TTCU Offers:

• First Mortgages
•  Home Equity Line of Credit
• Home Improvement Loans/Second Mortgages
• Residential Rental Property Mortgage Loans
• Loans on Land
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To start the application process, call TTCU’s Mortgage Department at (918) 743-9861. Click the links below for information on TTCU’s Mortgage process, what forms you need to bring to your appointment and a list of FAQs. You will need Adobe Acrobat to open these forms. If you do not have Adobe Acrobat, click here to download it for free.

Borrower Information

Mortgage Information Sheet

How Much House Can You Afford?

Take the Hassle Out of Home Buying

Smart homebuyers know how much home they qualify for before they start looking. Come to TTCU to get pre-qualified; that way you will feel confident that you have been approved for your loan and know ahead of time what price range of homes to consider. Also, negotiating a purchase contract without the stipulation of loan approval can often give you an edge with the seller.

Before you begin looking for your dream home, let TTCU pre-qualify you and issue you a firm mortgage commitment (subject to satisfactory appraisal and contract sale on the home.)

Be sure to tell your real estate agent that you have already been approved for a loan at TTCU and want to close with us. Not only will it take less time to close since much of the work has already been done, but our closing costs are much less than you can find elsewhere, not to mention our phenomenal rates. We do not add unnecessary “junk fees” to our costs as many other lenders do. Call us to set up an appointment to start the application process at (918) 749-8828 or (800) 234-8828 Ext. 2295 or 2279.

Put Your Equity to Work

Planning a home improvement project? Getting tired of high-interest debt? Dreaming of a special vacation? Let TTCU put your home equity to work for you with an Equity Line of Credit (ELOC.) We offer no up-front or closing costs, up to 95% of your home’s value and even an interest-only payment option. Click here for detailed information on ELOCs, or click here to apply online right now.

Click here for our current rates. You can also make use of our convenient calculators by clicking here.

Residential Rental Loans

TTCU is now offering Residential Rental Property Mortgage Loans. This new product is available for rental property with a maximum of two units (duplex). Rates are available for both fixed and adjustable loans. This property must be located in the following counties in NE Oklahoma:  Adair, Cherokee, Craig, Creek, Delaware, Mayes, Muskogee, Nowata, Okmulgee, Osage, Ottawa, Rogers, Tulsa, Wagoner, Washington, Sequoyah, Pawnee and Payne as well as other Oklahoma counties that may be designated by TTCU management. Rates are available in 15-year fixed terms as well as 5/1 and 7/1 Adjustable Rate loans. Please contact our Real Estate department at (918) 749-8828 for further details.

Land Only Loans

TTCU is now offering loans on land only!  We will lend on parcels of land up to 20 acres on which you intend to build your primary residence sometime in the future. The parcels must be located in one of the following counties in NE Oklahoma:  Adair, Cherokee, Craig, Creek, Delaware, Mayes, Muskogee, Nowata, Okmulgee, Osage, Ottawa, Rogers, Tulsa, Wagoner, Washington, Sequoyah, Pawnee and Payne as well as other Oklahoma counties that may be designated by TTCU management. First mortgage loans only, max 15-year term. The maximum loan to value is 80% for up to 10 acres & 60% LTV for parcels over 10 acres up to a maximum of 20 acres. Click here for rates and terms. We also limit these loans to one per household. Land must be vacant. No commercial or industrial zoning is accepted. Please contact our Real Estate department at (918) 749-8828 for further details.

General Mortgage Education

Selecting Your Mortgage

There are two main decisions to consider when selecting your mortgage: whether you want a fixed or adjustable interest rate and the term of your loan (how long you will have to pay back the loan.)

Fixed-Rate Mortgages

Mortgages in which the interest rate remains constant during the entire term of the loan, regardless of the change in market interest rates. If you want fixed interest and consistent payments throughout the life of your mortgage loan, a fixed-rate mortgage is for you.

TTCU offers 30 and 15-year fixed-rate mortgages. If you are primarily concerned with lower monthly payments, consider a 30-year mortgage. If you are focused on paying less interest over the life of the loan, look into a 15-year mortgage.

Adjustable-Rate Mortgage (ARM)

Adjustable-Rate Mortgages are mortgages in which the interest rate changes periodically. If the market interest rates go up, so do your monthly mortgage payments. If market interest rates drop, you save money with lower payments. If you are more of a risk taker and want your rate and payment to adjust along with market interest rates, an adjustable-rate mortgage is for you.

TTCU offers one year ARM and 5-1 ARM with a maximum term of 30 years. One year ARMs have annual interest rate adjustments. 5-1 ARMs have a fixed interest rate for the first 5 years. Thereafter, the rate is adjusted annually.

Determining What You Can Afford

With the many alternatives in today’s housing market, it is best to identify the price range appropriate to your financial situation. For help determining how much house you can afford, contact the TTCU mortgage department at (918) 749-8828.

Process and Approval

Qualification for a mortgage loan is based on the ability to make monthly payments (assuming the minimum down payment requirement and closing costs* are covered.) Consideration is also given to your credit history, household income and the appraised market value of the home you are purchasing.

* Scroll down to the bottom of this page to see the average closing cost on a new mortgage.

The Loan Process

The time period following the submission of an application can be an anxious one. It may help you to know the many details that require attention and take what can seem like a long time.

After we receive a completed application package, we will have the property appraised, verify your employment, verify your deposits and order your credit report. Upon receipt of these items, your loan officer will review your loan. If everything is in order, we can then prepare the loan for commitment. Once you accept the commitment and all the conditions have been met, a closing can be scheduled. Prior to the closing, a title search and a survey of the property are completed. The loan process usually takes 30-45 days from start to finish.

Important Real Estate Terms

Cap:  A provision of an adjustable rate mortgage that limits how much the interest rate or mortgage payments may increase or decrease.

Contingency:  A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report.

Debt-To-Income Ratio: The ratio of a borrower’s monthly payment obligation on long-term debts divided by gross monthly income expressed as a percentage.

Escrow:  Money, documents or other items of value in the care of a third party to be released upon the fulfillment of a condition. For example, a deposit by the borrower to the lender might be kept in escrow, in order to pay real estate taxes and insurance premiums when they become due.

PMI:  Private mortgage insurance, which protects the lender in case of default by the borrower. PMI is often used when buyers obtain financing with less than a 20% down payment.

Points (Loan Discount Points):  Prepaid interest assessed at closing by the lender. Each point is equal to 1% of the loan amount.

Principal, Interest, Taxes and Insurance (PITI):  The four components of a monthly mortgage payment often referred to as the loan payment.

Title Insurance:  Insurance policies purchased separately for the benefit of the lender and buyer, which protect against error, omissions or defects in the title of a property.

Origination Fee:  Calculated like points, and paid in addition to points at most lenders. TTCU does not charge an origination fee.

Typical Closing Costs for New Mortgage Loan:

Expenses indicated, though typical, are estimates and subject to change.

There may be other fees that vary depending on each loan, such as:

Points: 0% to 1% of Loan Amount

Prepaid Interest

Escrow/Taxes & Insurance

PMI (Private Mortgage Insurance)

Mortgage Stamps