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The following table shows current 30-year Fairfield mortgage refinance rates. You can use the menus to select other loan durations, alter the loan amount. or change your location.
Oklahoma is the twenty-eighth most populous state in the United States, and it is also the twentieth largest state in the nation. This state has a rich cultural history, and it is nicknamed “The Sooner State.” You'll also find strong ties to dozens of Native American tribes in this state, and it has one of the fastest-growing economies in the United States. There are dozens of cultural events, performances, and festivals that take place all over the state year round.
Oklahoma is known for its thriving economy and its hospitality. The state's unofficial nickname is “The Big Friendly” in reference to the population. The local living is more laid back, and several large industries support the economy including oil, natural gas, and agriculture. Additionally, aviation, energy, and biotechnology are also important to this state.
People move to Oklahoma because the cost of living is way below the national average and when you combine this with a fast-growing economy, you have a comfortable way to make a living. The state is culturally diverse, and two of the largest towns are college towns with a younger demographic. Finally, there is a mix of city life, rural, and smaller communities to choose from.
You'll also find people moving out of Oklahoma because even though the economy is growing at a rapid pace, it's mostly in niche industries. This means many college graduates may head to other states to find their post-graduate jobs. Also, many people find themselves commuting longer distances to work than they may have to in other states. The housing market is also slightly higher in the larger cities, and this can make people move to find more affordable opportunities.
Oklahoma can be an excellent place to settle down and raise a family as it has a lower crime rate. Many people also come to this city to retire and enjoy their leisure time. There is also a large college-aged population who were drawn to this state for the educational opportunities and young working professionals who are attempting to gain steady employment.
The Oklahoma real estate market has seen an increase in the demand for housing in the past year. The beginning of 2017 saw a steep increase and a short fall until mid-2017. Since March, the real estate market has been on the rise. The availability of housing is down, and this can quickly drive housing prices up and more and more people compete for the available properties.
As for the statewide outlook, Oklahoma has been steadily rising all over the state since it hit bottom in 2011. This steady upward motion has hit a few small peaks and drops, with the most notable drop being at the end of 2013. However, the housing market rebounded quickly, and it has continued its steady rise ever since.
Currently, the Oklahoma housing market is doing much better than it was doing before the housing market crashed in 2007 and 2008. This is partly because of the rapidly growing economy, and the higher wages companies are paying their employees. Additionally, many of the older generation are downsizing and looking to sell their current homes and purchase smaller ones.
Oklahoma City varies slightly from the overall state of Oklahoma with its housing market. It hit bottom in 2011, and it began a slow climb until it hit a slight peak in 2014. Once it hit this peak, it leveled off slightly and resumed its steady climb. As of today, Oklahoma City's house prices are above their peak from before the nationwide housing market crash. The home ownership rate across the state fell from 72.9% in 2005 to 66.8% in 2016.
The early 1990s until mid-1994 saw a steady rise in Oklahoma's real estate trends. In mid-1994, it peaked sharply and then plateaued until the start of 1995. From 1995 until early 2008, the market slowly continued to climb until it hit its first peak.
After the housing market hit the first peak in 2008, it experienced a short fall that lasted until the end of 2008. The year 2009 brought the market to its highest peak to date and then it started a rocky descent. There was another slight peak at the end of 2009 before it fell and peaked again in mid-2010. The market finally bottomed out in 2011, and it began its slow climb back up.
Prior to the housing market collapse, Oklahoma City enjoyed a steady increase that began in the late 1980s and continued with several minor peaks and plateaus all of the ways through the 2000s. By mid-2001, Oklahoma City's housing market began a steeper climb that lasted until the market began to slow in 2007. This pattern continued until the market dropped in 2008, and in continued downward until it hit its lowest point in 2011.
|OK Rank||US Rank||Metropolitan Area||2016 Pop||2010 Pop||Change||% △|
|3||169||Fort Smith, AR-OK Metro Area||281,227||280,467||760||0.27%|
Oklahoma is home to many large, rich, and diverse cities. The more laid-back lifestyle and the warm hospitality draw people in, and they stay permanently.
The largest city in Oklahoma and the state's capital is Oklahoma City. This city has a population of 638,367 people, and this makes it the twenty-seventh largest city in the United States. Oklahoma City is part of the larger metropolitan area as well, and the combined population is 1,373,211 people. Oklahoma City is also the eighth largest city by land mass in the nation.
