Fixed Rate Mortgage

Our Fixed Rate Mortgage Loan features an interest rate that remains unchanged for the term of the loan.   

  • Mortgage interest rate does not change for the life of the loan, guaranteeing fixed payments.
  • Fixed Rate Mortgage Loans are a popular choice for First Time Home Buyers, Home Purchasers, or Refinance Transactions.
  • 1-4 Unit purchase or refinance transactions available on primary, second, and investment occupancy.
  • Conventional Fixed Rate Mortgage Loans available for First Time Home Buyers, Existing Homeowners, and Construction/Rehab loans.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to credit approval.

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Adjustable Rate Mortgage

Our Adjustable Rate Mortgage, or ARM, features an interest rate that remains fixed for a period of time and then adjusts annually based on a preselected index, causing interest rates and payments to rise and fall with the market.

  • An ARM features an interest rate and payments that are generally lower than comparable fixed rate mortgage loans for a period of time and then may go lower or higher periodically according to an index.
  • ARMs may offer additional savings through changes in interest rates.
  • 1-4 Unit purchase or refinance transactions available on primary, second, and investment occupancy.
  • Conventional Adjustable Rate Mortgage Loans available for First Time Home Buyers, Existing Homeowners, and Construction/Rehab loans.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value. Subject to underwriting approval.
  • We offer the following range of ARM Products
    • *10-1 ARM – This loan has a fixed rate for the first 10 years and then may change every year thereafter.
    • *7-1 ARM – This loan has a fixed rate for the first 7 years and then may change every year thereafter.
    • *5-1 ARM - This loan has a fixed rate for the first 5 years and then may change every year thereafter.

*The initial interest rate is fixed for a period of time and then may increase or decrease with movements in the index rate specified in the promissory note. Generally, interest rate increases result in higher monthly payments.

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Construction/Renovation Mortgage

Our Construction/Renovation mortgage is used to finance a new home construction or the renovation of an existing home. If you’re looking to build a new home or renovate an existing one, Southern Mass Credit Union will make the process easy and efficient.

  • Construction loans are available to construct a home on your land or combine a lot purchase with construction.
  • One time closing with interest paid and funds advanced incrementally during the construction period.
  • Fixed Rate Mortgage and Adjustable Rate Mortgage products available
  • 1-4 Unit construction/renovation available on primary and second home occupancy.
  • Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value.
  • Subject to credit approval. 

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Land Loans

Southern Mass Credit Union has Land Loans to assist in the acquisition of a buildable lot.  Whether you’re looking to purchase land to construct your dream home now or in the future, Southern Mass Credit Union can assist you with your financing needs.

  • Purchase or Refinance available.
  • 15 and 10 Year Fixed Terms Available
  • Lot must be buildable
  • Subject to credit approval.

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First Time Homebuyer

Southern Mass Credit Union has a affordable loan programs to assist Homebuyers in purchasing their first homes. (Private Mortgage Insurance required for mortgage loans over 80% Loan-to-value)

  • Fixed Rate Mortgage Option
  • 3% Down Payment with Low Closing Costs
  • Down Payment Funds may be gifted in its entirety
  • 1 Unit Owner Occupied
  • Mass Housing Partnership One (MHP-One) Program Available
    • No Private Mortgage Insurance
    • Mass Housing Partnership Interest Subsidy
    • Owner Occupied Only
    • Income and Asset Restrictions Apply
  • Subject to credit Approval

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Are you interested in a free Mortgage Prequalification?

Before house shopping, find out what homes are in your price range. Receive a free, no obligation prequalification from SMCU.*

Qualified homebuyers will receive a Mortgage Certificate Letter along with a coupon applicable towards closing costs when you finance your home purchase with Southern Mass Credit Union.

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

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