First Oklahoma Mortgage Rates, Fees & Info
Jenks, OKLEI: 549300O51V8F4P0SOY08
Tax ID: 27-0411463
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Mortgage Data
Review & Overview
First Oklahoma Mortgage is a smaller mortgage company specializing in Home Purchase and Refi loans. First Oklahoma Mortgage has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top (well, only) market is Tulsa.First Oklahoma Mortgage has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Oklahoma Mortgage is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.91% | 11/21/24 |
| 30 Year Conventional Refi | 6.46% | 11/21/24 |
| 30 Year Cash-out Refi | 6.86% | 11/21/24 |
| 30 Year FHA Purchase | 7.10% | 11/21/24 |
| 30 Year FHA Refi | 6.27% | 11/21/24 |
| 30 Year VA Purchase | 6.27% | 11/21/24 |
| 30 Year VA Refi | 6.36% | 11/21/24 |
| 15 Year Conventional Purchase | 6.83% | 11/21/24 |
| 15 Year Conventional Refi | 5.68% | 11/21/24 |
| 15 Year Cash-out Refi | 5.68% | 11/21/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
First Oklahoma Mortgage Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
10Origination Dollar Volume (All Markets)
$1,220,000Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| TULSA, OK (FHA|USDA|VA) | 10 | $1,220,000 | $122,000 | $5,782 | 4.80% |
Similar Lenders
We use machine learning to identify the top lenders compared against First Oklahoma Mortgage based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 7 | $645,000 | $92,143 | $4,332 | 5.34% |
| FHA | 2 | $360,000 | $180,000 | $8,273 | 3.88% |
| VA | 1 | $215,000 | $215,000 | $10,953 | 2.88% |
For 2022, First Oklahoma Mortgage's most frequently originated type of loan was Conventional, with 7 originations. Their 2nd most popular type was FHA, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 7 | $855,000 | $122,143 | $5,397 | 4.75% |
| Refi | 2 | $290,000 | $145,000 | $7,335 | 4.75% |
| Cash Out Refi | 1 | $75,000 | $75,000 | $5,374 | 5.25% |
For 2022, First Oklahoma Mortgage's most frequently cited loan purpose was Home Purchase, with 7 originations. The 2nd most popular reason was Refi, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 9 | $1,155,000 | $128,333 | $6,013 | 5.01% |
| 15 Year | 1 | $65,000 | $65,000 | $3,705 | 2.88% |
For 2022, First Oklahoma Mortgage's most frequently cited loan duration was 30 Year, with 9 originations. The 2nd most popular length was 15 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 5 | $525,000 | $105,000 |
| $2k-3k | 4 | $560,000 | $140,000 |
| $3k-4k | 1 | $135,000 | $135,000 |
First Oklahoma Mortgage's average total fees were $6,013, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 5 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 3 | $295,000 | $98,333 |
| 2.5-3% | 2 | $280,000 | $140,000 |
| 3-4% | 2 | $200,000 | $100,000 |
| 5-6% | 2 | $220,000 | $110,000 |
| 4-5% | 1 | $225,000 | $225,000 |
During 2022, First Oklahoma Mortgage's average interest rate for loans was 5.01%, while their most frequently originated rate bucket for loans was 6-7%, with 3 originations.
Loan Sizing
2022 saw First Oklahoma Mortgage place emphasis on $100,000 or less loans with 4 originations, totaling $280,000 in origination value.
Applicant Income
First Oklahoma Mortgage lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $50k or less, with 3 originations.
Applicant Debt to Income Ratio
First Oklahoma Mortgage lent most frequently to those with DTI ratios of 20-30%, with 2 originations. The next most common DTI ratio? 37%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications81.11%
First Oklahoma Mortgage has a below average approval rate.
Pick Rate
Approvals leading to origination-530.00%
First Oklahoma Mortgage has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 10 | $1,220,000 | $122,000 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FIRST GUARANTY MORTGAGE CORP | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |