Oakland University Credit Union

Save $750 on Closing Costs with OU Credit Union Today!

Opening your first mortgage or looking to move your mortgage over to OU Credit Union from a different financial institution? You could receive $750 off your closing costs when you submit your loan application by January 31, 2025. Talk to your OU Credit Union mortgage officer today to get started.

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, on the OU Credit Union Mobile app, or at a branch.

We offer first mortgage home loans for homes in the following states:
• Michigan, Illinois, Alabama, Arizona, Colorado, Florida, Georgia, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin
SmartLine Home Equity loans are available in the following states:
• Michigan, Illinois, Florida, Indiana, Ohio, and Wisconsin

Construction home loans are available in Michigan and Illinois.

Affiliated
Moves

Earn Cash-Back Rewards on the purchase or sale of your home with Affiliated Moves.

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.

Streamline Refinance

If you have an existing OU Credit Union mortgage and are looking to lower your rate, and possibly shorten the term of your loan, a Streamline Refinance may suit your needs.

Mortgage

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.

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.

Construction

An OU Credit Union Construction Loan allows you to build your dream home with as little as 10% down. We offer a single close loan with interest only payments during the draw period while the home is being built (up to one year).

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.

First Time Home Buyer

Our exclusive first time homebuyer option allows you to choose from 10-, 15-, 20- and 30-year terms with a fixed or variable rate and a down payment of as little as 3% down.

Professional Mortgage Loan

We admire your dedication to taking care of others, and want to recognize that. MSUFCU's Professional Mortgage Loan provides you the financial flexibility you need.

Heroes Mortgage Loan

At OU Credit Union we know how hard you work providing for others in the community, we want to recognize your dedication with financial flexibility in your home buying journey.

Vacant Land Loan

Whether buying land to build a new home or for recreational use, OU Credit Union's Vacant Land Loan is available for property in Michigan.

Home Loan Resources

Upload Mortgage Documents

Meet the Mortgage Team

Preferred Contractors

Affiliated Moves

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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 is the difference between a fixed-rate and adjustable-rate mortgage (ARM), and which one should I choose?

The difference between a fixed rate and an adjustable rate mortgage is that, for fixed rates the interest rate is set when you take out the loan and will not change. With an adjustable rate mortgage, the interest rate may go up or down.

With our Conventional Fixed-Rate Mortgage you can select from 10, 15, 20, 25 and 30-year terms with a fixed rate for the length of the loan. A down payment of at least 3% is required.

With our Adjustable-Rate Mortgage your home loan will be at a lower rate for the first 3 to 5 years. Adjustable-Rate Mortgages are perfect for short-term home ownership, large payments towards the loan in the first few years, or for members simply looking to save money with a lower fixed rate for the first 3 to 5 years. Select from 7-1, 5-1, 3-1, and 5-5 ARMs for a 30-year term. The monthly payments are based on a 30-year amortization, and can change throughout the life of the loan. After the initial term, the interest rate adjusts higher or lower based on the 1 year US Treasury market. The rate changes are limited to an increase or decrease of up to 2% at each annual adjustment, and subject to both a minimum rate (floor) and maximum rate (ceiling) over the life of the loan. Our Mortgage Loan Officers can help you identify which option may be best for you.

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What are the down payment options?

For a conventional mortgage, you have several down payment options. Mortgage loans are available with a down payment as low as 3% of the purchase price, in addition to the closing costs. Members will have closing cost expenses including the costs to originate the loan, the first year of homeowners insurance, prorated property taxes, prepaid interest, and initial escrow funding. The costs will vary depending on the property value and be based on the actual costs associated with your home purchase.

Members can use gift funds from a qualified donor. Examples of a qualified gift donor include:
• Fiance
• Domestic partner
• Immediate relative by blood
• Marriage
• Adoption
• Guardianship

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What fees will I have to pay when I close on my mortgage?

The total cost to close a mortgage loan can vary for a variety of reasons. The average loan costs or what you pay to originate the loan, can range from $3,500 to $5,000. Included in the costs are the origination fee, credit report, flood determination, tax and insurance service, verification of employment, home inspection, appraisal, lender's title insurance, and settlement fees. Additionally, members will have expenses related to their first year of homeowners insurance, prorated property taxes, prepaid interest, and initial escrow funding. Members that need Private Mortgage Insurance (PMI) or elect to escrow property tax and insurance will have prepaid costs related to initial funding of their escrow account. The costs will vary depending on the property value and be based on the actual costs associated with your home purchase. 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. As each situation differs, please contact us at 517-333-2424 or toll-free at 800-678-4968 to discuss any possible options.

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Privacy Notice

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

CFPB Your Home Loan Toolkit

Reconsideration of Value

Receive $750 off closing costs offer valid for new mortgages of $150,000 or more. Closing cost discount will be provided as lender credit. Offer cannot be used toward down payment or with any other discounts and is not available on home equity lines of credit. Valid on new loans and loans refinanced from other lenders. Streamline Refi mortgages are not eligible for this promotion. All usual and customary fees will be charged to the buyer. Loans are subject to credit approval. Applications must be received by 1/31/25 and mortgage must close by 4/30/25. Eligible properties include primary and secondary residences: single-family homes, condominiums, and modular homes. Home loans available for homes in the following states: Michigan, Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. Construction home loans are available in Michigan and Illinois. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, and your rate may be higher. This offer may not be transferred, sold, or replicated in any way, and it may not be combined with any other mortgage offers.

Home loans available for homes in the following states: Michigan, Alabama, Arizona, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Minnesota, Missouri, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Virginia, Washington, and Wisconsin. Construction home loans are available in Michigan and Illinois. Rates are based on creditworthiness, loan-to-value (LTV), property type, and other factors associated with your loan application, your rate may be higher.

Fixed-Rate Mortgage Loan Payment Example:
A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $285,714 with 30% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at a 6.625% interest rate (6.726% APR) for a term of 360 months would require monthly payments of $1,280.62. 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.

Jumbo Fixed-Rate Mortgage Loan Payment Example:
(Minimum loan amount $766,551): A primary residence, owner-occupied, single family home in Michigan, with a purchase price of $1,095,073 with 30% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $766,551 borrowed at a 6.750% interest rate (6.779% APR) for a term of 360 months would require monthly payments of $4,971.84. 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 $285,714 with 30% down payment, all borrowers with credit scores of 740 or higher, the mortgage for $200,000 borrowed at 6.500% interest rate (6.750% APR) for a term of 360 months would require monthly payments of $1,264.14. 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.

APR is annual percentage rate, and is subject to change. Your rate will depend on your credit score and the term. The loans subject to credit approval.

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