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Home Mortgage Loans

Buying a home can be a big step. According to Consumer Reports, credit unions are the best in terms of providing trusted, professional, and affordable mortgage services. From pre-qualification to insurance, Oklahoma Central Credit Union makes it easy.

APPLY NOWAPPLY FHA, VA, OR USDACONTACT AN EXPERTMEET OUR real estate expert

  
shop and lock

Lock and Shop! Ask about our 120-day rate lock so you can shop around for your dream home!*

*Financing on homes throughout Oklahoma. Property insurance, and if applicable, flood insurance is required. Consult a tax advisor for information regarding the deductibility of interest and charges. Lock & Shop is available on purchase mortgage loans. The member must supply the fully executed purchase and sales contract within 90 days of participating in the Program. There is an up-front $500 lock-in fee associated with this program due at the time of lock. Additional conditions or exclusions may apply. Loan closing is subject to underwriting approval. OCCU reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Standard qualifications apply. Loans are subject to final credit approval.

Mortgage Loans

If you're going to be buying, building, or refinancing soon, you owe it to yourself to talk to us. Our Mortgage Lending Specialists are ready to help you better afford the home of your dreams. Home loans are available to members for purchasing or refinancing the following:

Types of Home Loans:

Mortgage Term Options:

  • 7-year
  • 10-year
  • 15-year
  • 20-year
  • 30-year

Pre-approval is available to help determine loan amounts, payments, closing costs and can help increase negotiating power.

Apply Now CHECK RATES

Don't want to apply online?

Stop by any branch location or call 918-664-6000, ext 386, to speak with a Member Representative.

LEARN MORE ABOUT HOME EQUITY LOANS

First-Time Home Buyer Program

If you've never purchased a home or haven't owned a home in the last three years, you qualify as a "first-time home buyer."

Our program is designed to educate potential homeowners about mortgages and factors to consider when buying a home. It will teach you how to read and understand your credit report, and how to budget for housing expenses. Once you complete the program, we'll discount your closing costs to get you into the house that will become your home.*

Eligibility and program details:

  • Have not owned a home in the previous three years
  • Minimum credit score of 680
  • Must occupy the home once purchased
  • Loan maximum $300,000
  • Receive $1,000 discount toward closing costs*
  • Obtain a certificate of completion from the Financial Capability Center for the following training modules:
  • Fixed interest rate loan
  • 100% financing up to the value of the home with no PMI (Private Mortgage Insurance is not required. Typically, if your down payment on a home is less than 20%, you’ll have to pay for mortgage insurance.)
  • Contact Member Services for available loan terms (918-664-6000, ext 386)

If you are already a member, click here to begin the program.

Not a member? Apply now.

QUESTIONS? Call 918-664-6000, ext 386 or email RealEstate@OklahomaCentral.org.

Adjustable Rate Mortgage (ARM)

ARMs allow you to start with a lower rate than fixed-rate loans, but the rate can adjust up or down periodically. OCCU offers a 5-year fixed period and a 7-year fixed period.

An ARM may be right for you if:

  • You want more cash flow management options
  • You are planning to stay in the home for a short period of time
  • You expect your earnings to increase
  • You anticipate that interest rates will drop
  • You are confident you can handle higher payments if the rate increases

5 and 7-year ARMs

  • Maximum of 2% initial rate change after the introductory term
  • Maximum of 2% rate change per year
  • Maximum of 6% total rate change over the life of the loan

Not a member? Apply now.

QUESTIONS? Call 918-664-6000, ext 386 or email RealEstate@OklahomaCentral.org.

Government Loans

Oklahoma Central Credit Union now offers Government loans through a trusted partner.

 APPLY NOW

FHA

Federal Housing Administration (FHA) loans help you clear some of the hurdles along the way to buying a home, with more relaxed qualifications than other loans. You will need a fair or better credit score and a debt-to-income ratio (DTI) of 55% or lower. FHA loans are available in 15-and 30- year terms, and private mortgage insurance could be required for the life of the loan depending on down-payment percentage.

Is this the loan for me?

  • You meet a relaxed credit score and DTI qualifications.
  • You can afford to put at least 3.5% down.
  • You may need gift funds from a relative for loan costs.

VA

Veterans Affairs (VA) home loans are available to U.S. Military active-duty service members, veterans that meet discharge criteria, some members of the Selected Reserve and certain categories of spouses.

Is this the loan for me?

  • You are a veteran or active-duty military.
  • You want a loan that is easier to qualify for than other loans.
  • You want the option to put no money down.
  • You would like to avoid Private mortgage insurance (PMI)

USDA

The United States Department of Agriculture (USDA)offers a loan program specifically designed to assist individuals and families in rural areas in achieving homeownership.

Is this the loan for me?

  • You do not want a down payment.
  • You want a competitive interest rate.
  • You need relaxed credit requirements.
  • You do not want pay Private Mortgage Insurance (PMI)

*Qualifications for First Time Home Buyer program include; Loan balance must be between $90,000 - $300,000 to qualify for the $1,000 discount; have not owned a home in previous three years; minimum credit score of 680; must occupy home purchased; Membership conditions may apply.

Based on a $100,000 purchase price with $5,000 down (5% minimum down payment required), monthly payments on a 30-year mortgage based on an interest rate of 6.500% with APR of 7.018%. The monthly payment for principal, interest and mortgage insurance would be $648. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

For a conventional refinance loan with a loan amount of $80,000, 80% loan to value with a 10-year fixed rate of 5.750%, the APR is 5.970%. The monthly payment for principal and interest would be $879. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

APR is defined as Annual Percentage Rate. Rate subject to credit approval. Rates subject to change.

1FHA loans require PMI upfront and monthly.

2VA loans require a funding fee, have certain property restrictions, and generally have less equity to start.

3USDA loans have certain income limits, property restrictions, occupancy requirements, and generally require a longer underwriting timeline.

 

 

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