Requirements
A wide range of conventional mortgages is available through Arvest Central, including fixed-rate and adjustable-rate mortgages, VA and Rural Development loans, construction loans, physician loan programs, condominium loans, and jumbo loan options. It has physical locations, although most of its services are available online. Delaware, Rhode Island, Maryland, New Hampshire, and New York have no service access. However, the following requirements are needed to get a loan:
- At the very least, a person must be at least 18 years old
- There is a 3 percent minimum down payment for traditional loans
- A standard mortgage requires a credit score of 620 or higher
- The customer must have a debt-to-income ratio (DTI) of no more than 45%.
Application details
When you apply for a mortgage with Arvest Central Mortgage, you'll need to provide documentation of your income and debts. Forms required for house loans vary based on your circumstances.
- Tax returns
- Income documentation such as W-2s and pay stubs
- A driver's License
- Assets such as bank records
- Credit records.
How to apply for a loan
- Fill in an application. A Loan Estimate will be sent to you within three days, describing the terms of your loan.
- Refinement and Evaluation. The processor reviews your loan package, and any missing paperwork is requested. Arvest Central Mortgage will order an appraisal, title work, survey, and other necessary duties. As a result, you'll be covered by homeowner's insurance.
- Appraisal and Underwriting. The loan approval or denial is the decision of the underwriter, which reviews your application. They will send you a mortgage loan commitment letter if your loan application is approved.
- Loan closing. You can put your loan to work in any way you see fit.
