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Mortgage

  • CUMA, the Credit Union Mortgage Association, is the partner we choose to provide the processing, underwriting and servicing for our mortgage programs.

  • Private Mortgage Insurance (PMI) is a type of mortgage insurance from private insurance companies used with conventional loans. Similar to other kinds of mortgage insurance policies, PMI protects the lender if you stop making payments on your home loan.

  • Every situation is different, and based on our membership diversity, we have implemented different programs and procedures to include all. For us, credit score is only one of the factors that we evaluate in order to pre-approve a loan.

    To find out if you qualify, send us an email to: oasfculoans@oasfcu.org

  • Closing costs will vary, but they’re typically 3% to 5% of the purchase price. We’ll be able to give you a more accurate estimate of closing costs after you tell us more about the loan you’re looking for.

  • A pre-approval letter indicates how much you can get approved for and what your interest rate will be. Once you’re pre-approved, we’ll create a pre-approval letter that you can download and print.

  • Yes, we offer different alternatives to a traditional down payment. To find out more email us at: oasfculoans@oasfcu.org

  • Your Mortgage rate is determined based on a variety of factors, including inflation, the pace of economic growth, and US Federal Reserve policy.

  • With a fixed-rate mortgage loan, your rate won’t change and your monthly principal and interest payments will stay the same over the life of your loan.
    With an adjustable rate mortgage loan, your rate is fixed for the first 3, 5, 7 or 10 years (depending on your term) and will adjust every 12 months based on current market rates.

  • We offer different types of programs and terms to fit both new purchases and refinancing needs, but since we understand the different profiles and lifestyles, we recommend that you speak with one of our loan officials to see what’s right for you (oasfculoans@oasfcu.org). Once they know more about you and what you’re looking for, they’ll help you understand all the options and guide you to get started.