How to Prepare to Buy Your First Home | OCCU in Tulsa, OK
From mortgages to down payments, here's the scoop on buying your first home. Your home is likely one of the most expensive purchases you'll ever make.
home loans
Many <anchor>home loans</anchor> require a down payment, and the amount of the down payment can seem intimidating to plenty of first time buyers. The down payment is the portion of the price of the home that you pay upfront. In many cases, a down payment of 20% is considered ideal. Putting 20% of the price of the home down means that you don't have to pay private mortgage insurance. It can also mean that you get a lower interest rate on your mortgage from the lender.
Mortgages - Oklahoma Central Credit Union
Mortgages - Oklahoma Central Credit Union

[Menu Button](javascript:void(0))

[![Oklahoma Centra Credit Unio Logo Small](images/occu-logo.svg)](./)[Login](./#Login-Panel)

- [**Login**](./)
- [**Appointment**](Appointment)
- [**Checking & Savings**](javascript:void(0))




### Checking



- [Rewards Checking](Checking)
- [Momentum Checking](Checking#Momentum)
- [Carefree Checking](Checking#Carefree-Checking)
- [Smart Relationship Checking](Checking#Smart-Relationship)
- [Access Checking](Checking#Access-Checking)
- [Compare Checking Accounts](Checking#Compare-Accounts)

### Business

- [Business Checking](Business-Checking)
- [Enterprise Checking](Business-Checking#Enterprise-Checking)
- [High-Yield Sweep Checking](Business-Checking#High-Yield-Sweep)
- [Venture Checking](Business-Checking#Venture-Checking)
- [Merchant Services](Merchant-Services)

### Savings & Investing

- [Savings Accounts](Savings)
- [Compare Savings](Savings#Compare-Accounts)
- [Money Markets](Savings#Money-Market)
- [Certificates](Savings#Certificate-Accounts)
- [IRAs](Savings#IRA)
- [Financial Planning](Financial-Planning)

### Additional Services

- [Overdraft Protection](Overdraft-Protection)
- [Debit Cards](Debit-Cards)
- [UChoose Rewards](UChoose-Rewards)

### Youth Accounts

- [Kids Club Savings](YouthAccounts)
- [Varsity Club Savings](YouthAccounts#Varsity-Club)

- [**Locations** \
Find a branch, ATMs and Shared Branching](Locations)
- [**Contact Us** \
We're always here to help. Give us a call or send us an email.](Contact-Us)
- [**Schedule Appointment** \
Make an appointment to meet with lobby staff.](Appointment)
- [**Account Protection** \
Your accounts are federally and privately insured up to $500,000.](Account-insurance)
- [**Join Oklahoma Central** \
We cater to our members. When you prosper, we prosper.](Join-Oklahoma-Central)

[Close](javascript:void(0))

- [**Loans**](javascript:void(0))




### Personal Lending



- [Personal Loans](Personal-Loans)
- [Student Loans](Student-Loans)
- [Heating and Air](Home-Upgrades)
- [Storm Shelter / Generator](Home-Upgrades#Storm-Shelters)
- [Share Secured Loans](Share-Secured)

### Home Finance

- [Mortgages](Mortgages)
- [Home Equity](Home-Equity-Loans)

### Credit Cards

- [Credit Cards](Credit-Cards)
- [Pay My Credit Card](Credit-Cards#Pay-My-Credit-Card)

### Rates

- [Latest Rates](Rates)

### Auto Loans

- [Auto Center](Auto-Loans)
- [RV](Auto-Loans#RV)
- [Motorcycles & ATVs](Auto-Loans#motorcycle)
- [Boats](Auto-Loans#Boat)
- [Tractor](Auto-Loans#Tractor-Loans)
- [Finance at the Dealership](Auto-Loans#Finance-at-the-Dealership)

### Business Lending

- [Business Credit Cards](Business-Lending)
- [Small Business Lending](Business-Lending#Small-Business)

