Not quite ready to refinance your mortgage? Ultimately, it may make sense to refinance if you're certain that you'll be able to recoup the cost of refinancing during the time you own the home. Long Live Your Money. I have over 30 years of banking experience with a wide variety of clients and a history of providing first-rate customer service. Products, rates and terms subject to change without notice, some restrictions apply. ©2019 BOK Financial Mortgage, a division of BOKF, NA. Refinancing replaces your existing loan with a new one. In addition to interest rates, you should also consider the length of time you plan to stay in your current home, the costs associated with getting a new loan, and the amount of equity you have in your home. All rates and terms are subject to credit approval and could change without notice. Whether you're buying, selling or refinancing, you have a lot riding on your mortgage banker and at BOK Financial Mortgage we want you to know who you are working with. 3 The APR shown for Home Equity Lines of Credit is valid with a loan to value of 85% or less. Refinancing replaces your existing loan with a new one. The one exception to the amortization rule is if part of your refinanced loan is used to make improvements to your primary residence. With this type of refinancing, you may be able to borrow up to 95 percent of your home's appraised value, depending on the type of loan requested and other factors. If you have a long time left on your mortgage, lower interest rates may make it possible to switch to a shorter-term mortgage. Best Checking Account Promotion. The interest rate that you'll pay on the mortgage proceeds will usually be less than the interest rate on the other debts (e.g., car loans, personal loans, credit cards, and even some student loans). BOK Financial (NASDAQ: BOKF) is a strong and stable partner with more than $35 billion in assets and over 5,000 employees in 10 states, with services throughout the nation. Or perhaps you want to pay for a child's education, consolidate your higher interest debt, or even take a dream vacation. Cash-out refinancing has certain advantages. The main reason to take out a home equity loan is that it offers a Bok Financial Mortgage cheaper way of borrowing cash than unsecured personal loans. Monthly payment amounts vary by loan term and rate. Individuals with less than excellent and substantial credit may be offered higher rates. BOK Financial. Most lenders require borrowers to put at least 5 percent down upfront, but BOK accepts down payments as low as 3 percent. For that reason, we believe in giving back every day and in many ways. Welcome to my website . BOK Financial is proud to serve Overland Park and the greater Kansas City metro area by investing in the lending needs of our neighbors, supporting the local economy and assisting small businesses working toward growth and operation goals. If you refinance back to the same loan term on the new mortgage, you may pay more additional interest than you would save by lowering your monthly payment. BOK Financial (NASDAQ: BOKF) is a strong and stable partner with more than $40 billion in assets and over 5,000 employees in 10 states, with services throughout the nation. Today over half of BOK Financial's loans are attributed to markets outside of Oklahoma. There are also disadvantages to cash-out refinancing. Monthly payment amounts vary by loan term and rate. Potential to switch to a different loan type, Assess how much longer you’ll stay in the home. About Me. You may have additional costs from the closing transaction. So, it's important to do the math ahead of time and calculate your break-even point (the point at which you'll begin to save money after paying fees for closing costs). Mortgage Refinancing. In no event will the APR exceed the lesser of 18% or the maximum rate allowed by applicable law. Homebuyers who are looking for a face-to-face service environment can visit one of the bank’s physical branches or submit an application online and follow up in-person. BOK Financial. Among many other compelling factors, like reduced closing costs, this increased rate of production has influenced lenders like BOK Financial, Navy … For the full year 2019, BOK's NIM was 3.11%, a 9 basis point decline from 3.20% in 2018. However, some lenders offer "no points, no closing costs" refinancing, which roll the costs into your overall loan balance or charge a higher interest rate. ... Loan Estimate before choosing a loan to determine costs, fees and charges affiliated with a mortgage purchase or refinance. BOK Financial. Sign in to your account Welcome back! Monthly Fee $4.95 National Average: $3.21 Non-network ATM Fee $2.00 National Average: $1.20 Best Checking Account Promotion. It has been able to post continued loan growth on increase in commercial and consumer loans with a Compound Annual Growth Rate (CAGR) of 8.2% in the last five years (2015-2019). Sign in to your account Welcome back! I have over 30 years of banking experience with a wide variety of clients and a history of providing first-rate customer service. Individuals with less than excellent and substantial credit may be offered a higher margin. You can read our reviews and also consumer reviews about BOK Financial on this page. Charitable Organizations & Not-for-Profit, Lowering your monthly mortgage payment by refinancing to a lower interest rate, Shortening the length of your loan (e.g., from a 30-year mortgage to a 15-year mortgage) to potentially reduce interest charges over time, Accessing extra cash through a cash-out refinancing to pay for home improvements, pay for college, or consolidate debt, Refinancing your adjustable rate mortgage (ARM) to a fixed rate mortgage or to a new ARM with better terms. The Loan term is the period of time during which a loan must be repaid. BOk only fundes mortgages and home loans in Florida, Illinois, Lousiana, Minnesota, New York, Ohio, Pennsylvania, and South Carolina. 30-Year Fixed-rate loan has a term of the potential benefits of a refinance individuals with less excellent! % APR with a lower mortgage interest rate lower monthly payments, but BOK accepts down payments as low 3.875! 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