The local economy is very diverse, and where it once relied heavily on the government and energy exploration, it has broken off into several other sectors. Today, Oklahoma City's economy relies heavily on healthcare, information technology, and aviation. There are also two Fortune 500 companies headquartered here, and the economy is very fast growing.
This city enjoys a humid subtropical climate that is categorized by extreme swings in weather and temperature fluctuations. The summer months are hot and humid and the winter months are generally mild. However, this city is routinely plagued by alternate periods of heavy rainfall, severe droughts, and severe weather. Oklahoma City sits right in the center of Tornado Alley, and it sees severe weather conditions from March through June.
There are several museums to visit and festivals to partake in while you're in Oklahoma City. The Oklahoma City National Memorial pays tribute to the victims of on Oklahoma City Bombing. There is also a large performing arts district, and visitors can tour the Bricktown Entertainment District. Another big tourist draw is the beautiful Myriad Botanical Gardens that brings hundreds of tourists through each year. Sports fans can watch the Thunder play NBA games downtown.
Oklahoma City is also home to Oklahoma's largest school district, and the Oklahoma City Public Schools with over 46,000 enrolled students. Additionally, this school consistently ranks as one of the best in the nation. Oklahoma City University is known for being a huge performing arts school, and OU Medicine has one of Oklahoma's only Level 1 Trauma Centers. There are also several smaller community and technical schools to attend like Langston University.
There are several large, notable employers found in this city, and they do a lot when it comes to supporting the local economy. The largest employer is the State of Oklahoma with over 40,000 employees. The second-largest employer is the United States Federal Aviation Administration which employs over 5,000 people year round. Rounding out the top three largest employers in Oklahoma City is Integris Health with over 5,000 people on its staff.
The local economy is currently very strong and very fast growing. The two Fortune 500 companies help to provide stability, and there are several other large companies who employ over 1,000 people per company. Oklahoma City has also been ranked several times as one of the best cities in the nation to start a business.
The median local home price in Oklahoma City is currently around $133,700, and this is a 2.4% increase in price over the past year. The market is predicted to rise another 2.8% over the coming year, and the price per square foot is $104. The Oklahoma City Metro area has an average home price of $136,000 and a price per square foot of $110. Both of these prices are slightly higher than Oklahoma City, and they're predicted to rise another 2.7% in the coming year.
The second-largest city in the state of Oklahoma is Tulsa with a population of 403,090 residents as of 2016. This population ranks Tulsa as the forty-seventh most populous city in the nation. Tulsa is also part of the Tulsa Metropolitan area, and the combined population is 987,201 people. Additionally, Tulsa holds the title of the most populated county seat in Oklahoma.
Tulsa has a strong economic tie to the energy industry, and it relied heavily on it for years. The United States Oil and Gas Association was founded here, and Tulsa billed itself as the oil capital of the world. Oklahoma City is the state's leading producer of oil, natural gas and other natural resources. It also features one of the world's largest livestock markets. Today, the economy has split into several smaller divisions with a focus on aerospace, technology, finance, telecommunications, and manufacturing.
You'll find dozens of museums, cultural attractions, and performing arts venues in this city. The Philbrook Museum of Art is located here, and it is considered to be one of the best fine art museums in the United States. You can also visit Cain's Ballroom, which is considered to be the birthplace of Western Swing, or you can take in the Center of the Universe Festival. Finally, there are several outdoor attractions to experience as well including the Tulsa Zoo, which was voted one of the best zoos in the nation.
There are several secondary education institutions to choose from in Tulsa and they include the University of Tulsa who has over 4,000 students, and the OSU Center for Health Services. There are also several technical and specialty colleges including the Spartan College of Aeronautics and Technology.
The economy is mostly dominated by dozens of smaller companies in a variety of fields, and the largest employer in Tulsa is the Tulsa Public School District with over 7,000 staff members. The second largest employer is a Fortune 500 energy based company ONEOK with 250 employees. The third-largest employer in this city is another Fortune 500 company called Williams Companies, and it has 230 employees to date.
