What Can DCU Save You?

Mortgage Center

Refinancing Your Home

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We're Ready to Help You Refinance Your Home

DCU has several options that may help you lower your rate, lower your monthly payment, shorten your term, or all three.

Lifetime service — We'll service your loan as long as you have it.

Online access — Manage your account through online banking from anywhere

Please refer to Details and Rates tabs for additional information and important disclosures.

Which Refinancing Mortgage Option is Right For Your Situation?

This table can help you decide

Considerations Adjustable Rate Mortgage (ARM) Loans Fixed-Rate Loans
  View Current Rates View Current Rates
Ratings and Reviews

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What is it? Your loan rate and payment stays the same for the first year(s) of the loan, then can change up or down once a year or once every five years based on a published index. Your loan rate and payment stays the same for the life of your loan.
What is the main advantage? Saves money with lower starting rate than fixed-rate loans. Predictable rate and payment for the life of the loan.
Why choose it? You expect to move or refinance within or soon after the fixed-rate period. Or you want the lowest starting rate and can afford if rates and payments increase. You expect to be in your home longer than five to seven years.
Maximum Term 30 years 30 years
Variations Initial Fixed Period/Adjusts
  • 10 years / annually
  • 7 years / annually
  • 5 years / annually
  • 5 years / every five years
The shorter the fixed period, the lower the starting interest rate.
  • 30-year fixed rate
  • 20-year fixed rate
  • 15-year fixed rate
  • 10-year fixed rate
The shorter the term, the lower the interest rate.
Maximum loan amount
(owner-occupied)
Conforming – up to $424,100, up to 95% of home value
Jumbo – over $424,100, up to 90% of home value

Maximum loan to value dependent on loan scenario, transaction type, and property type.
Conforming – up to $424,100, up to 95% of home value
Jumbo – over $424,100, up to 90% of home value

Maximum loan to value dependent on loan scenario, transaction type, and property type.
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DCU also offers VA Loans for qualified veterans of the U.S. armed forces.

"Quick & Easy"

Open quote  I refinanced my home with a 5/1 ARM. It took just 44 days from my initial online application to closing the loan. The process was easy, communication good, fees were just as described upfront, and a great rate. Close quote

— Lilly1, Westborough, MA

Frequently Asked Questions and Answers

What is a point?

A point is 1% of your total loan amount. For example: one point for $100,000 mortgage is $1,000.

What will my closing costs be?

Closing costs are approximately $1,900 – $2,100 (not including points) per $100,000 depending on the state you are purchasing your home in. Fees may increase based on credit score, down payment, purpose of loan, subordinate financing and property type. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

Where can I get a DCU Mortgage Application?

DCU can mail an application to your home. Or, you can apply online.

Can closing costs be rolled into my loan amount?

For refinances, closing costs can be rolled into your loan amount not to exceed maximum program guidelines for loan to value. Closing costs on Purchases cannot be rolled into the loan amount.

What is DCU's mortgage application fee?

DCU's mortgage application fee is $300.

How can I lock in my interest rate?

After reviewing your application with a Mortgage Representative you are able to lock in your rate.

Is there a fee to lock my rate?

No, there is no fee to lock your rate.

Does DCU provides service on my DCU mortgage?

Yes. For as long as you have it.

What does it mean when I get an informational letter from Freddie Mac, Fannie Mae or the Federal Home Loan Bank?

A new law requires Freddie Mac, Fannie Mae or the Federal Home Loan Bank to send informational letters when they buy or sell your mortgage. If you get (receive) one regarding your DCU mortgage, it's no cause for concern. Freddie Mac and Fannie Mae are short names for two government sponsored enterprises that buy home mortgages from financial institutions. The Federal Home Loan Bank (FHLB) also buys mortgages. They provide financial institutions a steady stream of funds they can use to fund consumers' mortgages. This allows more people to buy homes.

We often sell mortgages we write to one or more of these institutions so we can meet our members' needs. Whether we hold or sell the loan, we always retain responsibility for accepting your loan payments, giving you convenient access to your account, and providing service - known as loan servicing. If you get a mortgage from DCU, you'll have DCU service for the life of your loan. On Friday, June 19, 2009, Freddie Mac will begin notifying borrowers by letter when their mortgage loan is assigned, sold or transferred to Freddie Mac or to a trust for which Freddie Mac serves as trustee. This notification is for informational purposes only and is consistent with Section 404 of the Helping Families Save Their Homes Act of 2009, which was enacted on May 20, 2009. It also applies to Fannie Mae and the FHLB.

What does the term "Loan to Value" mean?

It is the total loan amount divided by the value of your property. The value of the property is the lesser of either the purchase price or appraised value.

Will DCU escrow my taxes?

DCU will escrow your taxes if your loan to value is greater than 80% or if the property is an investment.

Does DCU require Private Mortgage Insurance?

