Omaha Douglas FCU + Members mortgage services = Home
Buying a home is one of the largest purchases people make in their lifetime. It makes no difference if you’re a first-time home buyer or reviewing your mortgage options, the process can sometimes seem overwhelming. At Omaha Douglas Federal Credit Union, you can be assured you have a trusted financial resource that has your best interests at heart. We have joined forces with Members Mortgage Service (MMS) to provide mortgage loan products: loans for purchasing and refinancing, along with Home Equity Loans. Mortgages can be complicated. We make that our problem, not yours. We will guide you through the process as simply as possible.
Who is Members Mortgage Services?
Members Mortgage Services (MMS), located in Hutchinson, KS, connects our credit union members with competitive mortgage loan products. MMS is owned by a cooperative group of credit unions. MMS serves as an extension of our credit union, and has an easily accessible team. We all work together to make sure you have the best homebuying experience possible.
By partnering with MMS, we feel confident you will get the right mortgage loan to fit your situation. With an easy online application, you’ll be on track to homeownership in no time!
FIXED-RATE MORTGAGES
This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed."
A Fixed-Rate Mortgage Loan May Be A Good Choice If You:
- Want the security of knowing your interest rate will not change, nor will your monthly payment, unless property tax and insurance amounts change.
- Plan to stay in this home for several years.
- Don't expect your income to increase significantly in the coming years FixedRate Mortgage Loans come in various terms such as 10, 15, 20 or 30 years. In determining the length of your loan, you may want to consider the total amount of interest you want to pay over the life of your loan.
For example, the total cost of a 30-year loan in terms of the interest paid on the loan is higher than the total cost of a 10-, 15-, or 20-year loan. With a 30-year loan, you have the advantage of lower monthly payments due to the longer loan term. With a 15-year loan, you have the advantage of repaying the loan more quickly with higher monthly loan payments. If you can afford to pay more per month, you reduce the number of months you must pay. Also, choosing a 15-year term will save you thousands in interest charges vs. the typical 30-year term. Another option to decrease the amount of interest you pay is to get a 30-year loan, so you don't lock yourself into higher monthly payments, but pay a little "extra" each month towards the principal when you are able to do so.
ADJUSTABLE RATE
An Adjustable-Rate Mortgage, or ARM, is a home loan with an interest rate that can change periodically. This means that the monthly payments can go up or down. Generally, the initial interest rate is lower than that of a comparable fixed-rate mortgage. After that period ends, interest rates — and your monthly payments — can go lower or higher.
An Adjustable-Rate Mortgage may be a good choice if you:
- Want to maximize your buying power
- Want to keep your payments lower during the first few years of your loan
- Plan to move into a different home within the next ten years
- Plan to payoff your mortgage within the next ten years
- Expect your income to increase significantly in the next few years
FHA Loans
Backed by the Federal Housing Administration, FHA loans are mortgage loans that have lower down payment and credit requirements, making them accessible to more people. Depending on where you live, you can get an FHA loan with as little as 3.5% down. FHA rates are often lower than conventional rates for low-credit borrowers.
USDA Loans
United States Department of Agriculture (USDA) loans are government-backed loans that can help you buy a home in a rural area. USDA loans don’t require a down payment with a qualifying credit score. The home you want to buy must also be in an eligible rural area; you can check your potential home’s eligibility on the USDA website.
VA Loans
The U.S. Department of Veterans Affairs backs VA loans. VA loans are only for veterans, current military personnel, and qualifying surviving spouses. The approval process will require you to have a valid certificate of eligibility (COE) as proof that you qualify for the loan. Like USDA loans, VA loans don’t require any down payment when buying a home.
How much equity is your home hiding? A Home Equity Loan is a loan that lets you borrow money using the equity in your home as collateral. The equity in your home is the difference between how much your home is worth and how much you still owe on it.
With a Home Equity Loan, approved borrowers will receive the amount in a lump sum. The APR is fixed and payments are made in monthly installments over a fixed period of time. This is beneficial because borrowers know what to expect each month.
Home Equity Loans are great for:
- Home renovations
Do you dream of putting an addition on your home? Maybe upgrading your kitchen or adding more outdoor entertaining space?
- Debt consolidation
Save money on credit card interest by consolidating several credit cards into one monthly payment.
- Major expenses
Do you have medical bills piling up? School tuitiuon that needs to be paid?
- Investment opportunities
Looking to invest in a rental property or purchase stock?
These are just some of the ways a Home Equity Loan can be used. Our Loan Officers are here to help guide to you the loan that works best for your needs.
How do I get Started?
Simply click the button below to get started and apply. Create a log in (this will be separate from your home banking log-in.) Complete and submit the application and we will contact you shortly to get you pre-approved.
Apply and Learn More
If you have any questions along the way, feel free to reach out to our ODFCU Loan Officers directly at (402) 444-5999. We are happy to help guide you through the process!
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