Mortgage Loans

The amount you’ll be eligible to borrow depends on factors such as your credit and income. To find out how much you can borrow, give our Real Estate Team a call at 800.877.4444 extension 4110.

The best interest rates are available for members with credit scores above 740. Financing can be challenging for borrowers with credit scores below 660.

Yes, a down payment is required. The down payment needs to come from the buyer from a viable source that can be documented and the funds must be seasoned for a minimum of 60 days.

Yes, a mortgage loan secured by a principal residence or second home may use funds received as a personal gift from an acceptable donor. Gift funds may fund all or part of the down payment, closing costs, or financial reserves subject to the minimum borrower contribution requirements. Gifts are not allowed on an investment property.

While there are different programs that require different amounts for a down payments, the amount varies for each borrower. Your income, how much can you afford for a monthly payment, and the cost of the home are all considered when calculating your down payment. For help with planning how much you should be saving up for a down payment, speak with someone on our Real Estate Team to get you ready for your next home.

There are loan programs available to purchase a home with as little down payment as 5% of the sales price, but it’s important to also have money set aside for closing costs and reserves. Call our Real Estate Lending team and we can discuss your specific needs.

Your interest rate is based on current mortgage rates, your credit score, loan type, and term.

Interest rates can vary, widely, based on a number of factors: Loan Program, credit score, down payment, and home value. To view our current interest rates, click the “Learn” tab.

If you’re not sure where to start in your home buying process, give us a call and we’ll guide you from start to finish. As an OE Federal Credit Union member, you also have access to home buying coaching from our Financial Education Partner, BALANCE. To speak with a counselor at BALANCE, call toll-free 888.456.2227 Monday-Thursday 7:30 AM-6 PM, Friday 7:30 AM-5 PM, Saturday 9 AM-2 PM (PST)

OE Federal makes applying for a home loan easy for our members. You can either call and talk to our team directly, apply online through our website, or even call after hours to speak with our originations support team.

Getting pre-approved is great so you know how much you can afford to borrow. This will help estimate what your monthly payment will be and help determine your budget when looking for a home.

Start your pre-approval clicking the “Apply Now” button above or giving us a call.

For Wage Earners, the most recent pay stub and W-2 statement

For Self Employed members, the two most recent Federal Tax Returns and the Schedule C filings for both years

For Purchase Transactions, please be able to provide the balances of any accounts outside of OE Federal Credit Union

For Refinance and Home Equity Line requests, a recent mortgage statement

Mortgages can generally take anywhere from 30-60 days to close. To help you plan your mortgage needs, feel free to give us a call to help give you an estimate on how long it will take for your mortgage to close.

Closing costs are fees and expenses you pay when you close on your house, beyond the down payment. These costs can run 3 to 5 percent of the loan amount and may include title insurance, attorney fees, appraisals, taxes and more.

Closing costs typically range from 3% to 5% of the home’s purchase price/loan amount. Thus, if you buy a $200,000 home, your closing costs could range from $6,000 to $10,000. Closing fees vary depending on your state, loan type, and mortgage lender, so it’s important to pay close attention to these fees.

Yes. Those are known as prepaid items. Prepaid items consist of homeowner’s insurance, property taxes and any prepaid interest charges.

Yes, you have the option to include taxes and/or insurance into the mortgage payment. You also have the option not to as well. That is based on state regulations.

Yes, homeowner’s insurance is mandatory for all types of home loans.

PMI stands for Private Mortgage Insurance and it is used to protect your mortgage lender. It may be required for you to purchase PMI on a conventional mortgage loan if your down payment is less than 20% of the purchase price of your home. It may also be required if you refinance your home when your equity is less than 20% of the value of your home.

Yes, we can help with bringing your existing mortgage over to OE Federal.