Home loans

Kirkpatrick Bank offers a full range of mortgage loan options – permanent or second mortgage loans, construction or bridge loans, VA, FHA, conventional and Jumbo home loans.

Why Choose Us

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Advantage 1

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7 Home Buying Steps

What can you expect from now until closing day?

1. Prequalify

Prequalify online. Go to APPLY NOW and begin. Do this first so you know how much home you can afford

2. Meet with Your Kirkpatrick Bank Team Member

  • Discuss programs, monthly payments, and interest rates
  • Get a prequalification letter to strengthen your purchase offer
  • Put the finishing touches on your loan application

3. Shop for Your Dream Home

  • Work with a local Realtor to find the right home in your prequalification range
  • Let your loan officer know when the seller accepts your offer

4. During the Loan Process

  • Sign and return initial loan documentation
  • Schedule an inspection to check the home for any major issues
  • Submit an executed purchase contract to your loan officer to lock your rate
  • Your lender orders the appraisal and lets you know key contract dates
  • Secure homeowners insurance coverage before your closing
  • Promptly provide requested documentation

5. Get Ready for Final Approval

  • The processor orders title commitment and preps your loan for underwriting
  • The underwriter makes the final loan approval decision

6. Review the Closing Disclosure (CD)

  • Your CD includes your final loan terms and closing costs
  • You get the CD at least 3 business days before closing
  • We confirm closing details: Where, when, who, and how much for your closing costs

7. Close on Your Home

  • Closing usually takes place at a title company
  • Bring a valid driver’s license for each borrower, plus a certified/cashier’s check if closing costs are due (payable to the title company)
  • Sign documents, get the keys, and celebrate because you’re a homeowner!

Loan Checklist

To help us better serve you, please be ready to provide the following documentation. You may be asked for additional items during the process.

  • Bank Statements
    Showing most recent two-month history - ALL PAGES
  • Retirement Statements
    Showing most recent two-month history - ALL PAGES
  • Employment Pay Stubs
    From the last 30 days of all jobs held by each applicant
  • Personal Federal Income Tax Returns (1040)
    From the most recent two years, with all schedules, statements, and addenda (completed and signed)
  • Most Recent Mortgage Statement
    For any other properties owned by the applicant
  • Copy of Driver's License for Each Applicant

Do’s and Don’ts for Being Mortgage Ready

When you decide you’re ready to buy a home, examine your own finances closer than you ever have before – because your mortgage underwriter will be looking at your finances even more closely. It’s the underwriter’s job to evaluate your income, credit score, and assets to make sure you’re a solid loan candidate.

Because of this, it’s important that nothing you do makes your mortgage company question your ability to pay them back. Here’s a list of things you should avoid doing during the mortgage process.

Don’t Make Big Purchases or Lifestyle Changes

Avoid any major lifestyle changes, if possible. Whether it’s buying a car or finally deciding to quit your job and become an artist, big changes that can put a strain on your bank account are red flags to underwriters.

Even big deposits can be questioned by your underwriter. Your underwriter wants to see a steady, regular flow of income. If your family knows you’re house hunting, they might want to help you out but, if you’re accepting any sort of significant cash gifts to help with your down payment (anything exceeding 50% of your monthly income), you’ll have to do a few things to make sure your lender understands it’s a gift – not a personal loan.

Your generous donor will have to write a gift letter to your lender. This should include personal information about the donor, their relationship to you, the property’s address, the total amount of money gifted, the date of the transaction, and a statement saying the donor is expecting nothing in return.

Don’t Change Your Credit – At All

Turn that friendly cashier down when they tell you how much you’ll save by opening a charge with them. And, don’t close any cards out, either. Both actions can hurt your credit score, and you want your credit score to be as high as possible when you apply for a home loan.

By opening a new line of credit, you’ll create an inquiry on your credit report, which can lower your credit score. And new payments that come with your new credit card can negatively affect your debt-to-income ratio.

Instead of closing out credit accounts, just pay them off monthly like you typically would. This way you keep your open credit, and your credit score stays high.

