Compare Norman, OK mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Norman.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Norman. Plus, shopping lenders is free and there is no obligation.
May 24, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Norman. Understand how much you need to earn to afford a home in Norman, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Norman fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Norman is right for you.
The median home value for Norman, OK (Cleveland County) is $209,797
Based on current mortgage rates and a 10% down payment, you need to make $34,374 per year to buy the median priced home in Norman
With this income, you could qualify for a $188,817 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Norman is $796
The median household income for Norman, OK (Cleveland County) is $69,489
Based on this income, you can afford a home valued at approximately $424,113
The home price you can afford to buy based on household income in Norman is 202% of the median home value which means housing prices are affordable. Norman (Cleveland County) ranks 70 out of 77 counties in Oklahoma and 1,684 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Norman, OK is affordable
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Norman (Cleveland County) below.
Conforming loan limits for Norman, OK
FHA loan limits for Norman, OK
VA loan limits for Norman, OK