• Competitive rates
• Variety of loan options
• Fixed and adjustable rate mortgages available
• Easy, streamlined application process
• Pre-approval available
• Quick, local decisions
• First-time homebuyer specials
• FHA and VA loans
• Rural Housing loans
• Refinancing available
• Financing for second homes, mobile homes, condos, land, and more

While selecting the flooring options and paint colors may be more exciting, understanding your mortgage options could benefit you tremendously. At Ocean Communities, we're committed to being your neighbor, not just your lender.

A fixed-rate mortgage is just as the name implies; the interest rate on your mortgage is fixed for the duration of the term. The most common term is 30 years, but 10-year, 15-year, and 40-year mortgages are also available. With a fixed-rate mortgage, you know what your monthly payments will be with no surprises.

An adjustable rate mortgage (ARM) can provide increased buying power up front, but the rate will change in time. An ARM typically has a lower initial rate that lasts for a pre-determined period. After this initial period, the rate will be adjusted every year thereafter. This option is often utilized if an increase in income is expected or if the home is purchased with the expectation to resell in 5-7 years.

A note about rates:

Comparing rates can be a potential money-saver, but when comparing rates keep a few things in mind. Since rates can change daily, it is important to call all the lenders on the same day for a true comparison. Also, be certain you identify the same parameters (loan type, length of term, lock-in rate, points) to be certain your quotes are for the same loan.

Secure and Fair Enforcement for Mortgage Licensing Act (S.A.F.E. Act)

In order to comply with the National Credit Union Administration's adoption of the S.A.F.E. Act, Ocean Communities Federal Credit Union presents the following mortgage loan originator information for CU staff who are registered with the National Mortgage Licensing System (NMLS):

NMLS ID # LAST NAME FIRST NAME MIDDLE NAME

518294 BASILE MURIEL D

531680 BELL SAMUEL I

167843* BERGERON ERIK RICHARD

518296 BLAIS MICHELLE M

556470 COTE ALEDA B

518285 GALLUZZO PETER J

556471 GRAY MINDY N

518282 KNOX DENIS

518293 LEBLANC BETH A

518283 PICARD JOCELYN L

518292 RICHE JEANNE L

518295 RUMO MICHAEL J

531679 SICO RUTH E

* Employed by CUSO Mortgage Corporation in Hampden, ME

In order to provide homebuyers and the general public with greater information concerning the companies and professionals in the mortgage industry and in fulfillment of the federal S.A.F.E. Mortgage Licensing Act, the Nationwide Mortgage Licensing System and Registry (NMLS) has launched a website called NMLS Consumer Access. NMLS Consumer Access is a fully searchable website that allows the public to view information concerning Ocean Communities Federal Credit Union's Mortgage Loan Originators registered through NMLS. To visit the Consumer Site please go to http://www.nmlsconsumeraccess.org/

Mortgage Life Insurance

This buys you peace of mind as it helps cover your home loan. It pays off or reduces your mortgage balance if you die, relieving your family of a major, long-term debt—and helping them keep the home they love. All mortgage customers under age 70 are eligible to apply for it.

Mortgage Disability Insurance

Don't get caught short! The monthly expense you'd least want to face is your mortgage if you were disabled. No matter what other disability income you may receive, having your monthly mortgage payment taken care of would relieve you and your family of a major financial concern at a very difficult time. Disability coverage makes your monthly mortgage payment up to $1,500 per month for up to 24 months.

Both of the above insurances are offered by CUSO Mortgage Corporation and are optional to you.