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Fixed Rate Mortgage

Purchasing a home can be a real nail-biter, both because you're excited and because you're nervous. But Red River takes the latter out of the equation, so you can focus on all the exciting parts.


Our local team of experts has deep roots in Southwest Oklahoma. We simplify the process, and are with you at every step.

Summary

  • Available with as little as 5% down*
  • Interest rate will not increase over time
  • Quick decision-making
  • Interest paid may be tax deductible**
  • Option to buy "points" up front to reduce interest rate
  • No pre-payment penalty
  • Second mortgage available (cannot exceed 80% of value when combined with 1st lien loan amount)

Check out our current interest rates.

*Private mortgage insurance (PMI) is required for loans more than 80% of the appraised property value.

**Consult a tax advisor.

Mortgage Glossary

A


Amortization

Loan payment by equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.


Annual Percentage Rate (APR)

The cost of credit expressed as an annual rate. It must be calculated by using a formula set by federal law and disclosed to the borrower to aid in comparing different credit plans.


Appraisal

An estimate of the value of property; made by a qualified professional called an "appraiser."


C


Commitment

An agreement, often in writing, between a Lender and a Borrower to loan money at a future date subject to the completion of paperwork or compliance with stated conditions.


Construction Loan

A short-term interim loan for financing the cost of construction. The Lender advances funds to the builder at periodic intervals as the work on the property progresses.


Conventional Loan

A mortgage not insured by FHA or guaranteed by the VA or Farmers Home Administration (FmHA).


Credit Report

A report documenting the credit history and the current status of a Borrower's credit standing.


D


Debt-To-Income Ratio

The ratio, expressed as a percentage, which results when a borrower's monthly payment obligation on long-term debts is divided by their gross monthly income.


E


Equity

The difference between the fair market value of the asset and the current debt balance against it; also referred to as the Owner's interest.


Escrow

Refers to a neutral third party who carries out the instructions of both you and the Seller to handle all the paperwork of settlement or "closing". Escrow may also refer to an account held by the Investor into which you would pay money (usually monthly along with your mortgage payment) for annual or semi-annual tax and insurance payments.


I


Inspector

Professional that examines a home to evaluate its plumbing, electrical work, roof, structural stability, heating and cooling systems, and appliances.

L


Loan to Value Ratio (LTV)

This is the relationship between the amount of the mortgage loan and the appraised value of the property, expressed as a percentage. For example, if you received a $95,000 loan on a home worth $100,000, the LTV Ratio would be 95%.


P


Points

This is a dollar amount paid to a Lender for making a loan. A point is one percent of the loan amount.


Private Mortgage Insurance (PMI)

This may be required by your Lender if the loan does not meet the normal standards of the Lender. The most common reason for this is a smaller down payment made by the borrower than the Lender usually requires. This insurance protects the Lender from a loss if the borrower defaults. It does NOT protect the borrower, though it may allow the Borrower to qualify for the loan. The borrower pays the cost for PMI.


R


Real Estate Broker

The seller of a house pays a real estate broker to attract potential buyers and help negotiate the contract between the seller and the buyers. The broker identifies available properties for buyers and shows them properties that meet their personal criteria.


T


Title

A document that gives evidence of an individual's ownership of property.


Title Search

An examination of municipal or county records to determine the legal ownership of a property, usually performed by a title company.


Mortgage Officers

Trisha Lessard
Mortgage Loan Officer

NMLS#462649

2721 N. Main Altus, OK 73521
P.O. Box 638 Altus, OK 73522
Office: (580) 482-7965 ext. 4526
Fax: (580) 477-4145 Toll Free: 1-866-345-7965
Email: tlessard@redriverfcu.com


Laurie Cole
Mortgage Loan Processor

NMLS#910422
2721 N. Main Altus, OK 73522
P.O. Box 638 Altus, OK 73522
Office: (580) 482-7965 ext. 4515
Fax: (580) 477-4145 Toll Free: 866-345-7965
Email: lcole@redriverfcu.com


Donna Anderson
Mortgage Loan Processor

NMLS#698669

2301 NW 67th St. Lawton, OK 73505
Office: (580) 536-5232
Fax: (580) 536-5548
Email: danderson@redriverfcu.com