Home Loans

There are a lot of factors that are considered when determining how much you can borrow, like the value of the property you want to purchase and the amount of your down payment. Your credit score and credit history can also impact how much you can borrow and the interest rate on the loan. Use our calculator to get an idea of how much you can borrow.

Our home loan options offer a wide range repay terms, so you can select the option that fits your budget today and your goals for tomorrow. 

You’ll make monthly payments of principal and interest. If your loan has a fixed rate of interest, the payment will be same every month until the loan amount is fully repaid. This makes it easier for you to budget. If the loan has a variable rate of interest, the payment amount can go up or down each month, depending on interest rate changes. We’ll explain all your options and help you make the right choice. Use our calculator to get an idea of what your payment could be.

You can make a secure electronic loan payment from your Ocean checking or savings account using Online Banking or our secure loan payment portal. For a fixed rate home loan, set up the fixed payment amount to be automatically deducted from your account each month. If you have an adjustable-rate home loan you can also make the payment online by signing in each month and specifying the amount to be paid based on that month’s statement showing the amount due. You can also make a payment at any Ocean branch or mail a paper check.

Refinancing takes the balance due on your current mortgage and refinances it with a new loan. This makes sense when the interest rate you will pay on the new loan is lower than the interest rate you are paying on your current loan because it can lower your monthly payments and save you money. Cash-out refinancing could save you money, too. Here’s how it works. You refinance your existing mortgage plus use the equity in your home to borrow more. Since refinancing is typically at rates lower than credit card and other types of debt, you can use the extra cash to pay off credit cards, and pay for just about anything else, like home renovations, furniture, a family vacation and other major purchases.

Yes, there are fees for things like a credit check, property appraisal, application fee, title search, insurance and document filing. All costs are disclosed to you upfront, so you will know how much the loan will cost. If you are refinancing, you want to consider these costs carefully, because even though refinancing could lower your monthly payment, if you don’t plan to stay in your home long enough to recoup the costs of refinancing, it may not be the right choice for you. Our home loan experts will help you make the right decision for your situation. Get a head start with our calculator for a general estimate of closing costs.

There are a lot of things to consider when deciding which loan best fits your situation. That’s where our experienced lending team can really help you review your options. You can also use our calculator to compare two mortgage loans.