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We’ve laid down our roots in Central Oklahoma — we can help you do the same with a home mortgage tailored to your needs.

Key Features

  • Competitive Rates
  • Variety of Terms
  • Local Processing

Conventional Mortgages in Oklahoma

Fixed Rate Mortgages

Lock in your interest rate during the mortgage application process and enjoy the same interest rate over the life of your loan. Your mortgage payments will also stay the same (aside from property taxes and insurance premiums).

Fixed Rate Mortgages are available in 15- and 30-year terms.

Adjustable Rate Mortgages (ARM)

ARM Loans are available in a variety of terms. There is usually an introductory period of several years in which the interest rate is fixed. After that, the rate can adjust up or down at pre-determined intervals depending on the benchmark.

Understanding your mortgage payment

A typical monthly mortgage payment can include four costs:

  • Principal: The amount of money you originally borrowed to buy your home. 
  • Interest: Your interest rate is a percentage charged on your loan balance. You pay interest each month in addition to the principal.
  • Property taxes and homeowners’ insurance: You can roll your property tax payments and homeowners' insurance into your mortgage payment. Part of your monthly payment is redirected to an escrow account to pay these expenses.
  • Mortgage insurance: This is a requirement for certain mortgage loans, depending on the type of loan and the size of your down payment.

Special Mortgage Programs

Talk to one of our Central Oklahoma-based mortgage lenders to see if you might qualify for any of these special home loan programs.

  • FHA Loans: Low down payments available and more flexible credit requirements
  • Veteran (VA) Loans: Up to 100% financing for servicemembers, veterans, and surviving spouses.
  • Jumbo Loans: Borrow more than the conforming loan limit for your county.
  • Vacation Home Loan: Get financing to purchase that lake house or other vacation home you’ve always dreamed of.

Required Documents To Support Your Mortgage Application

You can expect to be asked for these (and possibly other) Financial documents:

  • W-2 or 1099 forms from the past 2 years showing income
  • Tax returns for past two years
  • Recent pay stubs showing year-to-date earnings
  • Credit reports
  • Credit score of at least 620 or higher

Apply online for a mortgage loan in Oklahoma!

To start the mortgage application process, you can apply online, contact us, or visit your nearest branch location in Edmond, Guthrie OK, Kingfisher OK, Piedmont OK, Crescent OK, Yukon, OK, Greater Oklahoma City. Getting pre-qualified helps you understand how much you can borrow and makes you a more attractive buyer to sellers.

What is the difference between a fixed-rate and an adjustable-rate mortgage?

A fixed-rate mortgage has a constant interest rate throughout the life of the loan, which means your monthly principal and interest payments will remain the same. On the other hand, an adjustable-rate mortgage has an interest rate that may change periodically, causing your monthly payments to increase or decrease.

What are the benefits of choosing a conventional mortgage over other types of mortgages?

Conventional mortgages offer flexibility in terms of loan terms and down payment options. They also typically have fewer eligibility requirements than government-backed loans, such as FHA, VA, or USDA loans. Additionally, conventional mortgages do not require upfront mortgage insurance premiums, potentially lowering your overall borrowing costs.

What are the down payment requirements for a conventional mortgage?

Down payment requirements for conventional mortgages can vary, but it's common for borrowers to put down as little as 3% to 5% of the purchase price. However, a larger down payment may help you secure a lower interest rate and reduce the need for private mortgage insurance (PMI).

Can I use a conventional mortgage to purchase an investment property?

F&M Bank offers other loans for the purchase of investment or rental properties. Keep in mind that the requirements and interest rates for investment property loans may differ from those for primary residences.

How do I apply for a conventional mortgage with F&M Bank?

To begin the application process, visit our online mortgage application page or contact one of our loan officers. We'll be happy to guide you through the process and answer any questions you may have.