Mortgage Loans
Mortgage Loans
If this is your first home or you’re ready to move on to the next one, our Real Estate Team has the experience to make your home borrowing process as rewarding as getting the keys to your dream home. When you choose OE Federal for your mortgage, you’ll have us to guide you from start to finish.
- Fixed and adjustable rate mortgages (ARM)
- First-time home buyer program
- Refinance your existing mortgage
- No early payoff penalties
- Pre-approvals available
Home Loan Rates
| LOAN TYPES | INTEREST RATE | APR | MONTHLY MORTGAGE PAYMENT (P&I) |
| 10 Yr Fixed Conforming | 2.625% | 2.797% | $2,845.18 Payment Details |
| 15 Yr Fixed Conforming | 2.875% | 2.994% | $2,053.76 Payment Details |
| 20 Yr Fixed Conforming | 3.125% | 3.217% | $1,682.63 Payment Details |
| 30 Yr Fixed Conforming | 3.125% | 3.190% | $1,285.13 Payment Details |
| 10 Yr Fixed Non Conforming | 2.750% | 2.801% | $8,109.94 Payment Details |
| 15 Yr Fixed Non Conforming | 3.000% | 3.035% | $5,869.94 Payment Details |
| 20 - Yr Fixed Non Conforming | 3.250% | 3.277% | $4,821.16 Payment Details |
| 30 - Yr Fixed Non Conforming | 3.125% | 3.144% | $3,641.19 Payment Details |
| 5/6 Hybrid ARM | 2.000% | 5.022% | $1,108.86 Payment Details |
| 7/6 Hybrid ARM | 2.125% | 4.778% | $1,127.71 Payment Details |
| 10/6 Hybrid ARM | 2.250% | 4.216% | $1,146.74 Payment Details |
| Home Equity Line of Credit (2 in 1 Product) | 3.250% | 3.250% | $270.84 Payment Details |
Rates are based on the following assumptions:
Conforming Loans: $300,000 loan amount and 20% down payment (net equity) with a 740 or better qualifying credit score.
Non Conforming Loans: $850,000 loan amount and 20% down payment with a 740 or better qualifying credit score.
Note that the rates and/or fees may be higher based upon your credit score.
Home Equity Line of Credit: $100,000
Discount Points = 0
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Discount Points = A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1,000 to the lender. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
Rates posted are indications only and are subject to change without notice. Your actual rate and/or points may be different, as many factors can affect the final interest rate. The Rate and Payment quotes listed above are based upon the above assumptions.
Rate Locks are available after loan terms have been discussed with an OE Federal Loan Officer using verified credit, Loan-to-Value and borrower qualifications.
The conforming loan limit for 2021 is $548,250. A non conforming loan amount is based on a loan amount exceeding the maximum designated conforming limit by the Federal Housing Finance Authority (FHFA).
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
*Rates as of January 24, 2022.
Home Loan Rates
| LOAN TYPES | INTEREST RATE | APR | MONTHLY MORTGAGE PAYMENT (P&I) |
| 10 Yr Fixed Conforming | 2.625% | 2.797% | $2,845.18 Payment Details |
| 15 Yr Fixed Conforming | 2.875% | 2.994% | $2,053.76 Payment Details |
| 20 Yr Fixed Conforming | 3.125% | 3.217% | $1,682.63 Payment Details |
| 30 Yr Fixed Conforming | 3.125% | 3.190% | $1,285.13 Payment Details |
| 10 Yr Fixed Non Conforming | 2.750% | 2.801% | $8,109.94 Payment Details |
| 15 Yr Fixed Non Conforming | 3.000% | 3.035% | $5,869.94 Payment Details |
| 20 - Yr Fixed Non Conforming | 3.250% | 3.277% | $4,821.16 Payment Details |
| 30 - Yr Fixed Non Conforming | 3.125% | 3.144% | $3,641.19 Payment Details |
| 5/6 Hybrid ARM | 2.000% | 5.022% | $1,108.86 Payment Details |
| 7/6 Hybrid ARM | 2.125% | 4.778% | $1,127.71 Payment Details |
| 10/6 Hybrid ARM | 2.250% | 4.216% | $1,146.74 Payment Details |
| Home Equity Line of Credit (2 in 1 Product) | 3.250% | 3.250% | $270.84 Payment Details |
Rates are based on the following assumptions:
Conforming Loans: $300,000 loan amount and 20% down payment (net equity) with a 740 or better qualifying credit score.
Non Conforming Loans: $850,000 loan amount and 20% down payment with a 740 or better qualifying credit score.
Note that the rates and/or fees may be higher based upon your credit score.
Home Equity Line of Credit: $100,000
Discount Points = 0
APR = Annual Percentage Rate. A rate that reflects the actual annual cost of a loan and includes the loan interest rate, private mortgage insurance, points and some fees.
Discount Points = A point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1,000 to the lender. These points are usually collected at closing and may be paid by the borrower or the home seller, or may be split between them.
Rates posted are indications only and are subject to change without notice. Your actual rate and/or points may be different, as many factors can affect the final interest rate. The Rate and Payment quotes listed above are based upon the above assumptions.
Rate Locks are available after loan terms have been discussed with an OE Federal Loan Officer using verified credit, Loan-to-Value and borrower qualifications.
The conforming loan limit for 2021 is $548,250. A non conforming loan amount is based on a loan amount exceeding the maximum designated conforming limit by the Federal Housing Finance Authority (FHFA).
All rates are subject to change without notice. For the most up-to-date rates, please call or text us at 800.877.4444.
*Rates as of January 24, 2022.
Payment Calculator
Format: 12m, 36m, 3y, 7y
Payment Details
Monthly Payment:
$219.73
Number of Payments:
36
Total Payments:
$7,910.37
Total Interest:
$410.37
Frequently Asked Questions
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How much am I eligible to borrow?
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.
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What credit score do I need to buy a house?
The best interest rates are available for members with credit scores above 740. Financing can be challenging for borrowers with credit scores below 660.
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Is a down payment required?
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.
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Can my down payment be a gift?
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.
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How much do I need for a down payment?
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.
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How much money do I need to have saved to buy a house?
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.
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How is my interest rate determined?
Your interest rate is based on current mortgage rates, your credit score, loan type, and term.
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What is the interest rate right now?
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.
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Where do I start?
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)
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How can I apply for home loan?
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.
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Why should I get pre-qualified?
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.
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How do I get pre-qualified?
Start your pre-approval clicking the “Apply Now” button above or giving us a call.
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What are some documents I should have ready to apply?
- 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
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How long does it take to close on my mortgage?
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.
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What are closing costs?
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.
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How much are closing costs?
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.
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Are there fees other than closing costs for a mortgage?
Yes. Those are known as prepaid items. Prepaid items consist of homeowner’s insurance, property taxes and any prepaid interest charges.
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Can I include property taxes and homeowner’s insurance in my mortgage payment?
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.
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Is insurance needed to close?
Yes, homeowner’s insurance is mandatory for all types of home loans.
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What is PMI?
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.
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Can I bring my mortgage from another lender to OE Federal?
Yes, we can help with bringing your existing mortgage over to OE Federal.