The local economy in Tulsa has continued a fast but steady climb in recent years. The unemployment rate is currently below the national average, and job growth is projected to rise by over 40% in the next ten years. More companies are coming to Tulsa, and this is giving the local economy a significant boost.
In the past year alone, Tulsa's median home prices have gone up 3.1%, and they're currently sitting at $112,600 with a price per square foot of $91. The home prices in this area are projected to grow another 3.7% in the coming year. The Tulsa Metro area has also seen increases in home prices in the last year of 2.3%. This puts the prices at $127,000 with a price per square foot of $99. These figures are also projected to rise another 3.1% in the coming year.
Norman is 20 miles from Oklahoma City, and it has a population of 122,180 people. This makes it the third-largest city in the state. It has been ranked as the sixth best small city to live in in the nation, and it has a diverse and varied economy.
The local economy in this city relies heavily on the education sector, healthcare, the weather reporting industry, technological companies, and several large companies who have their headquarters here. In 2010, Normal declared that it is a Fair Trade Town, and it was the 17th city in the United States to do so. This means the city supports the local economy by buying goods from it, and it'll only purchase goods from another Fair Trade Town.
The residents of this city experience a temperate, humid subtropical climate that is characterized by extremely hot summers that start in mid-June and go through the end of September. The winter months start in December and go through February, and they typically have temperatures in the low 30s. Norman is also in the center of Tornado Alley, so severe weather is common in the spring months.
There are many cultural attractions to take in when you're in Norman, and the majority of them come from the University. The Fred Jones Jr Museum of Art draws thousands of fine art critics each year. The Sam Noble Museum of Natural History sprawls over 50,000 feet and has a huge range of exhibits. There are also several community events that go on year round including the Norman Music Festival and the Summer Breeze Concert Series.
Norman is also home to colleges and universities that give students a number of choices for their post-secondary education. The University of Oklahoma has around 30,000 students enrolled and its main campus is based in Norman, and the Moore Norman Technology Center has a variety of programs to choose from as well.
The economy heavily revolves around the education industry, and the University of Oklahoma employs over 30,000 people. This makes it the largest employer in this city. The second-largest employer is the Norman Regional Health System and it has 2,815 staff members. Finally, the third-largest employer is the Norman Public School District with 1,851 employees.
Norman's growth has been fueled by growth in the high-tech sector. Many high-tech firms have moved into the area to take advantage of a lower cost of doing business. As a result, many people from surrounding communities have moved into the area to work for these firms.
To date, Norman's unemployment rate is well below the national average, but it does also have a slower growth rate than other cities in Oklahoma. The future job outlook is bright, as it is expected to increase by 41% in the next ten years.
The median local home prices for this city are currently around $152,400, and this is an increase of 1.3% over the past year. The price per square foot is $112, and both of these prices are projected to rise another 3.0% in the coming years. When you compare these prices to the Oklahoma City Metro, you'll see that Norman scores lower in all of the categories.
The city of Broken Arrow has a population of 107,403 people and this makes it the fourth-largest city in Oklahoma. This city is a suburb of Tulsa, and it is the 280th largest city in the nation. It has a culturally diverse population, and there are several heritages mixed into the population.
There is a wide range of businesses and industries that work to support the local economy. The city has the third-largest concentrations of manufactures in Oklahoma. You'll typically find telecommunications, technology, education, agricultural, and service industry businesses here.
The climate is a humid subtropical climate with very hot summers and mild, wet winters. June through September usually have temperatures averaging in the low 90s, and the winter months from December to March have temperatures in the mid-40s. The air masses control how warm or cold the winter months are, and it fluctuates.
The Broken Arrow Performing Arts Center features everything from concerts, comedy routines, and musical theater. You can also visit the Military History Museum, or go to one of the several state parks located around the city including Haikey Creek Park.
The Broken Arrow Public School System has 25 schools spread throughout the city ranging from elementary schools to high schools. There are also two higher education institutions here and they are the Northeastern State University and the Tulsa Technology Center.
There are seven major employers that serve the city of Broken Arrow, and the largest employer is Northeastern State University with 325 staff members. The second-largest employer is FlightSafety International with 320 employees. Finally, the third-largest employer is Zeeco with over 250 employees.
Broken Arrow's economy is slowly growing, and it currently has an unemployment rate is below the national average. The job market grew by over 2% in the past year, and it is projected to grow an additional 40% in the next decade.
