borrowers looking to purchase an expensive home may benefit from this mortgage option, as BOK supplies jumbo mortgages for up to $3 million. This home loan is the best option for properties that exceed the maximum conforming limits set by the Federal Housing Finance Agency, which stands around $417,000 for BOK’s current service region. Jumbo mortgages can be negotiated as either fixed or adjustable-rate and can be used to purchase a second home or vacation property.

FHA Loans

This government-backed loan program is fully insured by The Federal Housing Administration and features some of the lowest available rates. Qualified homebuyers can secure an FHA loan for just 3.5 percent down, even with credit scores as low as 620. This mortgage option is quite popular with first-time homebuyers, but moderate-to-low income borrowers and those with less than perfect credit can also benefit from the program’s flexible eligibility requirements.

VA Loans

The Department of Veterans Affairs created this home loan program to help military veterans and service members secure affordable mortgage rates without having to make a sizeable down payment. This mortgage type comes with a 100 percent financing option and does not require borrowers to obtain mortgage insurance. VA loans also benefit from strict closing cost guidelines, which can significantly reduce the amount homebuyers pay upfront.

USDA Loans

Homebuyers interested in rural or suburban properties can take advantage of this flexible mortgage program, which features 100 percent financing options and low credit score requirements. The United States Department of Agriculture created this home loan program to support moderate-to-low income borrowers in less-developed regions of the country, who are often underserved by conventional lenders. USDA loans do not require down payments, though a credit score of 640 is needed to qualify for 100 percent financing.

Lock and Build Loans

This specialty mortgage streamlines the home building process by eliminating the need for multiple loans, allowing borrowers to combine construction and long-term financing into a single home loan. Qualified applicants can lock in a competitive interest rate for up to 270 days while their home is being built and are allowed one rate drop within 45 days of the lock expiration if the market index decreases.

Native American Home Loans

Members of a federally recognized tribe may be eligible for this unique mortgage, which is backed by the Office of Native American Programs. This Section 184 home loan benefits from low down payment minimums and some of the most flexible credit score requirements on the market. For example, loans below $50,000 require a down payment of just 1.25 percent, with higher loans maxing out at 2.25 percent down. In addition, BOK charges market rates for this mortgage program, regardless of how low a borrower’s credit score may be.

BOK Mortgage Customer Experience

BOK’s small service region enables it to provide personalized customer service that is tailored to the unique needs of Oklahoma residents, from first-time homebuyers to moderate-to-low income borrowers. This lender operates dozens of branches across the state, with at least three dedicated locations for servicing mortgages. Interested borrowers can submit a home loan application by visiting a branch in-person or applying online. BOK’s website also houses useful resources that can help you understand the mortgage origination process. These resources include timely articles, extensive FAQ pages, mortgage calculators, and a chat feature that can put you in direct contact with a lending agent.

Unfortunately, BOK’s website does not provide rate quotes or general estimates, instead, prompting visitors to fill out a mortgage application to learn more. There is also a surprising lack of specific details about the bank’s mortgage programs, which may make it difficult to gather information and compare your options. Homebuyers looking for an online lending experience may find BOK’s website a bit lacking, though it’s wealth of free resources may benefit first-time homebuyers who are unfamiliar with the application process. This lender advertises a “21 day ready to close” origination period but does not guarantee a short turnaround on every mortgage application.

BOK Lender Reputation

BOK has been in business for over 100 years and is considered the largest bank in Oklahoma. The Better Business Bureau has reviewed over 50 branches operated by BOK and awarded every location an A+ BBB rating, though formal accreditation is still forthcoming. The bank’s parent company, BOK Financial, ranked 79th in Forbes’ Top 100 American Banks list for 2018. Bank of Oklahoma is a Member FDIC Equal Housing Lender.

  • Information collected on February 20, 2019

BOK Mortgage Qualifications

Loan Type

Rate Type

Down Payment Requirements

Fixed-Rate Loans

Fixed

3%

Adjustable-Rate Loans

Variable

3%

Jumbo Loans

Fixed or Variable

5 – 10%

FHA Loans

Fixed or Variable

3.5%

VA Loans

Fixed or Variable

0%

USDA Loans

Fixed

0%

Lock and Build Loans

N/A

N/A

Native American Home Loans

N/A

1.25% or 2.25%

 

Eligibility guidelines for each of BOK’s diverse mortgage offerings vary, though there is some overlap with its conventional home loans. Fixed and adjustable-rate mortgages can be secured with low down payments of 3 percent, which is well below the industry average. Even the FHA program, which was designed to accommodate homebuyers who are unable to make large upfront payments, requires 3.5 percent down. This suggests that BOK is committed to supplying flexible financing options to Oklahoma residents.

Borrowers looking to put down as little as possible may benefit from a VA or USDA mortgages, as both feature a 0 percent down payment minimum for those who qualify. In terms of credit score, BOK’s FAQ pages mention a FICO score of 680 as the threshold for getting “A” credit loans. While the bank does consider applicants with lower FICO scores, landing the best available rates will depend on whether you have an established credit history. It is unclear whether BOK considers non-traditional credit histories, so be sure to contact a lending agent for more information.

Although BOK’s website is packed with useful information, there is a surprising lack of concrete details for many of its home loan products. For example, the bank’s website does not provide any info on loan term options for its mortgages. On the other hand, BOK does discuss the impact of loan-to-value criteria, which is something many lenders shy away from.

BOK’s website also goes into significant detail about how debt-to-income ratio can affect your interest rate, commenting that front-end and back-end debt ratios should be no higher than 28 percent and 38 percent. Homebuyers interested in learning more about BOK’s government-backed programs can access additional information through the corresponding agency’s website or by contacting a lending agent directly.

BOK Phone Number & Additional Details

Homepage URL: https://www.bankofoklahoma.com/

Company Phone: 1-918-588-6000

Headquarters Address: BOK Tower, PO Box 2300, Tulsa, OK 74102-2300

The post Current BOK Mortgage Rates Reviews: Today’s Best Analysis appeared first on Good Financial Cents®.

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