Private Mortgage Insurance is required with a loan to value over 80%.

What is the maximum amount I can borrow if I want to take cash out or consolidate bills?

On a 1-2 unit primary residence or second home you may borrow up to 80% of the property value in a first mortgage. DCU also offers many second mortgage products to take cash out, for debt consolidation, and for many other purposes.

Will DCU finance my second home or investment property?

Yes. With DCU you can finance a second home or an investment property up to a 4 family unit.

What if I have an investment property with more than 4 family units?

You can contact our Commercial Loan Department for a commercial mortgage.

What is a Jumbo Mortgage?

A Jumbo Mortgage is a mortgage amount in excess of $424,100 for a one family unit property.

If I apply through phone, who is my mortgage with?

Your mortgage is with DCU. We'll service your mortgage (accept payments and handle escrow) for as long as you have it.

If you have any other questions regarding the mortgage products and services offered by DCU, please call our Information Center.

Home Refinancing Adjustable Rate Mortgage (ARM) Rates

Adjustable Rate Mortgage (ARM) Rates for loans up to $424,100*

Term / Property Months Points Interest Rate APR** Initial/Annual/
Life Rate Change
Caps
Margin/Index Estimated
Monthly Payment
per $1,000
5/1 ARM First 60
Next 300
0 2.875%
3.875%
3.59%
3.59%
2% / 2% / 5% 2.75% / 1.10% $4.15
$4.62
5/5 ARM First 60
Next 300
0 3.125%
4.500%
4.08%
4.08%
2% / 2% / 5% 2.75% / 1.81% $4.28
$4.95
7/1 ARM First 84
Next 276
0 3.000%
3.875%
3.54%
3.54%
5% / 2% / 5% 2.75% / 1.10% $4.22
$4.60
10/1 ARM First 120
Next 240
0 3.250%
3.875%
3.57%
3.57%
5% / 2% / 5% 2.75% / 1.10% $4.35
$4.60

*Rates are effective  and are subject to change at any time, and may increase. Rates locked in today for 60 days have an expiration date of . Rates apply to loans up to $424,100 (also known as "conforming mortgages").

Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time.

**APR – Annual Percentage Rate.

All rates are based upon a 30-year term, owner occupied, and up to 60% of home value.

Rates and Fees disclosed are for loans that meet Secondary Mortgage Market underwriting standards; additional rate and fees may apply for loans outside of those guidelines.

Rate Change Caps – This is the maximum amount interest rates on Adjustable Rate Loans can change up or down. The first number is the amount they can change up or down on the first adjustment date. The second number is the amount they can change each subsequent year on the anniversary date. The third number is the maximum total change, up or down, over the life of the loan. Since the index in the future is unknown, the first adjustment payments displayed are based on the current index plus the margin (fully indexed rate) as of the effective date above.

Adjustable Rate Mortgage (ARM) Rates for loans over $424,100*

Term / Property Months Points Interest Rate APR** Initial/Annual/
Life Rate Change
Caps
Margin/Index Estimated
Monthly Payment
per $1,000
Jumbo 5/1 ARM First 60
Next 300
0 3.000%
4.000%
3.69%
3.69%
2% / 2% / 5% 2.875% / 1.10% $4.22
$4.69
Jumbo 5/5 ARM First 60
Next 300
0 3.250%
4.625%
4.17%
4.17%
2% / 2% / 5% 2.875% / 1.81% $4.35
$5.03
Jumbo 7/1 ARM First 84
Next 276
0 3.125%
4.000%
3.63%
3.63%
5% / 2% / 5% 2.875% / 1.10% $4.28
$4.67
Jumbo 10/1 ARM First 120
Next 240
0 3.375%
4.000%
3.66%
3.66%
5% / 2% / 5% 2.875% / 1.10% $4.42
$4.67

*Rates are effective  and are subject to change at any time, and may increase. Rates locked in today for 60 days have an expiration date of . Rates apply to loans larger than $424,100 (also known as "jumbo mortgages"). Further restrictions apply for loan amounts over $424,100 such as credit score, Loan to Value, etc.

Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher. The stated amount per $1,000 is based on the fixed rate period and the payment will likely increase after that period of time.

**APR – Annual Percentage Rate.

All rates are based upon a 30-year term, owner occupied, and up to 60% of home value.

Rates and Fees disclosed are for loans that meet Secondary Mortgage Market underwriting standards; additional rate and fees may apply for loans outside of those guidelines.

Rate Change Caps – This is the maximum amount interest rates on Adjustable Rate Loans can change up or down. The first number is the amount they can change up or down on the first adjustment date. The second number is the amount they can change each subsequent year on the anniversary date. The third number is the maximum total change, up or down, over the life of the loan. Since the index in the future is unknown, the first adjustment payments displayed are based on the current index plus the margin (fully indexed rate) as of the effective date above.

