Mortgage Options
Ocean State Credit Union is a full-service mortgage lender with an experienced staff offering expertise in every area of mortgage lending from purchase to refinance including construction lending.
To schedule your free, one-on-one pre qualification session, please call our Mortgage Division at 877-397-1900 or 401-397-1900
We have access to a full range of mortgage resources, and all of our lending specialists are dedicated to finding you the right loan with the most competitive rates and terms.
What You Need To Know
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Mortgage Options for Everyone
30 Year Fixed Rate Mortgage
The 30 Year Fixed Rate Mortgage is one of the most popular home loans. Many people like that it is a fixed interest rate and the lower monthly payments associated with it; however since it is a long term loan, you will pay more interest over the life of the loan.
Lock into a great rate fixed rate and keep it for the whole term of your loan, regardless of the rate climate.
The 30 year fixed rate mortgage is a great option if you intend to stay in your home for many years and maintain manageable fixed monthly payments.
Consult with an Ocean State Credit Union Mortgage Professional for more information.
Did you know that there are more ways to bank with OSCU? Bundle Services & Get Even More Member Benefits!
15 Year Fixed Rate Mortgage
The 15 Year Fixed Rate Mortgage is a loan that offers the same interest rate and monthly payment throughout the life of the loan. Generally you will pay a lower interest rate and pay less interest over the life of this loan, allowing you to build equity more quickly than you would with a longer mortgage loan term.
The monthly payments on this term are higher, but the some of the benefits of this loan are that you will pay the principal balance down faster than you would with a longer term loan and build equity in your home a lot faster than you would in a longer term loan.
Consult with an Ocean State Credit Union Mortgage Professional for more information.
Hybrid Adjustable Rate Mortgages
5 Year ARM – A Hybrid Adjustable Rate Mortgage or Hybrid ARM is a loan where the rate is fixed for the first 5 years and the rate changes every 12 months for the remaining term of the loan. These loans are amortized over a period of 30 years. Since the rate can change after the initial fixed period, the monthly payments may also change.
A Hybrid mortgage combines features of both an Adjustable Rate Mortgage (ARM) and a Fixed Rate Mortgage. The loan begins as a Fixed Rate Mortgage for a specified number of years and then changes to an ARM with the rate changing once every year for the remaining term of the loan.
The benefit of a Hybrid Adjustable Rate Mortgage is that the initial fixed rate is usually lower than a Fixed Rate Mortgage; however there is the risk that the interest rate will go up once the fixed rate period has ended. These rate changes are based on the United States Treasury Bond Index. This type of loan may benefit someone that will either be moving or refinancing their mortgage within the fixed term component of their mortgage. Consult with an Ocean State Credit Union Mortgage Professional for more information.
Veteran’s Administration Mortgages
The Veterans Administration Home Loan, also known as the VA Loan, is a program that was created in 1944 by the United States government to help returning service members purchase homes without the requirement of a down payment or having excellent credit.
Some of the differences between a VA Loan and a Conventional Mortgage are
- VA Loans may not require qualified borrowers to put down a down payment
- Private Mortgage Insurance (PMI) is not required because VA Loans are guaranteed by the U.S. Department of Veterans Affairs
- Because the VA Loan is government backed, typically rates will be lower than a Conventional Mortgage
- Also, because the VA Loan is government backed, it is generally easier to qualify
Consult with an Ocean State Credit Union Mortgage Professional for more information.
Jumbo Mortgages
A Jumbo Adjustable Rate Mortgage is a loan where the rate is fixed for the first 5 years and the rate changes once every 12 months for the remaining term of the loan. This loan is amortized over a period of 30 years. Since the rate can change after the initial fixed period, the monthly payments may also change.
An Adjustable Rate Mortgage combines features of both an Adjustable Rate Mortgage (ARM) and a Fixed Rate mortgage. The loan begins as a Fixed Rate Mortgage for a specified number of years and then changes to an ARM with the rate changing once every year for the remaining term of the loan.
The benefit of an Adjustable Rate Mortgage is that the initial fixed rate is usually lower than a Fixed Rate Mortgage; however there is the risk that the interest rate will go up once the fixed rate period has ended. These rate changes are based on the United States Treasury Bond Index. This type of loan may benefit someone that will either be moving or refinancing their mortgage within the fixed term component of their mortgage. Consult with an Ocean State Credit Union Mortgage Professional for more information.
Land Loans
The Ocean State Credit Union Land Loan is a 3 Year Adjustable Rate Loan that is amortized over a period of 15 years.
An Adjustable Rate Mortgage combines features of both an Adjustable Rate Mortgage (ARM) and a Fixed Rate mortgage. The loan begins as a Fixed Rate Mortgage for a specified number of years and then changes to an ARM with the rate changing once every year for the remaining term of the loan.
The benefit of an Adjustable Rate Mortgage is that the initial fixed rate is usually lower than a Fixed Rate Mortgage; however there is the risk that the interest rate will go up once the fixed rate period has ended. These rate changes are based on the United States Treasury Bond Index.
This type of loan may benefit someone that will either be moving or refinancing their mortgage within the fixed term component of their mortgage.Consult with an Ocean State Credit Union Mortgage Professional for more information.
Construction Loans
We at OSCU strive to make the construction process as stress free and efficient as possible. Our Construction Loan offers a competitive adjustable rate. During the first year of your 30 year Construction Loan the payments are “interest only” payments, and they are only on the amount of the funds that are disbursed for the construction. For the remaining 29 years (once the construction has been completed) payments will consist of both principle and interest.
We will lend up to 80% of the appraised value of the land plus construction costs. The appraisal is completed prior to the construction and is based on the plans, specifications and land value. OSCU Construction Loans are specifically for the new construction of owner occupied or second homes.
We at OSCU strive to make the construction process as stress free and efficient as possible. Our Construction Loan offers a competitive adjustable rate. During the first year of your 30 year Construction Loan the payments are “interest only” payments, and they are only on the amount of the funds that are disbursed for the construction. For the remaining 29 years (once the construction has been completed) payments will consist of both principle and interest.
We will lend up to 80% of the appraised value of the land plus construction costs. The appraisal is completed prior to the construction and is based on the plans, specifications and land value. OSCU Construction Loans are specifically for the new construction of owner occupied or second homes.