Mortgages

If you're planning to purchase a new home or vacation home, or looking to refinance your current mortgage, then be sure to check out our great selection of home loans. With low-affordable rates, a variety of terms and easy repayment options-choose one that's right for you!

• First and Second Mortgages
• Adjustable and Fixed
• Construction
• First Time Home Buyer Program
• Home Equity Lines of Credit
• Reverse Mortgages
• Senior Home Loan Program
• Undeveloped Land

Fixed Rate Mortgage

The interest rate on this agreement stays the same for as long as you hold your mortgage. With this type of mortgage, you know exactly how much you will pay in principal and interest on your home each month.

• Maximum Loan Amount: $417,000.00
• Various Terms
• 1-4 Family Owner Occupied
• Owner Occupied Vacation/Second Home *
• Maximum 90% of selling price for a purchase**
• Maximum 80% of value for a refinance
• Low closing costs

All Loan Servicing will be retained at Southern Mass Credit Union

* 70% Loan-to-Value on Vacation Homes
**Private Mortgage Insurance required for mortgage loans over 80% Loan-to-Value

Approval of loan is based upon established underwriting guidelines and credit worthiness.

Adjustable Rate Mortgage

The interest rate on Adjustable Rate Mortgages (ARMs) will adjust at a fixed interval. ARMs are good for buyers who know their income will increase or plan to sell their home in a few years.

• Maximum Loan Amount: $900,000.00
• Various Terms
• 1-4 Family Owner Occupied Vacation Homes *
• Investment Properties*
• Maximum 95% of selling price for a purchase with Private Mortgage Insurance**
• Maximum 80% value for a refinance
• Low closing costs

All Loan Servicing will be retained at Southern Mass Credit Union

* 70% Loan-to-Value on Vacation Homes/Investment Properties
**Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value

Approval of loan is based upon established underwriting guidelines and credit worthiness.

** Higher APR prevails

One-Step Construction Mortgage

One easy closing: Construction to Permanent

• Adjustable Rate Products: 1 year, 3 year or 5/1 ARM*
• Maximum Loan Amount: $900,000.00
• Various Terms
• 80% Value of Property
• 12 Month Construction Phase

Interest only repayment during construction phase.

Land must be free and clear of all liens

All Loan Servicing will be retained at Southern Mass Credit Union