Welcome to Oak Trust Credit Union

As a not-for-profit financial cooperative, owned and operated for the members, you’re more than an account number – you are part of the Oak Trust family! Since there are no stockholders to pay, we are able to offer higher dividend rates on deposit accounts and charge lower rates on loans. Additionally, we offer a full range of convenient low-cost financial services that fit your lifestyle.

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Mortgages – Perfect for New or Experienced Home Buyers

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Real Estate Loans from Oak Trust Credit Union

Whether you are financing your first home or moving to a new home, we offer smart, simple solutions to fit your needs. Choose from a full range of home financing options, including fixed and adjustable rate loans. Special programs are available for first time home buyers and borrowers with imperfect credit.

You can count on Oak Trust for competitive rates, low closing costs and knowledgeable professionals to guide you through the entire loan process.

Homeowners Insurance Program – Rent or Own, the MEMBERS® Auto and Homeowners Insurance Program will protect it all. Click for a FREE rate quote.

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Loans for students: The Ray of Hope

By: Keron Breson

Today’s generation is the future of tomorrow and so, it becomes our duty to educate them in a proper manner. Some people are unable to arrange education for their kids due to the lack of finance and in this condition, loans for students can be rays of hope in their lives. With these loans, they can pursue any educational course with comfort, which will let them make a good life in future. Now, the question arises in mind how we can approach for these loans and what are the procedures to gain them.

So, you must understand that loans for students are unique deals that allow a person to borrow money according to the educational course and thus, it is a good way to settle all things in a proper manner. These loans make huge impact on the lots of young people so that they could prove that they are second to none if they are offered good and proper education.

Loans for students are available in secured as well as unsecured form and so, people can make their decisions of choosing any deal. When they try to opt for the secured deals, they don’t have to pay high rates of interest and thus, it is good option to make. On the other hand, unsecured loans for students support such people who are not having anything to keep against the borrowed finance. Thus, both loan’ forms have one and only aim of enabling people to support them in their tough times.

Since, loans for students are available in traditional as well as online market, people can feel easy and they can opt for these by any mode. However, the later mode is considered as the safe and easygoing way where people take less time in sending their request to the lender.

The moment application is verified, they are given money with comfort.

Achieve your educational goals with private student loans offered by Oak Trust Credit Union. Contact us today to learn more – easy application process, great loan options, helping students make better borrowing decisions!

 

What is the Best Way to Finance Home Improvements?

If you find yourself staring longingly at interior design layouts but think you’ll never be able to afford that elusive dream home, think again. Your dream home might not be too far out of reach if you consider renovating your existing dwelling. A home improvement project can not only add quality to your life, it may also add financial value to your home.

Homeowners in the United States spent nearly 300 billion on remodeling projects in 2010, according to a report from the Harvard University Joint Center for Housing Studies. The report concluded that even with the recent mortgage crisis, the amount of money spent on remodeling projects is on the rise.

Many homeowners decide to use their home’s equity to finance home improvements instead of relying on consumer credit, where interest rates are typically higher. There are different ways to access home equity: through mortgage refinancing, a home equity loan or a home equity line of credit.

Cash-Out Mortgage Refinancing

If your property’s value has increased or interest rates are lower than your current rate, this option would allow you to take out a new mortgage in an amount that exceeds the existing balance on your current mortgage. If you choose to cash-out the excess, the extra money can be used to finance a home improvement project. Some home improvement financing programs will estimate the value of the home after improvements are made, qualifying the homeowner for a larger loan.

Although interest rates with a refinance are typically lower than those of a home equity loan, there are costs involved. Refinancing fees range from three to six percent of your outstanding principal. Costs involved with a refinance are similar to those of buying a home and may include appraisal fees, application processing fees and loan closing costs.

Home Equity loan

Another way to borrow against the equity in your home is through a home equity loan. This may be a good option for homeowners who are satisfied with their current mortgage rates and who aren’t interested in refinancing. With a home equity loan, you use your home as collateral and borrow a fixed amount at a fixed interest rate.

A home equity loan is a great way to go when interest rates are low and you know exactly how much money you’ll need. With a home equity loan, you’ll know exactly how much you’ll have to pay back (in principal and interest) each month. Additionally, homeowners may qualify to deduct up to $100,000 of interest paid on a home equity loan from their taxes.

However, because your home is used as collateral with a home equity loan, it’s especially important to borrow only what you can pay back or the bank can foreclose.

Home Equity Line of Credit

With a home equity line of credit, a homeowner is approved for a specific amount of credit. The amount is determined by a percentage of a home’s appraised value minus the amount still owed on the existing mortgage. The interest on these loans is typically variable rather than a fixed rate. Because your home is used as collateral, the U.S. Federal Reserve advises that this line of credit should only be used for major expenses such as remodeling, medical or educational expenses rather than day-to-day expenses.

With this line of credit, you pay back only the money that you actually borrow. Payments will fluctuate based on the current interest rate and the outstanding balance.

Costs of Home Equity Loans and Lines of Credit

Home equity loans and lines of credit usually have the same costs and fees applied to them that a refinance does. Some lenders will waive closing costs, appraisal fees and application fees for loan processing. However, some costs may still apply.

 

Your banking just got easier with the use of “It’s Me 247” mobile apps

Stay connected to your finances in the most convenient way – in the palm of your hand! Take advantage of our mobile offering (It’s Me 247) for immediate account access on the go.

At Oak Trust Credit Union, there are varying levels of mobile access to It’s Me 247. The level you choose will depend on the following:

  • The type of wireless handheld device you have
  • The types of transactions you’ll need while on the go
  • The levels of service available from Oak Trust credit union

Grasp the opportunity of having a fully functional computer in your pocket 24/7. Enjoy the advantages that come with having Oak Trust Credit Union at the click of a button!

What are your mobile options?*

Select an icon to learn more about mobile access to It’s Me 247 Online Banking

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SMART, SIMPLE MORTGAGE SOLUTIONS

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