Whether you’re looking to buy a new home or refinance your existing home loan, River Works Credit Union mortgages are perfect for you!
Our low fixed rate, adjustable rate and Federal home loans offer low monthly payments and down payments as low as 0%. River Works Credit Union has learned that it must be an expert in all types of mortgages. We offer a wide array of mortgage products to fit your particular needs. Whether you’re shopping for your first home, your dream home or looking to refinance your existing home loan, River Works Credit Union has a mortgage that’s right for you.
Fixed Rate Mortgage
A fixed rate mortgage has a consistent interest rate and monthly payments that never change.
This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then an adjustable rate mortgage may be better.
As a rule of thumb, it may be harder to qualify for a fixed rate mortgage than for adjustable rate mortgage. When interest rates are low, fixed rate mortgages are generally not that much more expensive than adjustable rate mortgages, and may be a better deal in the long run because you can lock in the rate for the life of your mortgage.
Adjustable Mortgages (ARMs)
Popular ARMS – mostly 5/1 or 7/1 mortgage loans – can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate mortgages.
It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
Jumbo Mortgage is one that exceeds the conventional mortgage borrowing limits.
Currently a jumbo mortgage is a purchase or refinance loan that exceeds $417,000 for a single-family home. It is also called a non-conforming loan because it does not conform to the loan limits set by Fannie Mae or Freddie Mac.
MassHousing offers a variety of mortgages for qualified borrowers with low to moderate income.
Loan options are available for home buyers with as little as 3% down, with or without mortgage insurance. All Mass Housing loans are fixed 30 year mortgages with attractive interest rates and competitive closing costs. Income and loan limits apply by county. Purchase and refinance options are available.