- [**Locations** \
Find a branch, ATMs and Shared Branching](Locations)
- [**Contact Us** \
We're always here to help. Give us a call or send us an email.](Contact-Us)
- [**Schedule Appointment** \
Make an appointment to meet with lobby staff.](Appointment)
- [**Quick Pay My Loan** \
A faster, easier way to pay your loan–online.](Quick-Pay)
- [**Join Oklahoma Central** \
We cater to our members. When you prosper, we prosper.](Join-Oklahoma-Central)

[Close](javascript:void(0))

- [**Features & Services**](javascript:void(0))




### Manage Your Money



- [Online Banking & Bill Pay](Online-Banking)
- [Mobile Banking & Deposit](Mobile-Banking)
- [Bank by Phone](Bank-by-Phone)
- [Text Banking](Mobile-Banking#Text-Banking)
- [Mobile Pay](Mobile-Payments)
- [eDocuments](Online-Banking#eDocuments)
- [Skip-a-Pay](Skip-a-Pay)
- [Money Management](Money-Management)
- [Credit Scores & Reports](Credit-Scores-and-Alerts)
- [Send Money with Zelle®](Zelle)

### Service Your Account

- [Forms](Service-Your-Account)
- [Order Checks](Service-Your-Account#Order-Checks)
- [Stop Payment](Service-Your-Account#Stop-Payment)

### Get More From Your Membership

- [Financial Planning](Financial-Planning)
- [Financial Calculators](Calculators)
- [Shared Branching](Shared-Branching)
- [Coin Counters](Get-More-From-Membership)
- [Refer a Friend](Join-Oklahoma-Central#Refer-a-Friend)
- [Insurance](Insurance)
- [Debt Protection](debt-protection)
- [Member Discounts](Get-More-From-Membership#Member-Discounts)
- [Protect Your Investment](Protect-Your-Investment)
- [Visa Gift Cards](Get-More-From-Membership#Visa-Gift-Cards)
- [Safe Deposit Box](Safe-Deposit-Box)

- [**Locations** \
Find a branch, ATMs and Shared Branching](Locations)
- [**Contact Us** \
We're always here to help. Give us a call or send us an email.](Contact-Us)
- [**Schedule Appointment** \
Make an appointment to meet with lobby staff.](Appointment)
- [**Quick Pay My Loan** \
A faster, easier way to pay your loan–online.](Quick-Pay)
- [**Join Oklahoma Central** \
We cater to our members. When you prosper, we prosper.](Join-Oklahoma-Central)

[Close](javascript:void(0))

- [**Financial Capability**](javascript:void(0))




### Financial Capability Center



- [Financial Capability Center](Financial-Capability-Center)
- [Financial Counseling](ficep-counselors)
- [Education](Financial-Capability-Center#Education-Center)
- [Calculators](Calculators)
- [Webinar Series](Webinars)

### Blog

- [Oklahoma Central Blog](Blog)

### Fraud & Identity Theft

- [Debit Card Fraud](Debit-Card-Fraud)
- [Identity Theft](Debit-Card-Fraud#Identity-Theft)

### Oklahoma Central Foundation

- [Oklahoma Central Foundation](Oklahoma-Central-Foundation)
- [Scholarship Program](Scholarships)
- [Scholarship Recipients](Scholarships#Recipients)

### First-Time Buyer Programs

- [First-Time Buyer Programs](First-Time-Buyer)
- [First-Time Auto Buyer](First-Time-Buyer#Auto)
- [First-Time Home Buyer](First-Time-Buyer#Home)
- [Car Buying Tips](Auto-Loans#Car-Buying-Tips)

### The Credit Union Difference

- [Credit Unions vs Banks](Credit-Union-vs-Bank)
- [Taking the Mystery out of Credit Unions](Credit-Union-Mystery)

- [**Locations** \
Find a branch, ATMs and Shared Branching](Locations)
- [**Contact Us** \
We're always here to help. Give us a call or send us an email.](Contact-Us)
- [**Schedule Appointment** \
Make an appointment to meet with lobby staff.](Appointment)
- [**Oklahoma Central Blog** \
Financial tips and other helpful information.](Blog)
- [**Join Oklahoma Central** \
We cater to our members. When you prosper, we prosper.](Join-Oklahoma-Central)

