No-Hassle Home Loan Approval in Oklahoma City, OK
At Financial Concepts Mortgage, we prioritize making your life easier. We know how challenging purchasing a home can be. But we also know how rewarding it is. Our goal is to remove the hurdles and focus on enhancing your experience. We offer premium home loan approval to Oklahoma City, OK customers. Because our company is locally- and independently-owned, we can promise a more personalized journey than our competitors. We specialize in assessing our clients’ needs and catering a plan that fits them perfectly. Our specialists have helped countless clients purchase their dream homes since 2001. Now we can help you too. Enjoy the easiest home loan approval and lowest rates in the country today. We serve clients throughout Oklahoma, Kansas, Arkansas, and Alabama.
The 1003 Mortgage Application must be completed to apply for a mortgage in Oklahoma, Kansas, Texas, Arkansas, or Alabama. Simply select the mortgage loan officer you’d like to work with and start your application by clicking their unique “Apply For a Loan” link.
Not comfortable applying online or need for information? We’ll gladly accept your application over the phone and assist you with any questions you may have. You can also visit us in person at one of our four convenient Oklahoma locations to discuss our application process.
What You’ll Need to Apply for a Home Loan
We aim to make the home buying process as easy as possible for you. Understanding what you’ll need to apply for a home loan is part of the process. You’ll need to gather quite a few pieces of documentation before we can proceed. Once you do, our lending experts can get the ball rolling. You will need:
- Copies of pay stubs for each applicant, reflecting a minimum of 30 days of income
- Names/addresses of employers for the past two years
- W-2s for the past two years
- Tax returns for the past one to two years
- A completed and signed Form 4506-T or 4506T-EZ, provided by your mortgage banker
- Bank statements for the last two to three months
- If self-employed: A year-to-date profit and loss statement plus signed returns for the previous two years
- Proof of pension income, social security or disability payments, dividend earnings, or bonuses (if applicable)
- Child support or alimony payments (optional for you to disclose)
- A copy of earnest money deposit
- Information on debts, such as car loans, student loans, and credit cards
- Security accounts (stocks, bonds, or life insurance)
Understanding the Basic Mortgage Home Loan Requirements
Minimum mortgage requirements always follow the three Cs of underwriting: capacity, collateral, and credit reputation. These three factors are essential to understanding how to apply for a home loan. During the process, we will perform checks on the following:
- Debt-to-Income (DTI) Ratio: We divide your total debt by your pretax income to determine DTI. It is an important measure that helps our team determine whether you can repay your loan.
- Credit Score: You can get approved for a home loan with a credit score as low as 500, depending on the loan. You will achieve a lower interest rate with a score of 740 or higher.
- Verifying Assets: We pay attention to how much you have available for a down payment, how much extra money you have, and how the money got there.
How To Choose A Home Loan
There are many types of loans available to homebuyers. One of the benefits of working with Financial Concepts Mortgage is our commitment to personalized service. We will assess your needs and recommend a mortgage that makes sense for you and your family. All types of mortgages offer pros and cons. Our job is to explain them thoroughly and lead you to the right decision. You can choose any of the following – and more:
- 30-Year Fixed-Rate Loans: These loans allow you to pay your loan over a 30-year payment schedule.
- 15-Year Fixed-Rate Loans: This loan type lets you pay the loan over a shorter, 15-year schedule.
- Conventional Loans: Conventional loans follow the guidelines set by government-sponsored Fannie Mae and Freddie Mac.
- FHA Loans: FHA loans can be suitable for first-time homeowners. The Federal Housing Administration insures them.
- USDA Loans: This type of loan is backed by the United States Department of Agriculture. They finance homes in eligible rural areas.
We’ll Help You Secure a Home Loan
Financial Concepts Mortgage is ready to help make your homeownership dreams a reality. Once you find the perfect house, the hard part begins. But we’re here to make applying for a loan easier. We know not everyone is a financial expert, so we carefully explain the particulars of your loan. We’ll tell you the benefits and drawbacks and provide unbiased advice based on what is best for you. To get started, contact our lending experts today.
Not comfortable applying online or need more information? We’ll gladly accept your application over the phone and assist you with any questions you may have. You can also visit us in person at one of our four convenient Oklahoma locations to discuss our application process.
What You’ll Need
Please have the below documents and information readily available while completing your application either online or over the phone.