While some things in life can’t be changed, like illness, job loss, and natural disasters, others, like your personal finance habits and lifestyle, can be monitored and can hurt your chances for mortgage approval if not handled correctly. If you anticipate any big, unavoidable changes during the underwriting process, always make sure to talk them over with your Home Loan Expert.

The Price

What you offer on a property depends on a number of factors including its condition, length of time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, this often isn’t a smart choice because the seller may be insulted and decide not to negotiate at all.

The Move-In Date

If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.

Additional Property

Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation. Typically, you will not be present at the offer presentation - your realtor will present it to the listing agent and/or seller. The seller will then do one of the following:

  • Accept the offer
  • Reject the offer
  • Counter the offer with changes

By far the most common is the counter-offer. In these cases, your realtor’s experience and negotiating skills become powerful in representing your best interests.

When a counter-offer is presented, work with your realtor to review each specific area. Keeping your goals in mind, seek to negotiate the best possible price and terms.

Some Things to Consider Before You Decide to Buy a House:
The Down Payment

You’ll need money for your down payment—typically a minimum of 3% of the purchase price (Example $3,000 for a house that appraises for $100,000) depending on the type of mortgage, and you may be responsible for closing costs, as well. Consider using some savings, a financial gift, or proceeds from a previous home sale for the down payment and closing costs. If your down payment on a conventional loan is less than 20%, you must pay private mortgage insurance (PMI), which covers the lender if you stop paying your mortgage and default on your loan. PMI usually costs less than 1% of the outstanding loan balance, so putting 20% down can save you thousands of dollars over the life of the loan. Learn more about down payment requirements.

Your Credit Score

Banks look at your credit score, your income, and the value of the home you’re buying to determine how much they’ll lend you. Credit scores range from 300 to 850. A higher credit score may lower your interest rate—and lower your monthly payment. If you’ve recently missed payments or maxed out your credit cards, you may consider waiting to purchase a home until your credit improves so you can qualify for a lower interest rate. Learn more about credit scores and how you can improve yours.

Is My Debt-to-Income Ratio Less Than 43%?

All of your monthly payments toward your existing and future debts should usually be less than 43% of your monthly income. However, the amount you qualify for based on this calculation may not be suitable for you. You should review your personal situation and work with a financial advisor to decide how much you can comfortably afford. To calculate your debt-to-income ratio, divide your monthly payments by your monthly gross income.

Use this formula to get an idea of your debt-to-income ratio: A/B = debt-to-income ratio

  • A= Your total monthly payments (such as credit cards, student loans, car loans, or leases; also include an estimated mortgage payment).
  • B= Your average monthly gross income (divide your annual salary by 12).

For example, if your monthly income is $5,000 and your monthly debts and future expenses are $1,000, your debt-to-income ratio would be 20%.

If your debt-to-income ratio is more than 43%, you still may be eligible for a mortgage if another person completes the application with you. We'll ask you for the co-applicant information during the application process.

Know Your Score

A credit score not only influences your home-buying potential but is essential for obtaining several services and big-ticket items. Ninety of the top 100 largest U.S. Financial Institutions use the FICO score to make consumer credit decisions, according to MyFico.com.

Your FICO score is reviewed by most of the following entities:

  • Employers
  • Mortgage lenders
  • Landlords
  • Insurance companies
  • Cell phone companies
  • Utility companies
  • Credit card companies
  • Cable companies
What Makes Up Your Score?

Typically, the higher your credit score, the better your chances for approval and securing a lower rate. But, just how exactly is your score determined? Most companies use a FICO score that is comprised of five elements:

  1. 10% NEW CREDIT ACCOUNTS - Lots of new credit account inquiries can lower your score. Mortgage and auto loan inquiries are an exception; these count as one inquiry within a 30-day period.
  2. 10%TYPES OF CREDIT YOU HAVE - A variety of credit types – like an auto loan, credit cards, and other credit accounts – could boost your score.
  3. 15% LENGTH OF YOUR CREDIT HISTORY - A short history isn’t a bad thing if you show responsible credit management. Having a few credit accounts is better than having no credit at all.
  4. 30% HOW MUCH YOU OWE - Keep outstanding balances under 30% of your credit limits
  5. 35% YOUR PAYMENT HISTORY - Late payments lower your score, so pay your bills on time.

