Mortgages

OBA Bank can help you buy or build your dream home or take advantage of great rates to refinance your current home.
OBA Bank has a loan option for almost every situation. We realize that everybody has a different need, that’s why we’ll work closely with you to create a loan that works best for your situation. We have a wide array of programs from conventional residential mortgages, construction loans, adjustable rate loans and loans to refinance your current home.

Our team of experienced mortgage professionals is equipped with the latest technology, ensuring swift and accurate service.

OBA Has the Loan That's Best For You

Select a Mortgage type for detailed information and benefits, or get a Loan Application.

Once you know approximately how much home is in your price range, use the guide below or our convenient Mortgage Loan Calculator to estimate your monthly payments based on the principal and interest. Closing costs are normally paid in a lump sum at the time you take out the loan. Other annual costs such as taxes, insurance and mortgage life insurance are also not included on the chart, but may be added to your monthly payments.

Fixed rate mortgages are ideal if you’d like to have a fixed payment for the life of your loan without worrying about rates changing. Our terms vary from 10 years up to 30 years, * ensuring the reliability of a fixed payment schedule. In addition we offer loans up to 97% LTV* (loan to OBA appraised value ratio) so we can help you even if you don’t have a large down payment.

We offer our customers great rates with "zero point" loans and even with 1 point loans, or you can buy down your rate even further. Whether you need a lower payment or would prefer paying less in closing costs, we can accommodate your needs.

Jumbo Mortgages, for mortgages over $322,700 feature limited documentation for qualified borrowers and offer highly competitive rates.

Our adjustable rate mortgage (ARM) is ideal if you plan on staying in your home for a short period of time and you desire a lower monthly payment than a fixed rate mortgage. After the initial payment period ranging from one, three or five years, the interest rate may change periodically based on market conditions.

If You're Looking for Flexibility...

If you’d like your payments to go towards your home and not towards private mortgage insurance, or if you have a low down payment, you could qualify for our second trust 80-10-10 or 80-15-5* mortgage programs. The advantage of these programs is that you will be able to avoid PMI (private mortgage insurance) by giving you the benefits of two loans and reduced fees.

The advantages of this program: - Low down payment and no private mortgage insurance required. - Avoid higher interest rates by splitting your purchase price between a first and second mortgage.

For qualifying home buyers, OBA offers Affordable Mortgages. OBA Affordable Mortgages are available for home purchases / loans with a maximum sales price of $364,650, a maximum loan amount of $353,710, buyers with a maximum combined income of $89,300, and home purchases with a 3% - 19%* Down Payment.

For qualifying low to moderate income home buyers, OBA offers mortgage loans through the Montgomery County Housing Opportunities Commission (HOC). Eligibility, Qualification Requirements, Rates, and Terms of these reduced-rate mortgages for buyers of homes in Montgomery County are available directly from the Montgomery County HOC.

*Payment examples:
Assume an 80% loan-to-value on a loan amount of $100,000 and AutoPay from OBA deposit account. For loans without AutoPay add.125%. The Annual Percentage Rate (APR) as of June 2002 was 6.19% and is based on simple interest. A term of 10 years would require 120 monthly payments of $1,110. A term of 30 years with an APR of 6.714% based on simple interest as of June 2002, would require 360 monthly payments of $640.
Assume a 97% loan-to-value on a loan amount of $100,000. The APR as of June 2002 was 7.104% and is based on simple interest. A term of 10 years would require 120 monthly payments of $1,098.
These examples assume no fees or closing costs. Amounts may be rounded. Rates are subject to change. Fees and closing costs may apply. Property and flood insurance may be required.