Home Mortgage Loans

Buying or refinancing 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.

Mortgage Featured Rates

Ask about our 120-day rate lock!*

*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 Loan Options

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

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.*

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.

Government Loans

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

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. 

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.

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.

Need a Home Equity Loan Instead?

*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 15-year fixed rate of 6.375%, the APR is 6.845%. The monthly payment for principal and interest would be $691.40. 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.