[Close](javascript:void(0))

- [**Financial Planning**](Financial-Planning)
- [**About Us**](javascript:void(0))




### About Us



- [Join Oklahoma Central](Join-Oklahoma-Central)
- [Financial Information](Financial-Information)
- [Mission Statement](About-Us)
- [Our History](About-Us#History)
- [Career Portal](Career-Portal)
- [Privacy Policy](Online-Privacy-Notice)
- [Account Protection](Account-insurance)

### Contact Information

- [Locations](Locations)
- [Contact Us](Contact-Us)
- [ATMs](Locations#ATM)
- [Shared Branching](Shared-Branching)

### Community

- [Community Involvement](Community-Involvement)

### News

- [Calendar](Calendar)

### Events

- [Annual Meetings](Annual-Meetings)
- [Shred Day](Shred-Day)

### Employee Partner

- [Become an Employee Partner](Employee-Partner)

### Testimonials

- [Member Stories](Testimonials)

- [**Locations** \
Find a branch, ATMs and Shared Branching](Locations)
- [**Contact Us** \
We're always here to help. Give us a call or send us an email.](Contact-Us)
- [**Schedule Appointment** \
Make an appointment to meet with lobby staff.](Appointment)
- [**Join Oklahoma Central** \
We cater to our members. When you prosper, we prosper.](Join-Oklahoma-Central)

[Close](javascript:void(0))

[Routing #](Contact-Us#Routing-Numbers) [![Oklahoma Central Credit Union Logo](images/occu-logo.svg)](./)

Enter User IDEnter Password

Go

- [New User](https://www.occubanking.org/tob/live/usp-core/app/register)
- [Password Help](https://www.occubanking.org/tob/live/usp-core/app/authUpdate )

Search Our Site[Search Button](javascript:void(0))

# Home Mortgage Loans

Buying or refinancing a home can be a big step. According to Consumer Reports, credit unions are the best in terms of providing trusted, professional, and affordable mortgage services. From pre-qualification to insurance, Oklahoma Central Credit Union makes it easy.

[APPLY NOW](speedbump.aspx?link=https://oklahomacentral.mortgagewebcenter.com/Account/BorrowerLogin/Login)

[APPLY FOR FHA, VA, USDA LOAN](speedbump.aspx?link=https://form.jotform.com/240674101093145)

[MEET OUR real estate expert](https://www.oklahomacentral.creditunion/Real%20Estate%20Team)

## Ask about our 120-day rate lock!\*

## ![shop and lock](ContentImageHandler.ashx?ImageId=182084)

\*Financing on homes throughout Oklahoma. Property insurance, and if applicable, flood insurance is required. Consult a tax advisor for information regarding the deductibility of interest and charges. Lock & Shop is available on purchase mortgage loans. The member must supply the fully executed purchase and sales contract within 90 days of participating in the Program. There is an up-front $500 lock-in fee associated with this program due at the time of lock. Additional conditions or exclusions may apply. Loan closing is subject to underwriting approval. OCCU reserves the right to amend, terminate or withdraw this offer at any time without prior notice. Standard qualifications apply. Loans are subject to final credit approval.

## Mortgage Loan Options

If you're going to be buying, building, or refinancing soon, you owe it to yourself to talk to us. Our Mortgage Lending Specialists are ready to help you better afford the home of your dreams. **Pre-approval** is available to help determine loan amounts, payments, closing costs and can help increase negotiating power.

[View LOAN Details](government-loans) [CHECK RATES](https://oklahomacentral.mortgagewebcenter.com/CheckRates)

## First-Time Home Buyer Program

If you've never purchased a home or haven't owned a home in the last three years, you qualify as a "first-time home buyer."

