The Best Mortgage Lenders in Commerce, OK
Compare verified mortgage lenders serving Commerce, Oklahoma. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Commerce
Featured Mortgage Lenders
American Bank & Trust of Miami
American Bank & Trust of Miami
American Bank & Trust of Miami is one of the most established and highly-rated financial institutions serving the Commerce area. With over a century of community banking experience, they offer personalized mortgage services with local decision-making. Their mortgage team provides competitive rates on all major loan types and is particularly known for exceptional customer service in rural and small-town communities throughout Ottawa County and surrounding areas.
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Arvest Bank
Arvest Bank
Arvest Bank maintains a strong regional presence throughout the Four-State Area including Commerce, Oklahoma. As one of the largest community-based banks in the region, they offer comprehensive mortgage solutions with local loan officers who understand the specific needs of Ottawa County residents. Their extensive branch network and digital capabilities provide convenience, while their commitment to community banking ensures personalized service and competitive mortgage products.
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Gateway Mortgage Group
Gateway First Bank
Gateway First Bank (formerly Gateway Mortgage Group) is an Oklahoma-based mortgage lender with a strong statewide presence that actively serves Commerce and surrounding communities. As one of the largest mortgage lenders headquartered in Oklahoma, they combine local market expertise with extensive lending capabilities. Their dedicated loan officers specialize in rural and small-town mortgages, offering competitive rates and streamlined processes for both purchase and refinance transactions throughout northeastern Oklahoma.
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Frequently Asked Questions
Common questions about mortgage lending in Commerce, OK
What are typical down payment requirements for homes in Commerce, OK, given the local market?
In Commerce's affordable market, many conventional loans require a minimum of 5% down, but FHA loans with 3.5% down are very common. For the area's median home price, this translates to a very manageable upfront cost. Some local lenders may also offer portfolio loans with flexible terms for qualified buyers in the region.
Are there any local or state-specific first-time homebuyer programs available for Commerce residents?
Yes, the Oklahoma Housing Finance Agency (OHFA) offers several programs, including down payment assistance and competitive fixed-rate mortgages, which are accessible to Commerce buyers. These programs often have income and purchase price limits, but Commerce's market prices typically make it easier for buyers to qualify. It's advisable to work with an OHFA-approved lender in the area.
How do property taxes in Commerce, OK, impact my monthly mortgage payment?
Ottawa County, where Commerce is located, has relatively low property tax rates compared to national averages. Your lender will estimate these taxes for escrow, but they generally add a modest amount to your monthly payment. This is a key factor in the overall affordability of homeownership in the Commerce area.
What should I know about getting a mortgage for a rural property or land just outside Commerce city limits?
For properties in the surrounding rural areas of Ottawa County, a USDA Rural Development loan can be an excellent option, offering 100% financing with no down payment. Eligibility is based on the property's location and the buyer's income. It's crucial to confirm the property's eligibility with a lender familiar with the local USDA maps.
How does the appraisal process work in Commerce's unique real estate market?
Given Commerce's mix of historic homes and newer construction, appraisers must find good comparable sales ("comps") in a smaller market. This can sometimes be a challenge, so using a local lender with appraisers familiar with Ottawa County is important. They will understand the value of properties in specific neighborhoods and the broader Tri-State area.
Why Choose a Mortgage Lender in Commerce?
Local Market Knowledge
Lenders who understand Commerce's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Oklahoma.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Commerce and get competitive rates on your home loan.