BOK Financial Mortgage Reviews

BOK Financial publishes rates for conventional mortgages on its website daily, but these are based on a generic set of assumptions. For rates based on your individual situation, contact the company directly.

BOK Financial’s interest rates have generally been only slightly higher than the national average (a 0.02% difference in 2021) — though, keep in mind that interest rates are affected by several personal factors, including borrowers’ credit history. Borrowers with excellent credit (800 and above) are more likely to get better interest rates than borrowers with lower credit scores. It’s possible that BOK Financial attracts borrowers within a wider credit score range, and that may account for slightly higher average rates.

BOK Financial offers both fixed-rate and adjustable-rate mortgages (ARMs). ARMs usually have a lower introductory rate that’s fixed for a set length of time, generally three to 10 years, then the rate begins to adjust based on the market. The low introductory rates of ARMs are often attractive to borrowers, but costs can increase significantly once these rates begin to adjust.

There are circumstances when an ARM can be beneficial, though. If you only plan to live in your current home for a few years and can sell before the rate resets, you can save a good deal of money. But, with interest rates on the rise in 2022, you want to think carefully about all possible future scenarios.

BOK Financial Mortgage average home purchase rate vs. national average

You can start the application process on BOK Financial’s website. First, you’ll need to create an account with a valid email address.

You can then start the pre-qualification process by answering a few short questions, but it’s unclear if this involves allowing the lender to conduct a hard credit check. Also, be prepared to provide information about your income and assets; BOK Financial uses these details to determine how much you can borrow.

If you are pre-qualified, the company may ask for an initial deposit to cover a home appraisal. You’ll also be connected with a mortgage banker to help you complete the remaining steps of the application process. Keep in mind that you’ll need to upload financial documents (like W-2s and bank statements) to the company’s online loan portal.

Jesslynn, a ConsumerAffairs reviewer from Maumelle, Arkansas, had this to say about the mortgage process at BOK Financial:

“We wanted to refinance our home, which we own, and get the PMI down. … Everything was done online, through email and through working with the loan officer that they assigned. The rep was very professional and very knowledgeable. I felt extremely comfortable with him. It was a good process and it took about four weeks from start to finish.”

BOK Financial Mortgage application features

BOK Financial offers a wide variety of mortgages, including conventional loans, jumbo loans, FHA loans, VA loans and USDA loans. The company has special loans available if you’re a Native American or building a new home.

You can also refinance with BOK Financial, whether you’re looking to lower your monthly payment or get cash out, or you can get a home equity line of credit (HELOC) or a home equity loan to pay for home improvement projects or other expenses.

In 2021, there were 6,956 home purchase applications initiated with the company. Of those applications, 4,990 loans were approved and originated. A small portion of applications (527) were denied — that’s about 8% of the total.

Loan applications for home purchases only by year

Refinancing

In 2021, half of the loans BOK Financial originated were for refinancing (about 50% with rate-and-term and cash-out refinances combined). A third of the total (about 37%) were for home purchases. That mix will likely change by the end of 2022, given current economic trends at the time of publishing.

In 2020 and 2021, refinancing was an attractive option for borrowers due to historically low interest rates. Refinancing then could often save homeowners in the long run by locking in a lower interest rate, even after the accompanying fees and closing costs.

Since that time, interest rates have risen. For reference, the average rate for a 30-year fixed mortgage was 2.87% on Aug. 12, 2021. That rose to 5.22% roughly a year later, according to the Federal Reserve Bank of St. Louis. Higher rates generally make refinancing less attractive to borrowers.

Home purchase vs. refinance loans by year

HELOC and home equity loans

BOK Financial offers both HELOC and home equity loan options, letting you borrow up to 85% of your available equity. Before you apply for either, consider your short-term and long-term goals to see which may be a better fit for your situation.

For example, a home equity loan may be best for a borrower who wants to fund a home renovation project with high upfront costs. On the other hand, a HELOC may be a better option for a homeowner who needs consistent access to cash over an extended period of time (like for expected home repairs).

BOK Financial doesn’t specify all of its borrower requirements online. However, most lenders require at least a 620 credit score to qualify for a conventional loan. Credit score requirements are often lower for government-backed mortgages, like FHA, VA and USDA loans.

The minimum down payment for most conventional mortgages is 3%. Borrowers with at least a 580 credit score may qualify for a 3.5% down payment on an FHA loan from some lenders, while down payments are typically not required on VA or USDA loans. However, BOK Financial requires at least a 620 credit score to qualify for a 3.5% down payment on its FHA loans.

National mortgage requirements by type

BOK Financial generally doesn’t disclose the fees it charges on new loans. However, the company does state some of the fees associated with its HELOCs and home equity loans. Both options come with a $180 processing fee due at closing (in addition to other closing costs you may incur). There’s also an annual maintenance fee of $50 on HELOCs after the first year.

Overall, you can expect to pay closing costs on a mortgage that are between 2% and 5% of your loan amount. Closing costs generally include appraisal fees, property taxes, homeowners insurance premiums and any loan origination fees imposed by the lender.

Knowing all the fees and charges associated with a loan is essential before you sign your loan agreement. The lender should provide a Loan Estimate within three business days of receiving your application. Some fees are nonnegotiable (like property taxes), while others could be negotiated for a discounted price (like origination fees).