Mortgage Loans

Openland Credit Union offers several mortgage options to help members purchase, refinance or invest in property. Options include fixed-rate mortgages, adjustable-rate mortgages, VA mortgages, jumbo loans, construction loans, purchase renovation loans, and financing for second homes, vacation homes, rental properties and investment properties. Loan availability, rates and terms vary by product and are subject to credit approval.

The amount you need for a down payment depends on the type of mortgage you choose and your individual financial circumstances. Openland's fixed-rate mortgage program may allow qualified borrowers to purchase a primary residence with as little as 3% down. Some other mortgage programs have different down payment requirements.

A fixed-rate mortgage has an interest rate that remains the same throughout the loan term, which means your principal and interest payment does not change because of changes in market interest rates. Openland offers fixed-rate mortgages for qualified borrowers, with loan amounts ranging from $25,000 to $3.5 million.

Yes. Openland offers mortgage refinancing for qualified borrowers. Refinancing replaces an existing mortgage with a new loan and may be used to pursue a different interest rate, loan term or other financial goals. Openland can help you review available refinancing options based on your circumstances.

Yes. Openland offers mortgage financing for qualifying rental and investment properties. The requirements, loan terms and available financing can differ from those for a primary residence, so prospective borrowers should speak with an Openland mortgage professional about their specific situation.

Mortgage preapproval is a formal evaluation of your financial information and credit by a lender to determine the loan amount and terms you may qualify for. A preapproval is different from a prequalification because it involves a more detailed review of your financial information. Openland recommends preparing documentation such as income information, bank statements and tax returns when applying for a mortgage.

You can begin the mortgage application process online or contact Openland's mortgage team for assistance. Before applying, Openland recommends reviewing its mortgage resources, including the Buying & Refinancing Checklist, mortgage calculator and frequently asked mortgage questions. Loan applications are subject to credit approval and applicable requirements.