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How Much are Closing Costs in Oklahoma?

Updated: Jun 8

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Oklahoma is a state with a lot going for it in 2022. A vibrant college sports scene, culture, and rich Native American history make it a great place to live.


We recently wrote a piece about first-time homebuyer programs in Oklahoma that are designed to make homeownership easier to achieve for Oklahomans statewide. And they can really make a difference! But as your home buying journey unfolds, it is also important to remember that you are going to need to save enough money to cover your buyer closing costs.


Thankfully, Oklahoma has some of the lowest closing costs in the entire country. Across the state, buyers can generally expect to pay about 1-2% of the home's purchase price in closing costs, plus any applicable property tax. That means that, if you buy an $180,000 home, you can generally expect to pay about $1,800-$3,600 in closing costs.


And while this number does not include any real estate commissions, if applicable, it is far lower than states in the northeast, like New Jersey, for instance.


​Average Home Price

$179,000

Average Closing Costs

1%-2% of home's purchase price

Median Property Tax

​$796 (44th of 50 states)


What are closing costs?


Closing costs are the various fees and expenses incurred throughout the home buying process. They consist of various processing fees and are due at close to officially complete a real estate transaction. Oftentimes, these costs consist of a few different "buckets":


  1. Title fees

  2. Lender fees

  3. Property fees

  4. Down payment


Note that these are all of the expenses that are due at closing - typically, your title fees and lender fees are what makes up your official "closing costs." In a minute, we'll take these categories one by one.


Related: A Guide for First-Time Home Buyers



How much are closing costs in Oklahoma?


Like we started to mention, you will likely pay about 1-2% of the home's purchase price in buyer closing costs, but it is definitely a good idea to prepare for these expenses to be slightly more, just so there are no surprises. Note that this figure does not include property taxes, your down payment, or any realtor fees, if applicable.


Remember that you'll also be on the hook for any applicable property taxes assessed by your county or town.


These closing costs are just an estimate, and your total amount will vary based on a number of variables, including:


  • What fees your lender charges for/doesn't charge for

  • When in the month you close

  • What title company you use


Also, if you count property taxes as part of your closing expenses, this is another fourth variable, since they can sometimes vary greatly between towns.



Highest property tax counties in Oklahoma


At this time, the highest taxed counties in OK (by dollars, so home values play a role) are:


  1. Tulsa County ($1,344)

  2. Wagoner County ($1,087)

  3. Oklahoma County ($1,132)

  4. Rogers County ($1,030)

  5. Logan County ($914)



Lowest property tax counties in Oklahoma


Meanwhile, the following Oklahoma counties have the lowest property tax burdens across the state:


  1. Cimarron County ($244)

  2. Pushmataha County ($272)

  3. Alfalfa County ($284)

  4. Kiowa County ($285)

  5. Choctaw County ($297)


 

Next, let's break down each closing cost category one by one.



1. Title fees in Oklahoma


Typically, when you buy a home, you'll need to hire a title company or real estate attorney to handle document preparation, legal documents, and your title search (to assure your new home does not have any liens or other legal problems).


In Oklahoma, you can generally expect to pay about $500-$1,000 in title related fees, but could pay slightly more in a hotter real estate market.



2. Lender and loan origination fees


You should also plan on spending another $500-$1,000 on various lender assessed fees. Now, which fees are assessed is lender-specific, but you may be responsible for some or all of the following fees:


  • Mortgage application

  • Underwriting

  • Document preparation

  • Credit report

  • Prepaid mortgage interest

  • Title insurance


The largest determinants of how much you'll pay in this category are the lender you choose and when in the month you close. Like we said, some lenders may be willing to waive application and underwriting fees from time to time, depending on the strength of the real estate market in your area.


Also, the month in which you close is the one and only time that you will ever prepay mortgage interest, and that occurs for the remainder of your close month. So if you close on the 1st of a new month, your closing costs will be higher, since you'll have to cover an entire month's worth of interest fees ahead of time.


In Oklahoma, just like in other states, your lender will also charge you for private mortgage insurance (PMI) each month you have below 20% equity in your home. While this won't cost you any additional money at retirement, it will increase your monthly mortgage payments for some time.


Many lenders also mandate that you purchase title insurance, which protects you in case your real estate attorney missed something when completing your title search. It is a one-time expense, rather than a policy you must renew each year.



3. Property related fees


Upon closing on your new home, you'll also be expected to pay for a number of property related fees, some of which are required by the bank, and others that are at your discretion, but are probably smart to budget for.