Our program is designed to educate potential homeowners about mortgages and factors to consider when buying a home. It will teach you how to read and understand your credit report, and how to budget for housing expenses. Once you complete the program, we'll discount your closing costs to get you into the house that will become your home.\*

[View fthb details](First-Time-Buyer#Home)

## Adjustable Rate Mortgage (ARM)

ARMs allow you to start with a lower rate than fixed-rate loans, but the rate can adjust up or down periodically. OCCU offers a **5-year fixed period** and a **7-year fixed period.**

[View arm details](arm-loans)

## Government Loans

Oklahoma Central Credit Union now offers Government loans through a trusted partner.

[APPLY NOW](speedbump.aspx?link=https://form.jotform.com/240674101093145)

### FHA

[view fha details](government-loans#FHA)

Federal Housing Administration (FHA) loans help you clear some of the hurdles along the way to buying a home, with more relaxed qualifications than other loans.

### VA

[view va details](government-loans#VA)

Veterans Affairs (VA) home loans are available to U.S. Military active-duty service members, veterans that meet discharge criteria, some members of the Selected Reserve and certain categories of spouses.

### USDA

[view USDA details](government-loans#USDA)

The United States Department of Agriculture (USDA) offers a loan program specifically designed to assist individuals and families in rural areas in achieving homeownership.

## Need a Home Equity Loan Instead?

[LEARN MORE](Home-Equity-Loans)

\*Qualifications for First Time Home Buyer program include; Loan balance must be between $90,000 - $300,000 to qualify for the $1,000 discount; have not owned a home in previous three years; minimum credit score of 680; must occupy home purchased; Membership conditions may apply.

Based on a $100,000 purchase price with $5,000 down (5% minimum down payment required), monthly payments on a 30-year mortgage based on an interest rate of 6.500% with APR of 7.018%. The monthly payment for principal, interest and mortgage insurance would be $648. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

For a conventional refinance loan with a loan amount of $80,000, 80% loan to value with a 15-year fixed rate of 6.375%, the APR is 6.845%. The monthly payment for principal and interest would be $691.40. Escrow accounts will increase the monthly payment. Rate listed is for a first-lien mortgage. The rate may vary depending on each individual’s credit history and underwriting factors. Not all applicants will qualify. Programs, rates, terms or conditions are subject to change without notice. Other restrictions may apply.

APR is defined as Annual Percentage Rate. Rate subject to credit approval. Rates subject to change.

1FHA loans require PMI upfront and monthly.

2VA loans require a funding fee, have certain property restrictions, and generally have less equity to start.

3USDA loans have certain income limits, property restrictions, occupancy requirements, and generally require a longer underwriting timeline.

![](https://arttrk.com/pixel/?ad_log=referer&action=content&pixid=fd8c68c2-ba46-4e62-a4e1-7cd9cee5ced4)

![Oklahoma Central Credit Union - Stacked - footer](images/occu-logo-stacked.svg)

- [Find us on Facebook](speedbump.aspx?link=https://www.facebook.com/OklahomaCentral)
- [Follow us on Tiktok](speedbump.aspx?link=https://tiktok.com/@oklahomacentralcu)
- [Find us on Facebook](speedbump.aspx?link=https://www.linkedin.com/company/oklahoma-central-credit-union?trk=tyah&trkInfo=tarId%3A1405636006889%2Ctas%3Aoklahoma+central+cred%2Cidx%3A1-1-1)
- [Follow us on Instagram](speedbump.aspx?link=https://www.instagram.com/oklahomacentralcreditunion/)

- [Home](./)
- [Privacy Policy](Online-Privacy-Notice)
- [Contact Us](Contact-Us)
- [Routing Numbers](Contact-Us#Routing-Numbers)
- [Accessibility](Accessibility)

- Copyright ©

Oklahoma Central Credit Union. All Rights Reserved. NMLS #410349

[![NCUA Logo](images/ncua-logo.png)](speedbump.aspx?link=https://www.ncua.gov)

[Equal Housing Opportunity](speedbump.aspx?link=https://www.hud.gov/program_offices/fair_housing_equal_opp)

[![ESI - Excess Share Insurance Logo](images/esi-logo.png)](speedbump.aspx?link=https://www.excessshare.com)

[Back to Top](#top)