Oakland University Credit Union

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

SmartLine℠ 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.

Home Loan
Calculators

Home Loans
FAQs

Preferred Contractors
and Merchants

Disclosures

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

Electronic Correspondence Disclosure and Agreement

Multi-Featured Loan Agreement

Service Fee Schedule

DocuSign Disclosure

Borrowers Bill of Rights

Consumer Caution and Home Ownership Counseling Notice

Electronic Correspondence Disclosure and Agreement

Mortgage Information

Nationwide Mortgage Licensing Systems IDs

Home Mortgage Disclosure Act Notice

Consumer 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

Your Wallet

Buy

Build

Home Improvement

Refinance

SmartLine Home Equity Loan

Specialty Home Loans