OUCU Alert
In observance of Thanksgiving Day, the Credit Union will be closed Thursday, November 26.
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Routing Number: 272479663 Swift Code: MSUCUS44
 
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Totally Gold Checking
Totally Gold Checking
SmartLine Home Equity Loan
SmartLine Home Equity Loan
Home Loan Options
Knowing where to start with buying or refinancing a home can be confusing. At OU Credit Union, we're here for you throughout every step.

Start by applying for a mortgage online in our mortgage center, on the OU Credit Union Mobile app, or at a branch. Next, you'll be assigned a mortgage officer who will let you know your preapproval information, as well as help answer any questions you may have about the process. Once you're preapproved, enjoy searching for your new home with the assurance that your interest rate is locked in for 90 days. Choose from many options for your loan, including down payments as low as 3%, flexible terms ranging from 10 to 30 years, variable, or fixed rate mortgages, and more. Whether you're buying your first home, moving somewhere new, or refinancing your existing home loan, OU Credit Union is here for you with knowledgeable experts, options, and more.
90-Day
Rate Lock
Take some of the pressure off finding your new home with our 90-day preapproval rate lock. With a preapproval, you'll lock in your rate for 90 days while you look for the perfect home. No need to worry about rates going up while you search.
Apply in the
Mobile App
On-the-go looking at houses? With just a few taps of your finger, you can apply for a mortgage from anywhere with our convenient mobile app. Just log into the mobile app, tap the icon in the upper left corner, then tap Apply for a Mortgage.
As low as
3% down
You don't have to have put a huge down payment on your new home. With as low as 3% down on your mortgage, you'll be able to save the rest of your money for the expenses that come with owning a new home. Buy a new couch, or get some landscaping done - whatever you need for your new home, the choice is up to you.
Specialty
Mortgages
Learn more about specialty mortgage options including our Professional Mortgage and our First Time Home Buyers program. Our friendly and knowledgeable mortgage officers are available to help answer any questions that pop up along the way.

Buy

When you find the one, you know. Let us help you get into the home of your dreams. We offer Conventional, Adjustable, and Jumbo Mortgages.

Build

OU Credit Union Construction Loan allows up to five draws and interest only payments during the draw period (up to nine months from the loan origination date). Choose from a fixed-term or ARM Loan.

Home Improvement

Build a deck, update your bathroom, or renovate your kitchen without breaking your budget. An unsecured OU Credit Union Home Improvement Loan offers you the low-cost financing you need.

Refinance

Save money by refinancing your home loan at a lower rate. Plus, a shorter term can lower your monthly payment and the amount of interest you pay over the course of your loan.

SmartLine Home Equity Loan

SmartLineā„  has the same great features of the home equity line of credit, but now with the option to lock segments of your loan at the current rate - helping you keep track of your spending while saving money.

Specialty Home Loans

We offer a specialty home loans for First Time Home Buyers, and Professionals. These loans include low down payment options, and provide you the financial flexibility you need.

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What is a rate lock?
A mortgage rate lock is simply OU Credit Union promise to hold a certain interest rate for you for a specified period of time before you close on a loan. Because interest rates have the capability of fluctuating on a daily basis, you will need to consider the costs you may pay if a rate increases or the expense of paying to lock in a lower rate. Once you close on your mortgage, your rate stays the same, unless you have a variable rate loan, in which your rate adjustments would be specified. New home purchase: The interest rate for a purchase is locked in once we receive an accepted offer to purchase a home. Refinance: Your rate is locked from when you apply when refinancing your home.
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What are the down payment options?
For a conventional mortgage, you have several down payment options starting as low as 5% of the sales price. If your down payment is less than 20% of your home's value, Private Mortgage Insurance (PMI) is required. Examples of Down Payment Options 95/5 Financing 95% of your loan is financed with OU Credit Union 5% down payment paid by applicant Private Mortgage Insurance Required 20% Down 80% financed with OU Credit Union 20% down payment paid by applicant No Private Mortgage Insurance
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What fees will I have to pay when I close on my mortgage?
The average closing costs for an OU Credit Union mortgage are around $1500 plus the cost of title insurance. This does not include prepaid interest (interest paid in advance on the loan) or escrow reserves (a fund to ensure the escrow account has sufficient funds to pay expenses). The closing costs will vary based upon your mortgage type and the amount financed.
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What should I do if I'm having trouble making a mortgage payment?
No matter the reason you've fallen behind on your mortgage payment, OU Credit Union wants to help keep you and your family in your home.

Don't wait! If you are having trouble making your monthly payment, act now. Communication with OU Credit Union is very important for us to help you maintain your home. Not making your loan payments and not communicating with your lender about your situation can have serious consequences.
View All FAQs
Disclosures

Primary residences, owner-occupied, vacation homes, or single family located within Michigan.

Get FileElectronic Correspondence Disclosure and Agreement Get FileMulti-Featured Loan Agreement
Get FileService Fee Schedule Get FilePrivacy Policy
Get FileDocuSign Disclosure Get FileBorrowers Bill of Rights
Get FileConsumer Caution and Home Ownership Counseling Notice Get FileElectronic Correspondence Disclosure and Agreement
Get FileMortgage Information Get FileNationwide Mortgage Licensing Systems IDs Get FileHome Mortgage Disclosure Act Notice Get FileConsumer Handbook on Adjustable-Rate Mortgage

Fixed-Rate Mortgage Loan Payment Example: A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $240,000 with 20% down payment, the mortgage for $200,000 borrowed at a 4.50% interest rate (4.56% APR) for a term of 360 months would require monthly payments of $1,013.37. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender.

5/1 ARM Mortgage Loan Payment Example: A primary residence, owner-occupied single family home in Michigan with a purchase price of $240,000 with 20% down payment, the mortgage for $200,000 borrowed at 4% interest rate (APR Rate 4.06% ) for a term of 360 months would require monthly payments of $954.83. Payment example does not include property taxes, homeowners insurance, and/or private mortgage insurance and your monthly payment obligation will be higher. With a 5/1 ARM, your loan will have an initial fixed-rate period of 60 months. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of the reset. Rate is variable after the fixed-rate period and subject to change every year for the remaining life of the loan. Credit and collateral is subject to approval. Rates, terms, and conditions are subject to change at any time based on market conditions or other business factors. Equal Housing Lender