The One Question That Could Save You Over $100,000 When Buying a Home in Oklahoma

House hunting is an exciting adventure—until reality sets in with sticker shock, rising interest rates, and those sneaky hidden fees. If you’re gearing up to get pre-approved for a mortgage, there’s one simple, but powerful question that could save you thousands—potentially over $100,000—throughout the life of your loan.

And here’s the kicker: it only takes a few minutes to ask.

The Question That Can Change Everything
💬 “Can you give me a detailed closing cost estimate?”

It might seem straightforward, but this question can reveal what some lenders aren’t always quick to show—interest rates, loan terms, and a full breakdown of fees. This document, often called a Loan Estimate, gives you the real cost of borrowing beyond just the home price.

Don’t Stop at One—Shop Around Smart
Step 1: Compare Lenders Within 14 Days

After your first pre-approval, reach out to 1–2 other local lenders within a two-week window. Why? Because mortgage credit checks within 14 days count as just one inquiry on your credit report. That means no damage to your score while you gather multiple offers.

Ask each lender for the same Loan Estimate and get ready to compare.

Step 2: Line Them Up and Break It Down

Put the estimates side by side and evaluate:

✅ Interest rates
✅ Origination and lender fees
✅ Discount points
✅ Estimated closing costs
✅ Monthly payments
✅ APR (Annual Percentage Rate)

Even a 0.25% difference in interest rate could translate into tens of thousands in savings.

📊 Freddie Mac reports that borrowers who get quotes from at least 3 lenders save an average of $76,000—and in high-cost markets, that number can top $100,000.

That’s money you could use for a kitchen remodel, future investments, or just the peace of financial security.

Want to Save Even More? Try These 3 Smart Moves:
1️⃣ Boost Your Credit Score Before Applying
The best rates go to buyers with a score of 780 or higher. If you’re close, small tweaks can make a big difference:

Pay down balances (especially under 30% utilization)

Avoid opening new credit accounts

Make all payments on time

Consider a rapid rescore if you’re on the cusp of a better tier

Even a 20-point jump can save you thousands.

2️⃣ Consider an ARM (Adjustable-Rate Mortgage)
If you’re planning to stay in your home for less than 7 years, an ARM could offer lower upfront payments. Just be sure you understand how and when the rate may adjust later on.

3️⃣ Negotiate a Seller-Paid Rate Buy-Down
In today’s Oklahoma City metro and Edmond market, many sellers are willing to sweeten the deal. One great strategy? Ask them to buy down your mortgage rate or pay some of your closing costs. This can temporarily—or even permanently—reduce your monthly payments.

How THE RED TEAM Can Help You Win
As your trusted real estate team in the Oklahoma City metro area, THE RED TEAM is more than just your house-hunting partner—we’re your full-service guide through the entire buying process. Here’s how we help you make the smartest financial move:

🔍 We connect you with top local lenders who are transparent, competitive, and easy to work with—so you can compare the right offers.

💡 We coach you on the questions to ask, like which fees are negotiable, what’s realistic for your budget, and whether a rate buy-down makes sense.

🛠️ We help you strategize every step—from boosting your credit score to negotiating seller concessions—so you’re not leaving money on the table.

📲 Ready to start smart? Let’s create your custom homebuying game plan. From pre-approval to closing day, THE RED TEAM has your back. Reach out to Kiley at 405-410-9696 to get the process started or if you have any questions at all.