Home inspection


While some lenders do not mandate a home inspection, it is generally a good idea. You want to make sure that you're not buying a home with structural or other deficiencies that cannot be seen. Plus, a good inspector will be able to provide an estimate of remaining useful life for certain systems in the home.


A home inspection may also include a well water and radon test, if applicable.



Homeowner's insurance


It is also common for lenders to require a year's worth of prepaid homeowner's insurance before giving you the clear to close.


This insurance is important and mandatory, as it protects both you and the bank in the event of natural disasters, accidents, or other problems. Homeowners that purchase a property with "risky" features such as pools or trampolines can expect to pay more.



Other property related fees


Oklahomans can also expect to pay for a number of other miscellaneous property related fees, including but not limited to:


  1. Flood certifications

  2. Survey fees

  3. Insurance riders



4. Your down payment


Though your down payment is not technically a part of your closing costs, you'll be expected to pay it at the same time. Most often, you'll head to your closing with a bank check, though you may also be given the option to wire the money.


Typically, you'll want to come up with at least 10% of the home's purchase price, and as close to 20% as you can to limit the amount of time you'll be paying PMI. But you also have other options if you want to buy a home but don't have a large enough down payment saved up.


For example, you can consider using FHA, USDA, or VA loans, if you qualify for any of those programs, since they oftentimes require a lot less money down (as little as 3% is possible) and have more relaxed approval processes.


Where you save your down payment is also really important - we've found that CIT Bank has some really flexible options with some high APYs!




Lower your Oklahoma closing costs


Luckily, you are not without options to limit your closing costs in certain areas. You can lower these costs by using some or all of these approaches:


  1. Closing late in the month

  2. Negotiating lender fees

  3. Financing your closing costs



1. Close late in the month


Closing as late in the month as possible is a good way to save some money, since you'll need to prepay mortgage interest for the remainder of the month. So, by holding your closing as late in the month as possible, you'll only need to pay a couple of days of interest.



2. Negotiate your lender fees


Another option that you may consider is to negotiate certain lender based fees. Depending on the state of the housing market at the time that you purchase your home, you may be able to find a lender willing to waive application or underwriting fees.


Just make sure that you're still getting a fair interest rate.



3. Finance your closing costs


The third strategy that you may consider is financing your expenses. And while this can be a good way to lower the costs required to get into your house, it will add to your monthly payments for the term of your home loan.



Oklahoma mortgage lenders and title companies


By now, you probably understand that there is no one solution that will help you to cut your closing costs in half. But the one strategy that we have not discussed to this point is shopping around for mortgage lenders and title services. Remember - in Oklahoma, your loan origination fee is likely to be your single most expensive closing cost component.


And while most lenders assess fees in the same range, there are lenders out there that offer home loans at fixed or even no cost. If this is important to you, we recommend that you check out one of the following lenders:


  1. Rocket Mortgage

  2. Better.com

  3. Pentagon Federal Credit Union

  4. Ally Bank


As of the time this post was written, neither PenFed nor Ally Bank do not assess loan origination fees. This could save the average home buyer in Oklahoma somewhere between $1,000 and $2,000.


And while it is harder to summarize here, you'll also want to consider shopping your title services too. You just may find a deal!



Oklahoma closing cost assistance and grants


Those that need a little extra financial assistance to afford their home in The Sooner State may opt to participate in a number of closing cost assistance or grant programs, including the OHFA Homebuyer Down Payment Assistance program. At this time, it is available to first-time buyers, certain repeat buyers, teachers, first responders, state employees, and others.


To gauge what exact options you have, you'll want to contact an OHFA approved mortgage lender.



Download our closing cost calculator


For those among us that are cost conscious about the home buying budget (and let's be real - who among us isn't), we built a closing cost calculator to help you budget for and keep track of these expenses as you complete the home buying process in Oklahoma.


Our calculator will help you:


  • Prepare for those hidden fees associated with home buying

  • Budget for your closing costs

  • Understand early on in the process how much cash you'll need to close, including your down payment


This tool can help you to avoid costly mistakes and prepare to turn the page towards your next financial goal(s).


Just click the button below to grab your free copy of the calculator.



Oklahoma closing cost calculator


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About Nathan Zarcaro

Nathan Zarcaro is the founder of The Student Debt Destroyer and is passionate about personal finance related causes.  A 2018 graduate of Providence College's Liberal Arts Honors Program, Nathan studied Finance, and worked for one of the world's largest asset management firms before starting his own consulting practice.  In his free time, Nathan enjoys playing golf and traveling with his wife Brigid.

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