Refinancing a Construction Loan Tulsa OK

Interest rates are at all time lows right now and we're considering refinancing our original construction loan. When we built the house four years ago we used a construction loan to help finance the construction.

Local Companies

Centerra Mortgage
918-664-5626
4200 E Skelly Dr Suite 540
Tulsa, OK
Great Plains Mortgage Company
918-742-7696
3115 S Winston
Tulsa, OK
KB Group, LLC
918-951-7560
P.O. Box 134
Broken Arrow, OK
First Mortgage Company
(918) 459-9343
7615 E 63rd Pl
Tulsa, OK
Union Bank of Chandler
(918) 712-1795
5623 S Lewis Ave
Tulsa, OK
Ecm Mortgage Company of Tulsa
(918) 388-6622
5525 E 55th St
Tulsa, OK
Frabur Mortgage Group Llc
(918) 743-1914
4821 S Sheridan Rd
Tulsa, OK
World Savings
(918) 496-2309
7136 S Yale Ave
Tulsa, OK
American Mortgage Group
(918) 877-2727
1831 E 71st St
Tulsa, OK
Flusche Mortgage Llc
(918) 742-1430
7335 S Lewis Ave Ste 308
Tulsa, OK

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dollar-sign1Interest rates are at all time lows right now and we're considering refinancing our original construction loan. When we built the house four years ago we used a construction loan to help finance the construction. The construction loan was a adjustable rate mortgage with the first 7 years fixed. The rate was 5.875% and it will remain at that rate for another 3+ years.Considering how low rates have gone I've started shopping around for a new 30 year fixed rate loan to refinance out of the original construction loan.  Currently I'm finding rates in the 5.125% to 4.875% range for a 30 year fixed mortage with zero points.The interesting part of all this is hearing all the new fees and regulations that have popped up over the last couple of years. As one banker put it to me today we are all paying a price for the sins of the past banking industry. There is a 0.25% fee being added to fixed mortgages by the fine folks at FannieMae (presumeably to cover insurance on loans). Banks are being much more strict on limits that require escrow accounts to cover taxes and insurance. And it's very unlikely that you'll be getting a mortgage without significant equity in your property.Having said that I hope we can refinance our existing construction loan to a 30 year fixed mortgage in the coming months. Preferably somewhere around 4.75% with any luck!

Click here to read article at HomeConstructionImprovement.Com

Featured Local Company

Centerra Mortgage

918-664-5626
4200 E Skelly Dr Suite 540
Tulsa, OK
http://www.centerramortgage.com

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