Helpful Information

Mortgage Lenders

Here is one of our favorite mortgage lenders.

• First Mortgage Company
  Jim Rapp, Loan Officer
  (405) 359-8096
  2300 South Broadway, Suite 106
  Edmond, OK  73013
     

Overall Mortgage Payment Calculator

This is one of our favorite calculators.  This calculator estimates everything -your monthly payments, including taxes, homeowners insurance, and mortgage insurance.  This calculator also approximates the amount of cash you need to provide at closing.

Remember that all these calculators only provide rough estimates.  Rely on your mortgage lender and REALTOR® to get the real amounts.

• Mortgage Payment Calculator - Countrywide
   

Mortgage Rates and Calculators

Here are some helpful sites to help you estimate your monthly mortgage payment.

• National Average Mortgage Interest Rates - Bankrate
• Local Mortgage Interest Rates - Bankrate
• Mortgage Payment Calculators - Bankrate
   

Property Taxes, Homeowner's Insurance, and Mortgage Insurance

When you are figuring your monthly mortgage payment, it is important that you factor in property taxes, homeowner's insurance, and mortgage insurance.  You can approximate your property taxes and insurances below and add that to the monthly mortgage payment that you calculated above. 

• Property Taxes - You can estimate the property taxes by doing the following calculation.  Your REALTOR® can tell you the actual property taxes for a specific home.
  • For Edmond, multiply the home price by 0.00096 to get your monthly property tax payment.
  • For Guthrie, multiply the home price by 0.00097 to get your monthly property tax payment.
     
• Homeowner's Insurance - You'll have to shop around for the best deal.  The actual cost of the insurance depends on how much coverage you want.  Your mortgage company is going to require a minimum amount.  To approximate, you can multiply the home price by 0.00065 to get your monthly homeowner's insurance payment.
   
• Mortgage Insurance - Depending on the loan type and the amount of your loan compared to the home value, you may or may not need to pay mortgage insurance.  Your lender can help you determine this.  To figure on the high side, you can multiply the loan amount by 0.00065 to get your monthly mortgage insurance payment.

We recommend that you escrow your tax and insurance payments through your mortgage company.  This means that you pay the same amount every month.  Otherwise, you have to pay your property taxes and insurance payments for the whole year at one time.

Also, you should file for "homestead" with the county assessor's office.  This will save you about $8 per month.
 

Closing Costs

Your mortgage lender can give you a "good faith estimate" of your closing costs and fees.  "Closing" is the final step, when you sign all the paper work and the money is transferred.  There are numerous fees and other costs that people call "closing costs".  Here is an online calculator that can approximate those costs.

• Closing costs calculator - Countrywide
   

City and School District Maps

If you are a parent, making sure your children are in good schools is very important.  Edmond and Guthrie have great schools.  Check out these maps from www.csa.ou.edu

• Northern Edmond and Guthrie School District (Logan County)
• Southern Edmond School District (Oklahoma County)

Contact Us

Do you have a comment for us?  Simply send an email to comments@EdmondGuthrie.com