A fixed rate home loan that stays with Brooks Bank from origination to payoff. Local people, local bank locations, local decisions.
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The traditional fixed-rate mortgage includes monthly principal and interest payments that never change during the loan's lifetime. Primary residence, second home, and investment property financing are available. Purchase, rate/term, and cash-out options are available. Contact a Brooks Bank mortgage lender to discuss current rates and terms.
Note: Additional terms and conditions may apply.
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Conventional loans are one of the few loan types that allow financing for investment properties. VA, FHA, and USDA loans are generally restricted to primary residences. If you are purchasing a rental or investment property in Oklahoma, a conventional loan is likely your best option. Contact a Brooks Bank lender to discuss.
You can typically request PMI removal once your loan balance reaches 80% of the original appraised value of your home. PMI is automatically terminated when your balance reaches 78%. Building equity through payments or home value appreciation can help you reach this threshold sooner.
In many cases, yes. Certain conventional loan programs allow down payments as low as 3% for qualifying borrowers. However, if your down payment is less than 20%, you will generally need to pay private mortgage insurance (PMI) until you reach sufficient equity. Your Brooks Bank mortgage lender can walk you through the options.
Conventional loans are not government-insured and typically require higher credit scores, but they offer more flexibility on property types and may have lower overall costs if you can put 20% or more down. FHA loans are government-insured, allow lower credit scores and smaller down payments, but require mortgage insurance for the life of the loan in most cases.
Credit score requirements for conventional loans depend on the specific loan program, down payment amount, and other factors. Generally, a higher credit score will help you qualify for better rates and terms. Contact a Brooks Bank mortgage lender at 405-224-2200 to discuss your options.
Have questions or need assistance? Our team is here to help. Whether you’re looking for more information about our services, need support with your account, or want to explore how we can work together, feel free to reach out. Contact us anytime and we’ll get back to you as quickly as possible.
