Mortgages

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. We have access to a full range of mortgage sources, and all of our lending specialists are dedicated to finding you the right loan with the most competitive rates and terms.

Whether you are purchasing a new home or remodeling your current home, OSCU can assist you in finding the product that best suits your needs.

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. 

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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. 

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Hybrid Adjustable Rate Mortgages

5 Year ARM / 7 Year ARM / 10 Year ARM

A Hybrid Adjustable Rate Mortgage or Hybrid ARM is a loan where the rate is fixed for the first 5, 7 or 10 years and the rate changes once each year 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. 

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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. 

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Jumbo Mortgages

A Jumbo Adjustable Rate Mortgage is a loan where the rate is fixed for the first 10 years and the rate changes once each year 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. 

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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. 

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Construction Loans

OSCU offers a low fixed rate for the entire 30 years from the very beginning! Which means that there is no difference in the rate during the construction period. 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 for owner occupied or second homes and may also be used for needed or wanted additions and/or renovations.

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To schedule your free, one-on-one pre qualification session, please contact:

 

Thomas Carroll at tcarroll@oceanstatecu.org or call (401) 265-5459 or 

Michelle Powers at mpowers@oceanstatecu.org or call (401) 265-1399

Current Mortgage Rates

Mortgage Account Information

Easily access and view your Mortgage Loan Account here!

VIEW YOUR MORTGAGE ACCOUNT HERE

Ocean State Credit Union's lending and mortgage staff are licensed under the Nationwide Mortgage Licensing System (NMLS).

NMLS is the legal system of record for licensing in all participating states, the District of Columbia and U.S. Territories. The NMLS initiative was initiated by state mortgage regulators in 2004 in response to the increased volume and variety of residential mortgage originators and the need to address these changes with modern tools and authorities.

For more information about the NMLS licensing system, please visit http://mortgage.nationwidelicensingsystem.org

Jeffrey Byrd MLO No. 648894; Thomas Carroll MLO No. 79560; Nicole Dungca MLO No.978298; Claudia Flanagan MLO No. 671794; Maegan Kelly MLO No. 1341383; Kim Parente MLO No. 1146145; Jennifer Petit MLO No. 416148; Michelle Powers MLO No. 174084; Anthony Valerio MLO No. 1707628