Need a real estate loan? University & Community Federal Credit Union of Stillwater, OK can help you with all kinds of mortgages and refinancing. Are you looking to buy your first home? Maybe you want to refinance your current loan or obtain extra cash for remodeling or debt consolidation with a home equity loan? We’ve got the answer for you! We can help you with any of the following types of real estate loans:
First Mortgages and Refinances
University & Community Federal Credit Union offers Conventional, FHA, VA and Rural Development home financing.
Conventional (or conforming) mortgages are available for members who want the best rate and term combinations possible. Credit standards are higher and appraisals are generally required. Conventional loans are available with fixed or variable interest rates up to 97% loan to value ratio. Our real estate loan officers will guide you through the available options, and explain how we can ensure you the best home loan available.
FHA home financing is a government-insured program offered by University & Community. This program offers lower down payments and relaxed qualifying guidelines on fixed interest rate loans. This a great program for first-time buyers.
VA home financing is a government-insured program offered by University & Community. This program offers lower down payments and relaxed qualifying guidelines to U.S. Veterans.
Rural Development Loan financing requires that the property being purchased is located in a rural area. A rural area includes “open country and places with a population of 10,000 or less and – under certain conditions – towns and cities with between 10,000 and 25,000 residents”. There is an automated rural eligibility map if you are unsure if the property meets the rural guidelines.
Some of the program highlights include:
- Fixed or variable rate mortgages are available
- Competitive interest rates give you the best we have to offer
- Pre-approval letters for convenience in home shopping
- No down payment required (on certain products)
- Up to 30 year financing*
- 103.5% financing available (100% plus the guarantee fee)
- No mortgage insurance required on the 5/1 ARM
- Minimal cash contribution is required from borrower
- No maximum loan amount
- Minimal reserves required
- Competitive rates (as set by the underwriting lenders)
- Investment Property
- Second Homes
There are some restrictions such as types of homes and maximum income with these programs.
*For Example: A 6.00% APR would require 360 monthly payments of $599.55 for a $100,000 loan.
Home Equity Loans
Make the most of your home’s equity – if you own your home in Stillwater, OK or the surrounding area, you should consider University & Community’s Home Equity Loan with low monthly payments and extended terms. Let the Credit Union be the key in turning your home’s value into the cash you need today.
Benefits of University & Community Home Equity Loans:
- Competitive Rates – University & Community has competitive fixed rates with extended terms.
- Fast & Easy – Quick approval and less paperwork!
- Tax-Deductible Interest – consult your tax advisor.
- Borrow 95% – Borrow up to 95% of your home’s equity for almost any purpose!
- Appraisals – Typically no appraisals required.
Home Equity Lines of Credit (HELOC)
A low floating rate and a flexible line of credit means you have options when you choose a Home Equity Line of Credit. The perfect solution for those who need money available for current and future needs, funds in your HELOC loan can be accessed by transferring on-line, writing checks or withdrawing cash.
You can use funds for almost any purpose, including home improvement, bill consolidation, medical expenses, or even investment opportunities. A few benefits include low monthly payments and convenient terms. You can even borrow up to 95% of your home’s equity, and your interest may be tax-deductible (consult your tax advisor).
Benefits of a University & Community Home Equity Line of Credit:
- Competitive rates
- Low monthly payments
- Typically no appraisal required
- 5 year draw with 10 year repayment
- No prepayment penalty
- Fast and easy loan approval
- Low variable interest rate
Our adjustable rate home loan option, (called the 5/1 ARM) is a perfect way to get into the home of your dreams with a minimum 5% down payment and no PMI! Available with a term of up to 30 years and a fixed rate for five years, the 5/1 ARM has the lowest rate on the market to fit your budget. The ARM is also available for refinances.
- 5% minimum down payment
- No PMI
- No Escrows – escrow savings accounts are available
- Up to 30 year amortization
- Your loan is never sold – it stays local
- Automatic payments from your primary checking or savings is available