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Do's and Don'ts

Wondering what to do when it comes to buying, building or refinancing your home? Start here. These quick checklists give you food for thought so you can make good decisions along the way.

speak to a Home Loan Pro
Wondering what to do when it comes to buying, building or refinancing your home? Start here. These quick checklists give you food for thought so you can make good decisions along the way. speak to a Home Loan Pro

Guidance along the way


Home Purchases

Do

  • Keep in mind that it may take 30 - 90 days (or more) to locate the right home, secure financing and complete the home-buying process.
  • Keep documents and statements readily available.
  • Provide all pages of requested documents.
  • Inform us of changes to your income, assets or purchase contract.
  • Tell us if you or any co-borrower will be unable to attend the closing. A power of attorney may be required.

Don’t

  • Don’t be afraid to ask questions. This may be the largest purchase you ever make and you should feel comfortable with the process.
  • Don’t make any unnecessary money transfers between your accounts. This may require additional documentation and may result in closing delays.
  • Don’t let your good credit rating slip. This can happen when you miss bill payments, open new credit accounts or charge major purchases on current lines of credit.

Refinances

Do

  • Calculate and understand your breakeven point.
  • Inquire about locking your rate. The rate on the day you started may be different than the day of closing.
  • Organize your financial documents and set aside money for closing costs.
  • Be realistic regarding the value of your home.

Don’t

  • Don’t be afraid to ask questions! You should feel comfortable with the process.
  • Don’t let errors on your credit report prevent you from getting the best rates.
  • Don’t open any new lines of credit or shop for a new car until your refinance is complete.
  • Don’t stall the process by failing to provide requested documents.

Construction

Do

  • Plan for unexpected expenses. Some expenses are for issues and problems that come up. Other times, you may decide to get an upgraded flooring material, or finish more rooms than you initially planned. You don’t want to have to say “no” to things because you didn’t budget for them.
  • Contact OECU if your construction plans change dramatically after your pre-approval.

Don’t

  • Don’t be afraid to ask questions.This may be the largest purchase you ever make and you should feel comfortable with the process.
  • Don’t let your good credit rating slip. This can happen when you miss bill payments, open new credit accounts or charge major purchases on current lines of credit.
FOR PEOPLE, NOT PROFIT

FOR PEOPLE, NOT PROFIT

The mortgage crisis taught us that you want to work with a lender who puts people first, not profits. Our team of home loan experts are happy to help.

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Happy To Help Stories

Why do our members love being part of OECU? Find out below.

  • Dennis F

    OECU has helped me keep everything going smoothly with my mortgage. OECU just makes my life easier.

    – Dennis F.

  • Brandi D

    Melisa was especially helpful with my home loan, always answering my questions so I can understand it. My concerns are her concerns.

    – Brandi D.

  • Michael L

    I completed my mortgage refinancing paperwork online, didn't even have to leave my computer.

    – Michael L.

  • Brendan B

    Refinance my house with OECU has been a breeze and I have a local contact whenever I need anything.

    – Brendan B.

  • Andrew C

    OECU offered the best interest rates when we refinanced out house! We were able to cut our interest rate and term on our loan in half without even coming into the office!

    – Andrew C.

  • Abraham V

    My loan officer extended all possible assistance to obtain a home equity loan. His knowledge and professionalism made the whole process simple and easy.

    – Abraham V.