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Conventional Loans

Trusted Mortgage Lenders in Ada, OK

The most popular mortgage loan on the market is a conventional loan, which offers the flexibility you need to purchase a new property without breaking your budget.

Citizens Bank of Ada was founded right here in Ada, Oklahoma. Our team of experienced mortgage lenders loves helping our neighbors purchase their dream homes. Contact us today to discover the best mortgage loan options to fit your home buying needs.

What Is a Conventional Mortgage Loan?

A conventional mortgage is a home buyer’s loan that is not offered or secured by a government entity.

Conventional loans are perfect for those looking for:

  • Low-interest rates
  • Fast processing
  • Flexibility to buy a second home, investment property, etc.
  • Various down payment options
  • Different term lengths for fixed-rate mortgages, ranging from 10 to 30 years.
  • Private mortgage insurance (PMI) can be dropped once you have 20% equity in your home.

How Does It Work?

A conventional mortgage can be processed entirely by a local mortgage lender such as Citizens Bank of Ada.

If you don’t have a large down payment, some conventional loans are available for as low as 3% down for first-time buyers and 5% for those who have already purchased property. Keep in mind that you’ll pay PMI if you put less than 20% down.

Am I Qualified for a Conventional Mortgage Loan?

The first step to qualifying for a conventional mortgage is to speak with a loan specialist. We will go over your options and help you through the application process.

Generally, to qualify for a conventional mortgage loan you must have:

  • A credit score of 620 or higher
  • A strong debt-to-income ratio, typically 45% or less
  • Down payment as low as 3-5% with PMI or 20% without PMI.

How Long is the Process?

Applying for a conventional loan in Ada typically offers the fastest loan processing time in most cases. While most pre-approvals are complete in one to three business days, same-day pre-approvals are not uncommon. Closing terms can range from 30 days to 90 days depending on your time needs.

Why Citizens Bank?

Citizens Bank of Ada offers personalized service you won’t find at big corporate banks. We have been part of the local community for over 50 years. We are a faith-based, service-minded and relationship-focused institution, which means we’ll take care of you every step of the way to help you purchase the home of your dreams.

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