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
- Up to 30 year financing*
- No mortgage insurance required on the 5/1 ARM
- 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.
** Payments do not include amounts for taxes and insurance premiums and the actual payment obligation will be greater.
Home Equity Loans
Make the most of your home’s equity – if you own your home in one of UCFCU’s five chartered counties: Payne, Pawnee, Noble, Logan or Lincoln county, 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!
Home Equity Loan Sale Happening Now*!
Spring is the time to “spruce something up” at your home.
Members can get a 5 year Home Equity Loan for 4.00% APR at 80% loan to value. Apply online today or call 405.743.3328 and speak to a lender.
*A Home Equity Loan of $50,000 for 5 years at 4.00% APR at 80% loan to value will have a monthly payment of $920.78 and for a 10 year Home Equity Loan of $50,000 with a 90% loan to value will have a monthly payment of $548.81. Payment/$1,000 given is approximate. Taxes & insurance not included. Actual payment obligation will be higher. Rates & terms are effective 03.01.2020 and are subject to change. $127.00 processing fee applies. Advertised Annual Percentage Rate based on approved credit, equity in home and loan to value.
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