Arvest Mortgage Review 2023 | SmartAsset.com (2024)

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by Lauren Perez Updated April 07, 2023
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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	7.89%	7.83%	+0.06
15 year fixed	7.13%	6.79%	+0.33
5/1 ARM	6.63%	6.96%	-0.33
30 yr fixed mtg refi	7.76%	7.57%	+0.19
15 yr fixed mtg refi	7.09%	6.82%	+0.28
7/1 ARM refi	6.75%	6.63%	+0.13
15 yr jumbo fixed mtg refi	3.06%	3.10%	-0.04

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 more than $726,200. 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.

Mortgage Type Options

Based on a mortgage

Home Value Points Location Credit Score
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See Also

Arvest Central Mortgage Review: the Top Mortgage Lender in the State of Arkansas - The Truth About MortgageWill a wider war in the Middle East push mortgage rates higher or lower? - HousingWireMorrilton, Arkansas (AR) Money Market RatesArvest Central Mortgage Review: Trusted Home Loans

• 30 yr Fixed 30yr Fixed
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