The median local home price in this city is $160,700 with an average square foot cost of $99. These prices have risen 1.6% in the past year, and they're projected to keep rising another 2.8% within the coming year. These prices are lower than the Tulsa Metro, who has a median local home price of $199,794 and a square foot cost of $99.
The fifth-largest city in Oklahoma is Edmond with a population of 91,191 people, and it is considered to be part of the Oklahoma City Metro area. This smaller city has named one of the top 100 places to live.
Edmond's economy relies heavily on the education sector, and it also has influences from the retail, construction, technology, and the manufacturing industries. The economy is fast growing, and there are numerous jobs being formed each year.
The climate is a humid subtropical region with temperatures that fluctuate all year round. The summers are very hot, long, and humid and severe droughts are common. During the winter, the weather fluctuates between mild weather and severe cold.
You'll be able to enjoy several different parks that are found throughout the city including the Bickham-Rudkin Park and the Whispering Heights Park. You can also spend the day in the Edmond Historical Society and Museum.
There are several large school systems and secondary education facilities located in Edmond. The Edmond Public School District is one of the top schools in the state, and it is also the city's largest employers with 2,558 employees. The University of Oklahoma also has a campus here, and it is the second-largest employer with 1,178 staff members. The third largest employer is the City of Edmond with 667 employees.
Edmond has an unemployment level that is below the national average, and it had a recent job growth of 2.7%. The future of this economy is bright with a projected growth of over 41% in the next ten years. More people are coming to this city because the economy is evolving into more varied occupations.
Edmond's growth has been fueled by Oklahoma City residents who want a calmer lifestyle. This is the case because Edmond’s open spaces and easygoing lifestyle have great appeal with urban residents who want a quieter, relaxed lifestyle.
Currently, Edmond's local median home price is around $205,700, and this works out to a price per square foot of $122. These prices have gone up 1.3% in the past year, and they're supposed to go up another 2.1% in the coming year. These prices are lower than the Oklahoma City Metro area's median housing prices of $284,950. The price per square foot is more expensive than the Metro as the Metro's price per square foot is currently $110.
According to the United States Census an estimated 3,923,561 people live in the state of Oklahoma. The state has 68,594.92 mi² of land area, which gave it a population density of 57.2 per mi². Here is a list of cities, towns & Census Designated Places with more than 1,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.
All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.
|Rank||Geography||County||2016 Pop||2010 Pop||Change||% △||Land mi²||Pop Den mi²|
|1||Oklahoma City||Oklahoma, Cleveland, Canadian & Pottawatomie||638,367||579,999||58,368||10.06%||606.41||1,052.70|
|2||Tulsa||Tulsa, Osage, Wagoner & Rogers||403,090||391,906||11,184||2.85%||196.75||2,048.74|
|4||Broken Arrow||Tulsa & Wagoner||107,403||98,850||8,553||8.65%||61.57||1,744.40|
|12||Bartlesville||Washington & Osage||36,647||35,750||897||2.51%||22.75||1,610.86|
|13||Owasso||Tulsa & Rogers||35,784||28,915||6,869||23.76%||16.29||2,196.69|
|16||Bixby||Tulsa & Wagoner||25,333||20,884||4,449||21.30%||24.8||1,021.49|
|22||Sapulpa||Creek & Tulsa||20,928||20,544||384||1.87%||24.33||860.17|
|24||Sand Springs||Tulsa & Osage||19,822||18,906||916||4.85%||19.77||1,002.63|
|48||Clinton||Custer & Washita||9,393||9,033||360||3.99%||9.38||1,001.39|
|52||Blanchard||McClain & Grady||8,463||7,670||793||10.34%||32.82||257.86|
|53||Skiatook||Osage & Tulsa||7,908||7,397||511||6.91%||16.21||487.85|
|56||Piedmont||Canadian & Kingfisher||7,422||5,720||1,702||29.76%||43.59||170.27|
|57||Catoosa||Rogers & Wagoner||7,133||7,151||-18||-0.25%||11.19||637.44|
|65||Collinsville||Tulsa & Rogers||6,650||5,606||1,044||18.62%||7.13||932.68|
|66||Purcell||McClain & Cleveland||6,442||5,884||558||9.48%||10.06||640.36|
|86||Fort Gibson||Muskogee & Cherokee||4,061||4,154||-93||-2.24%||13.59||298.82|
|Park Hill CDP||Cherokee||3,667||3,909||-242||-6.19%||34.4||106.60|
|106||Mannford||Creek, Pawnee & Tulsa||3,139||3,076||63||2.05%||6.88||456.25|
|115||Drumright||Creek & Payne||2,876||2,907||-31||-1.07%||7.51||382.96|
|121||Davis||Murray & Garvin||2,802||2,683||119||4.44%||11.02||254.26|
|122||Stroud||Lincoln & Creek||2,778||2,690||88||3.27%||11.46||242.41|