To know your score, obtain your credit score.

So, What's a Good Score?

FICO scores range from 300 to 850, with higher numbers being better. A score of 700 is a good indicator of financial health, and most lenders prefer scores at or above that number, but it is not required.

What's the Next Step? Obtain a Credit Report.

This is a free service available to you each year, so take advantage. Visit www.AnnualCreditReport.com and request your free copy from all three credit reporting companies.

Beware of other companies that charge fees for credit reports, because they are often not as accurate as the three mentioned above.

Check for Mistakes

There is no charge for checking into existing errors, so make sure there are no inaccuracies listed on your report. It is your responsibility to notify the credit bureau of any mistakes, which should be cleared up within 30 days of the report date. If you need to boost your score, here are a few tips that could make a difference to your score. While these are general tips, be sure to check with your lender before paying off large accounts and moving your money around for closing costs and the down payment.

  • MANAGE YOUR CREDIT CARD – Keep balances to less than 30 percent of your limit
  • CORRECT CREDIT LIMITS – It’s important for your credit card company(s) to report your correct limit to the major credit bureaus; your report could suffer if it shows you’re over the reported limit when the limit is actually higher
  • GET CREDIT WHERE CREDIT IS DUE – Be sure your report shows all of your credit accounts, especially the healthy ones

Please choose a lender and begin your application with them. If you don’t have a preference, GET STARTED HERE.

Mortage Lenders

Barbara Drake
Oklahoma
MLO #561547
405.241.0831
I grew up in Oklahoma City, attended Putnam City High and Central State University (now known as University of Central Oklahoma). I’m a graduate of the Southwestern School of Banking at SMU and hold a Master of Mortgage Lending certificate through APMW. I have 25 years of experience in mortgage lending. I am focused on finding the mortgage loan option that best fits my customer, one that is a sound loan decision. I am blessed to work with a team that gives our customers service at the level of a private bank experience. I am active in the Downtown Oklahoma City Lions Club, Central Oklahoma Home Builders and the Association of Professional Mortgage Women.
Scott Ryden
Colorado
MLO #1833799
719.866.6334
I have been in banking for ten years, the first three in client services and personal banking. I joined Kirkpatrick Bank in 2013 as a Business Banking Representative. I am a graduate of Pikes Peak Community College and a founder of a non-profit, 1Hope for Cancer. I serve on the finance committee for Pikes Peak Regional Trails and Open Spaces Coalition. I feel fortunate to be launching a career in mortgage lending under Wayne Bland’s mentorship and working with such a great team.

Mortage Operations

Terri Wirtz
Operations Manager & Underwriter
Oklahoma
MLO #561553
719.866.6334
My life’s career has been in residential lending with the past 19 years as an underwriter.  I have experience in all aspects of the loan process from origination to closing.  I am a Direct Endorsement underwriter with FHA.  I have total confidence in our team.  I’d put our team up against anyone in the industry because we take care of each customer as the VIP they are. Your loan is going to be right for you, accurately prepared, and closed on time!
Suzanne Jackson
Operations Manager & Underwriter
Oklahoma
MLO #561550
719.866.6334
I make sure your loan file is ready and organized for approval. I check and recheck all the critical information.  When you begin your mortgage loan application, I work with everyone involved in the process, making sure everything is accurate, moves smoothly and is completed in a timely manner. I have been in the mortgage lending business for 22 years and I still love the thrill of helping people make their dream of homeownership come true.
Dee Shaver
Colorado
My career in banking started 16 years ago. In my current role, I very much enjoy assisting borrowers with their dream of attaining home ownership. During the loan process I work to ensure that everything is accurate and that the loans close on time. It is my distinct pleasure to have this honor and I take my responsibility very seriously. On a personal note, I am a member of the Colorado Springs Philharmonic Guild, supporting the amazing musicians of the Colorado Springs Philharmonic.
Regina Lewis
Oklahoma
I am the person who finalizes your mortgage loan.  I was a Realtor for 10 years prior to getting into mortgage lending, working in the banking environment since 1981. I coordinate all the steps of the loan closing, to provide detailed and accurate financial numbers for you, as well as making certain your loan documents are ready and delivered to closing on time.
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