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First Mortgages
The Credit Union offers a wide array of choices for members purchasing or refinancing a home in New England (MA, ME, NH & RI). Our first mortgages have a $300 application fee ($500 if multi-family). Mortgage choices include:
Fixed rate mortgages
- choice of 5 to 40 year terms
- choice of one or zero points
- choice of no-point, no-closing cost programs if borrowing over $100,000
Adjustable rate mortgages
- 3 year adjustment period
- rate has 2% annual cap and 6% lifetime cap
- choice of one or zero points
- choice of no-point, no-closing cost programs if borrowing $100,000 or more
Blended rate mortgages
- Rate is fixed for first 5 or 7 years, then converts to a 1-year adjustable rate mortgage
- Choice of one or zero point programs
- No points no closing costs program on loans for $100,000 or more
No Down Payment Mortgages
- financing up to 100%
- choice of blended or adjustable rate mortgage
- available on homes located in New England
- mortgage loans up to $450,000 (First Home)
- 40-year mortgage with a fixed interest rate.
- 0% to 20% down payment options available
- choice of one or zero point programs
- no closing cost loan option on loans over $100,000
- 100% Plus mortgages permits closing costs and prepaid escrow can come from family gifts; an unsecured installment loan from a family member; a grant from a non-profit organization or municipal housing authority; or a loan secured by a loan against a 401(k), certificate of deposit, share account or life insurance policy
- Available for all U.S. citizens and permanent resident aliens. Non-permanent resident aliens should call the Mortgage Department for details on your ability to qualify.
- contact the Mortgage Department at 1-800-338-0221, ext. 9859 for details on your specific situation
The terms and conditions described herein are subject to change. Call the Mortgage Department for current information. Most programs are available on one- to four-family owner-occupied properties in New England. Properties with less than 20% equity require private mortgage insurance. When applying for a mortgage, the rate can be locked in for up to 120 days.
Save with Bi-Weekly Payments
In addition to great rates and a variety of home loan programs, the Credit Union offers borrowers another chance to save -- by making bi-weekly loan payments. This is available on all home equity, fixed rate loans and home improvement loans as well as many fixed rate mortgages. Contact us to check on the availability of this program on the mortgage loan you currently have or are considering.
For More Information
For details on any of our mortgages and home equity loans, simply contact the Mortgage Department at:
Pre-Approval
Before you start to look for a home, be sure to call or visit the Credit Union for a pre-approval, empowering you to negotiate from a position of strength since you will know in advance what you can borrow. Get your Pre-Approval Application today.
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| Have Mortgage questions? Call our Mortgage Dept. at 1-800-338-0221, Ext. 9859. |
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