Mortgage lender closing cost rankings in Oklahoma (2025)

Oklahoma uses a non-judicial foreclosure process, meaning lenders can foreclose without court involvement when a deed of trust is used, though judicial foreclosure via mortgage instrument is also permitted. Oklahoma is not an attorney-required closing state; title companies and escrow officers routinely handle closings without mandatory attorney participation. The state imposes a documentary stamp tax on mortgages at $0.10 per $100 of indebtedness, and a separate real estate transfer tax applies at $0.75 per $500 of sales price; by custom, the seller typically pays the transfer tax, though this is negotiable. Title insurance rates in Oklahoma are promulgated (set) by the Oklahoma Insurance Department rather than filed under a file-and-use structure. Oklahoma does not impose a statutory ban on prepayment penalties for conventional loans, though federal rules govern most conforming products. The Oklahoma Department of Consumer Credit oversees state-licensed mortgage lenders and servicers and enforces the Oklahoma Uniform Consumer Credit Code, which provides borrowers certain disclosure and remedy rights.

Conventional loans dominate Oklahoma's purchase market, accounting for 52.5% of 2024 originations (17,626 loans) at a median rate of 6.75%. FHA loans represent a notably high 27.7% share (9,280 loans), reflecting the state's mix of lower-to-moderate home prices and buyers using lower down-payment options. VA loans account for 16.6% of volume (5,571 loans), a meaningful share consistent with Oklahoma's multiple active-duty military installations, including Tinker Air Force Base and Fort Sill. USDA loans make up 3.2% (1,069 loans), reflecting rural and small-town communities across the state where USDA Rural Development eligibility is common.