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Arvest Mortgage Review 2018

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by Lauren Perez Updated
Arvest Bank

Arvest Mortgage Overview

Arvest Bank’s Mortgage Division offers a variety of mortgage products. You’ll find conforming and non-conforming loans, fixed- and adjustable-rate loans, government-backed loans, rural development loans and more. You can also refinance your mortgage with Arvest. 

Once you submit a mortgage application and are approved to move forward, you’ll have an Arvest loan Officer to work with you every step of the way. The representative will help you determine which loan actually works best for you, what you can afford and how to continue the process. You’ll work with your loan officer all the way until closing and the home is yours. 

Today's Rates

National Average Rates

Product Today Last Week Change
30 year fixed 4.68% 4.69% -0.01
15 year fixed 4.17% 4.19% -0.02
5/1 ARM 4.29% 4.12% +0.17
30 yr fixed mtg refi 4.65% 4.63% +0.02
15 yr fixed mtg refi 4.16% 4.17% -0.01
7/1 ARM refi 4.44% 4.39% +0.05
15 yr jumbo fixed mtg refi 4.35% 4.26% +0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research

Regions Served by Arvest Bank

Does Arvest Mortgage Operate in My Area?

You can find Arvest Mortgage Lenders in Arkansas, Kansas, Missouri and Oklahoma. 

What Kind of Mortgage Can I Get With Arvest? 

Fixed-rate mortgage: A fixed-rate mortgage is the most traditional approach to a home loan. This kind of loan works just how it sounds: the rate you open with will be the same rate throughout the life of the loan. This means your payments won’t change either, offering some consistency and reliability. A fixed-rate mortgage is a good option if you don’t want to deal with rate volatility and plan to stay in your new home for a while. 

Arvest offers both 15-year and 30-year loan terms. A 30-year fixed-rate mortgage is the more standard loan. It gives you the opportunity to pay off the loan over a longer period of time, resulting in smaller monthly payments. These loans also typically have higher rates than 15-year loans. 15-year fixed-rate mortgages offer lower rates, but since you’re paying off the loan over a short period of time, your monthly payments will be slightly higher. 

Adjustable-rate mortgage: If you do want the opportunity to snag a lower rate than your opening rate, an adjustable-rate mortgage (ARM) might work better for you. Arvest ARMs lock in your opening rate for the first three, five or seven years, depending on the terms of your loan. Once that term ends, your rate will fluctuate annually. While this does offer the chance for lower rates, it also means you might get stuck with higher rates in future. ARMs work better if you plan to stay in your home for a short period of time or if you want to refinance in the near future. 

Jumbo loan: Jumbo home loans at Arvest are for homes priced between $424,100 and $2.5 million. This big price tag poses some big risks for lenders so jumbo mortgages often come with high interest rates. You can open a jumbo loans as a fixed-rate or adjustable-rate loan. Arvest also offers a Blended Jumbo option that combines a traditional mortgage and a home equity line of credit (HELOC)

FHA loans: The Federal Housing Administration (FHA) backs FHA loans. These loans require a lower down payment than traditional loans and limited closing costs, making them a more affordable option for lower-income individuals. 

VA loans: VA loans are backed by the U.S. Department of Veterans Affairs. Qualified veterans can benefit from 0% down payments, 100% financing for refinances and no monthly mortgage insurance. 

Rural Development loans: Rural Development loans are private loans that the U.S. Department of Agriculture backs. These loans allow you to finance a home in a rural community. Rural Development will determine your exact eligibility once you submit a complete application. 

A Rural Development loan allows for zero down payment, offers 100% financing and provides minimal monthly mortgage insurance. 

Construction loans: A construction loan can help you if you’re building your new home. Arvest will provide the kind of financing you need as a fixed-rate loan to help pay for construction, materials, home plans and/or land. You have the option to make interest-only payments. Arvest can finance up to 100% of construction costs or 80% of the appraised value, whichever is lower. 

Physician loans: Physician loans help out new residents or new physicians to buy a home. Physicians won’t have to worry about mortgage insurance or inflexible underwriting guidelines. 

Non-Conforming Standard loans: Non-conforming standard loans are meant for individuals or trusts for household, family or other personal (non-business) purposes. These loans do not have to meet FHA or conventional property guidelines so they offer flexible underwriting guidelines. There’s also usually a pretty quick approval process. 

Condominium loans: Pretty self-explanatory, condominium loans are meant for housing units in a condominium building. These loans do have to meet FHA or conventional property guidelines. 

What Can You Do Online With Arvest Mortgage?

You can do a ton online with Arvest Bank - Mortgage Division. You can find out all about all the various loans Arvest offers and the requirements for loan qualification.

Once you’ve found the mortgage you want and have all your information ready, you can also apply for your loan online. If you don’t want to apply online, though, there is a function to help you find the closest Arvest lenders for you to work with in person. 

Then of course, if you open a mortgage with Arvest, you can access and service that existing mortgage online. You can make your payments online, apply for hardship assistance and review the Mortgage Fee Schedule. 

Would You Qualify for a Mortgage From Arvest?

To determine whether you qualify, you’ll need to fill out an Arvest Mortgage Application for a loan officer to review. Your eligibility hinges on a number of factors, including your down payment, credit score, the amount of the loan and your income. 

What’s the Process for Getting a Mortgage With Arvest?

To start your loan process, you’ll need to submit an application first. You’ll have to include your work history, monthly income and employee information. As part of this submission, you should provide documentation like paystubs, W-2s and tax returns. 

You will also need to show proof of your ability to make your down payment and meet closing costs. This means having bank statements, investment statements, 401(k) statements and more at the ready. Of course, you’ll also need to lay out the property’s sales price and the loan amount you plan to apply for. 

Once your application is in, an Arvest Loan Officer will contact you and walk you through the process. If you’re cleared, you’ll have a loan officer help you all the way to closing. 

How Arvest Mortgage Stacks Up

To its credit, Arvest Mortgage offers a ton of loan options, opening up the opportunity for a number of customers to finance a new home. There are conventional options, like the 30-year fixed-rate mortgage, and there are government backed loans like FHA and VA loans. Arvest offers affordable ways to buy a home by allowing high rates of financing and low down payments. You can also refinance your mortgage with Arvest. 

Arvest does not offer its interest rates directly on its website. You’ll need to contact an Arvest Mortgage Lender to find out your rates. Your exact loan terms will depend on factors including your location, loan type and credit score. 

Tips for Saving Towards a Mortgage 

  • While your Arvest Loan Officer will help you with your loan throughout the entire process, it helps to know a bit about what you need before getting started. Knowing about the different types of mortgages will help you determine which kind you’ll want to apply for. It also helps to know what kind of information you’ll need to provide on your application like tax and income documentation. 
  • You might also benefit from the help of a financial advisor. An advisor can help you manage your finances and save towards your future mortgage with your specific plans and goals in mind. SmartAsset’s advisor matching tool can help you find the right advisor. After a short quiz to get to know you, your financial situation and advisor preferences, we can connect you with qualified advisors in your area to get you started.
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