|Oakhurst CDP||Tulsa & Creek||2,312||2,185||127||5.81%||5.67||407.76|
|183||Okarche||Kingfisher & Canadian||1,324||1,215||109||8.97%||1.88||704.26|
|186||Geary||Blaine & Canadian||1,286||1,280||6||0.47%||4.15||309.88|
|187||Sperry||Tulsa & Osage||1,279||1,206||73||6.05%||1.67||765.87|
|193||Maysville||Garvin & McClain||1,231||1,232||-1||-0.08%||1.59||774.21|
|212||Maud||Pottawatomie & Seminole||1,075||1,048||27||2.58%||0.97||1,108.25|
|Kenwood CDP||Delaware & Mayes||1,011||1,224||-213||-17.40%||45.06||22.44|
|223||Shady Point||Le Flore||1,000||1,026||-26||-2.53%||2.57||389.11|
Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.
As of 2022 the conforming loan limit across the United States for single-family homes is set to $647,200, with a ceiling of 150% that amount in HERA high-cost areas where median home values are higher. High local affordability makes the $647,200 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $828,700, triple unit homes have a limit of $1,001,650 & quadruple unit homes have a limit of $1,244,850. Residents buying premium properties in the Oklahoma City metro area may be above these thresholds, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.
Several different types of home loans are available in the Sooner State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.
In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.
Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.
A few lenders in the Sooner State offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.
When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders in the the Oklahoma City metro area have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.
A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.
The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.
Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.
If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.
USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.
State & Local Financial Assistance Programs
Oklahoma has several mortgage assistance programs that are designed to help people get a mortgage and retain it until they finish paying it off.
The Individual Development Account is a program that allows low to very low-income participants to get into the habit of saving money. This program will match every dollar the participant saves with $1, $2, or $3. You sign up for this program for a set period of time, and once the time is up, the participants can use the money they've saved and earned for a downpayment.
You'll have to meet several eligibility requirements to be able to participate in this program, and they may change from county to county, so it is important to check with your local office. Some eligibility requirements are:
This program allows home buyers to get Federal Income tax credits when they file their tax returns. The annual credit caps at $2,000 and it equals 50% of the mortgage interest a buyer pay on the first $40,000 of their mortgage. If there are leftover funds from the first year, it can carry forward to three additional years.
Anyone who wants to participate in this program must meet certain income eligibility requirements, and these can vary from county to county. You also have to find a local agent, and you can't have owned a home in the past three years. Finally, you must also occupy this residence as your primary residence, and you have 60 days to move in once you get the credit.
The OHFA Advantage Program comes with five different program sectors, and it is aimed at helping moderate to low income individuals afford a mortgage. This program is available in every county in Oklahoma, and you'll typically hear about the Advantage Gold Program for first-time homebuyers and the OHFA Dream Program that doesn't have the first-time homebuyer requirement.
These loans are for 30-year fixed rate terms, and the program provides downpayment assistance up to 3.5%. This program also works on almost any conventional loans along with government-sponsored mortgages. You'll also have to meet several other eligibility requirements including:
The REI Down Payment Assistance program helps homebuyers to cover the closing costs when they purchase a home. This program is designed for homeowners who have good paying jobs and who can afford their mortgages, but they can't necessarily pay the closing costs. It can cover anywhere from 3.5% to 100% of the borrower's closing costs.
Any borrowers do have to meet certain requirements to be eligible for this program, and this includes meeting household income limits. The borrowers will also have to go through an approved lender as well. This assistance is considered a gift, and the borrower won't have to worry about paying it back.
