Mortgage Loan Rate Reduction
Buy a home now. If rates drop within 12 months, you can relock at a lower rate — for only $500.
Get a mortgage that moves you — and makes you do a happy dance!
Benefits and details of Mortgage Loan Rate Reduction
Are you ready to buy a new home, but holding out for mortgage rates to drop? At Oregon State Credit Union, we believe your dream of homeownership should have you dancing with excitement, not stressing over interest rates.
Our Rate Relock offer lets you buy your home now, and if rates drop within the first 12 months, you can relock at a lower rate — for only $500 — without having to refinance! So, you can keep moving forward with confidence and maybe even do a little celebration shimmy.
Multiple loan types qualify:
- New purchase or refinance of a primary residence
- Jumbo purchase ($806,500 or more) or refinance
- First-time homebuyer loans
Plus, you’ll keep more of your hard-earned cash for home improvements — with down payments as low as 3%* and $4,750** or more in closing costs savings.
We’re here to help you get the home you want — without worrying about timing the market. So go ahead, take that first step towards your new home.
Let’s make your next move a happy one
Get Pre-Approved for a Mortgage* A 3% downpayment with a 30 year loan would have an interest rate of 5.88% and an annual percentage rate of 6.08%. The monthly payment schedule would be 359 payments of $2,070.38 and 1 payment of $2,072.28. These payments are based on a $350,000 loan on a $500,000 property in Benton county, OR. If an escrow account is required or requested, your actual monthly payment will also include amounts for real estate taxes and homeowner’s insurance premiums. The values shown assume the loan is for the purchase of a single family residence that will be used as a primary residence and that the applicant has a credit score of 780 or higher.
** Savings based on a comparison of a typical $550,000 mortgage loan with a 1% origination fee compared to the same loan with an Essential Oregon State Credit Union membership and standard $750 underwriting and lender fees.