Home Refinancing Rates for Fixed Rate Loans

Fixed-Rate Mortgage Rates for loans up to $424,100*

Term / Property Points Interest Rate Annual Percentage Rate Estimated
Monthly Payment
per $1,000
30-Year Fixed
1 unit owner occupied, purchases only,
97% of home value
0 points 4.375% 4.46% $4.99
30-Year Fixed
Owner occupied, up to 95% of home value
0 points 3.875% 3.95% $4.70
20-Year Fixed
Owner occupied, up to 95% of home value
0 points 3.625% 3.73% $5.86
15-Year Fixed
Owner occupied, up to 95% of home value
0 points 3.125% 3.25% $6.97
10-Year Fixed
Owner occupied, up to 95% of home value
0 points 2.875% 3.05% $9.60

*Rates are effective  and are subject to change at any time. Rates locked in today for 60 days have an expiration date of . Rates apply to loans up to $424,100 (also known as "conforming mortgages").

Rates and Fees disclosed are for loans that meet Secondary Mortgage Market underwriting standards; additional rate and fees may apply for loans outside of those guidelines.

Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher.

Fixed-Rate Mortgage Rates for loans over $424,100*

Term / Property Points Interest Rate Annual Percentage Rate Estimated
Monthly Payment
per $1,000
Jumbo 30-Year Fixed
Owner occupied, up to 90% of home value
0 points 3.875% 3.92% $4.70
Jumbo 15-Year Fixed
Owner occupied, up to 90% of home value
0 points 3.125% 3.20% $6.97
Jumbo 10-Year Fixed
Owner occupied, up to 90% of home value
0 points 2.875% 2.98% $9.60

*Rates are effective  and are subject to change at any time. Rates locked in today for 60 days have an expiration date of . Rates apply to loans larger than $424,100 (also known as "jumbo mortgages"). Further restrictions apply for loan amounts over $424,100 such as credit score, Loan to Value, etc.

Rates and Fees disclosed are for loans that meet Secondary Mortgage Market underwriting standards; additional rate and fees may apply for loans outside of those guidelines.

Estimated Monthly Payment per $1000 – Loan principal and interest. If an escrow account for taxes and insurance is required, total monthly payment will be higher.

Mortgage Fees

Item Fee
Mortgage Application Fee $300
Rate Lock Fee $0*

* There is no fee to lock your rate.

Other Approximate Mortgage Costs*

Item Approximate Cost
Closing Costs $1,900-$2,100 (not including points) per $100,000**

* Private Mortgage Insurance is also required if the loan to value is greater than 80%. The "Loan to Value" is the total loan amount divided by the value of your property. The value of the property is the lesser of either the purchase price or appraised value. Secondary Market Delivery Fees may be applicable in addition to the Approximate Closing Costs.

** Depends upon the state you are purchasing your home in. Fees may increase based on credit score, down payment, purpose of loan, subordinate financing and property type. Your actual rate, payment, and costs could be higher. Get an official Loan Estimate before choosing a loan.

"Smooth Operation"

Open quote The smoothest refinancing I have ever done, even though we are on two opposite coasts. Close quote

— Stephen, San Mateo, CA

Easy Ways To Apply Today to Refinance Your Mortgage

  1. Apply or get pre-qualified online – 24 hours a day, 7 days a week.
  2. Apply or get pre-qualified by phone – Call 508.263.6700 or 800.328.8797 (select 3) anytime Monday through Friday 8:00 am to 9:00 pm or Saturday 9:00 am to 3:00 pm, Eastern Time. A representative will guide you through the entire application process..
  3. At any DCU branch – Visit your local branch during normal business hours.

"Great Mortgages
with DCU"

Open quote Fabulous experience working with DCU to refinance my home. Highly recommend DCU to everyone. Close quote

— Janene, Acton, MA

Mortgage Tools and Resources

Related Links

  • How finance charges are computed – This page explains how to calculate the interest on your loan.
  • Mortgage Payoff Form (.pdf) – Please use this form to request a Mortgage Payoff.
  • StreetWise Guide to Credit and Credit Management –Get and keep a good credit rating. Recognize and deal with credit problems.
  • Payment Protection – Ease your loan payments, protect your family, and safeguard your credit rating. Payment Protection offered by DCU helps relieve the financial stress and worry related to making loan payments when your life takes an unexpected turn.
  • Homeowners Insurance through DCU Insurance – DCU Insurance offers insurance with the personal service you deserve. So whether you have Homeowners Insurance or need it, DCU Insurance could be the right choice for you.
  • DCU Realty – DCU Realty is a full-service real estate agency serving home buyers and sellers in Massachusetts and New Hampshire. Our team of certified buyer agents can show you any home on the market with no out of pocket cost to you. Put a licensed DCU Realty professional on your side before you start your home buying process so you can get the best home on the market at the best price.