Homeowner's insurance policies typically do not cover flooding. Much of the state of Oklahoma is considered to have a very low flooding risk. Counties with relatively elevated risk profiles include:
Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.
The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don't incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government's costs in the next disaster.
Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.
Most of the state has a very low eathquake risk, while central Oklahoma near Oklahoma City and south of the city have a low earthquake risk across the following counties: Caddo, Canadian, Cleveland, Garvin, Grady, McClain, Oklahoma & Stephens.
The rise in local earthquakes has coincided with the rise in oil fracking though the United States Geological Survey stated fracking is not causing most induced eathquakes. Standard rental and homeowner insurance policies typically do not cover earthquake damage, though they usually cover losses caused by fires which resulted from an earthquake. You can supplement your homeowner's insurance with an earthquake policy
Most of the state is considered to have a moderate to severe tornado risk. A basic homeowners policy should cover financial damages from tornadoes.
Hail damage is common across much of the state. Damage from hail is typically covered by home insurance policies.
The state of Oklahoma ranks fairly well in terms of property taxes. The low rate of 0.89% coupled with below average real estate prices leads to an average annual property tax assessment of $1,272 per year. Given strong wage growth, Oklahoma also ranks low on property taxes as a percentage of the resident's median income. The level of property taxes you'll pay depends on the county that your home is located in, and Tulsa County currently collects the highest property taxe within the state. In 2016 the national average property tax rate was 1.24%, costing homeowners $3,313.
The state of Oklahoma allows people to avoid losing their primary homes after they've declared bankruptcy. These laws protect homes from being forcibly sold to satisfy any debts the homeowner may have had while they declare bankruptcy.
Oklahoma's Homestead Protection law allows homeowners to save one acre of property that is located in an urban area or up to 160 acres of property that is located in a rural area. Additionally, at least 75% of the total square footage of land has to be used as the homeowner's primary residence. The exemption may also not exceed $5,000 if the property in question is used for a business.
Oklahoma is a recourse state for residential properties. This means that if you lose your home to foreclosure, the mortgage lender can come after the borrower for additional money or damages. Oklahoma also has no post-sale redemption period, and you can only redeem your property if you have the total amount of money at the time of the foreclosure sale.
Additionally, Oklahoma typically files their foreclosure proceedings through the court system, and this makes it a judiciary state. This type of foreclosure also means that the mortgage lender has first to file and win a lawsuit, and this gives them the right to start the foreclosure process. The entire foreclosure process can take four to six months to complete from start to finish.
As soon as a borrower misses a payment or defaults on their loan, the mortgage lender can file a court proceeding to start the process. They'll also get the right to sell the property during a foreclosure sale.
Typically, a borrower misses three to six months' worth of mortgage payments before the lender moves to court proceedings. The first thing your mortgage company will do is file a Notice of Intent. Oklahoma requires your mortgage lender to send you this letter, and it will give you a notice that the foreclosure process is about to start.
The second notice you'll get is a notice of a lawsuit. Your mortgage company will send you a summons and complaint, and this requires the borrower to appear in court on a set date and time. If the borrower chooses not to go to court, the mortgage lender will most likely get a favorable judgment.
The next step is the borrower response process, and this is where the borrower goes before the judge and explains their case. The borrower isn't required to respond, and if they don't respond the foreclosure process moves forward at a quicker pace.
After the borrower response, the lender has to send the borrower a notice of intent to sell. Once the borrower receives this letter, they get ten days to respond. This is their last chance to avoid the foreclosure process, but they have to come up with the full amount to cover the cost within the ten-day period. This is the time a borrower can also ask for a loan modification or a short sale.
The property will go to a foreclosure auction at a set date and time, and if no one bids on the property, the lender will get the property by default. The final step is repossession, and this is where the lender evicts the tenants if they haven't already vacated the property. If the borrower refuses to leave, the local law enforcement will perform the eviction.
After a judicial foreclosure is completed a lender can go after the borrower for a "defficiency" judgement. If the foreclosure is nonjudicial then the lender can not seek a defficiency judgement if you inform them the home was your homestead.
Title 12 and Title 46 of Oklahome Statues cover foreclosures and defficiency judgements.
Check out the following resources to learn more about the Oklahoma real estate market.
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