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. Once 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.

We offer home loans for owner occupied/vacation homes in the following states:

• Michigan
• Illinois
• Indiana
• Ohio
• Florida

Currently non-owner-occupied, construction, and manufactured home loans are only available in Michigan.

90-Day
Rate Lock

With a preapproval, you'll lock in your rate for 90 days while you look for the perfect home.

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 mobile app.

As low as
3% down

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.

Mortgage Rate
Modification

Lower your rate and possibly shorten the term of your loan, a mortgage rate modification may suit your needs.

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 will lower 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 Resources

We're here for you throughout every step of your home loan journey. Here are some additional resources to help.

Upload Mortgage Documents Meet the Mortgage Team Preferred Contractors

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Do you have home loan calculators?

Yes, we have a variety of calculators to help with mortgage payments, how much you can afford, refinancing, fixed rate vs. variable rate, etc.

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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

Mortgage Special Fine Print
OU Credit Union members who apply and are approved for a new OU Credit Union mortgage will receive a rate as low as 3.125% APR when financing a home with 30% down payment or equity and 760+ credit score. Subject to change, and stated for members with high credit scores. Actual rate may be higher and will be determined by members credit score and term of loan. Cannot be combined with any other mortgage offers.

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

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