Best Mortgage Lenders in Tulsa, OK

There are many Tulsa mortgage lenders available, including national lenders, local lenders and online companies. There are also mortgage brokers who compare rates from multiple companies. When searching for the best mortgage rates in Tulsa, we recommend:

• Asking friends, family and your real estate agent for recommendations
• Looking for lenders that are certified mortgage bankers with the Mortgage Bankers Association
• Gathering quotes and comparing interest rates, approval limits and down payment requirements, which can save you thousands of dollars

If you’re a first-time buyer, we recommend using Tulsa’s first-time homebuyers program for more information and support.

The two main types of loans that Tulsa residents use are conventional and government-backed loans. Conventional loans are either 30 or 15 years, with 30-year loans being more common because of their lower monthly rates. Government-backed loans include FHA loans, USDA loans, and VA loans. FHA loans are extremely popular in Tulsa because of the simple requirements — the minimum credit score is generally 580, and the minimum down payment required is just 3.5% of the loan itself.

The location of your new home in Tulsa is another crucial factor when choosing which home loan you want to pursue.

• Cherry Street: With many local businesses and easy access to Downtown, Cherry Street is an excellent option for young couples looking to start a family. Because this is a slightly more expensive neighborhood — with average home prices sitting at $230,000 — 30-year fixed mortgages or jumbo loans are typically the best options.
• Fair Heights: With low crime and quiet streets, Fair Heights is popular with older or retired individuals. And with a low average home price of $118,900, it’s a great deal for many people looking to save on their homes. Some people may choose a 15-year fixed mortgage in this area to pay off their homes faster.
• Brookside: Brookside offers many hip locations, such as gastropubs, boutiques and restaurants, that appeal to younger individuals. Combining the $191,800 median home value and Tulsa’s remote program — which offers people $10,000 cash to move to Tulsa and work remotely — makes it even more affordable for young people to choose this neighborhood.
• Kiefer: For families looking for a rural area with excellent school districts, Kiefer is a great option. Median home values are $143,000, and this area qualifies for a USDA home loan to help make owning a home even more affordable.

The median home value in Tulsa is $133,170, but predictions show the Tulsa housing market should continue to grow. The increase should be reasonably small and accessible for Tulsa residents.

Homes tend to leap from going on the market to a pending sale in about 25 days, meaning there’s a reasonably quick turnaround on purchasing. Having a mortgage lender on your side can help expedite that process and allow customers to figure out exactly how much they can — and should — afford for a home loan.

Average house prices in Tulsa

According to our mortgage calculator and current Oklahoma home loan interest rates, a resident of Tulsa making $55,000 a year with $5,000 down may be approved for a $195,000, 30-year fixed mortgage. Not including taxes, insurance or average closing costs, this amount equates to roughly $1,100 in monthly mortgage payments, with the average monthly fee dependant on your mortgage rate, home cost, credit score and other factors.