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Fixed-Rate Mortgages

Interest rate and monthly payment remain the same for life of the loan




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fixed rate mortgages

Fixed-Rate Mortgage Features

  • Same rate and payment for the life of your loan
  • Competitive rates for loans up to and over $417,000
  • Up to 30 year term
  • Loans up to 95% of appraised value
  • No point and no point/no closing cost options
  • DCU service for the life of your loan
  • For home purchase or refinance
  • Borrow for 1 to 4 family primary residences
  • Borrow for second homes or investment properties
  • Can use to finance condominiums and townhouses
  • Construction and construction to first mortgage conversion loans in MA and NH

"Excellent Service"

Open quote DCU listened to our needs and delivered a mortgage that met both our financial and logistical needs. It is good to be with a financial institution that takes care of their members with high service. Close quote

— Susan, Boston, MA

Fixed-Rate Mortgage Features

Because the rate and monthly payment stay the same for the life of the loan, Fixed-Rate Mortgages (especially the 30-Year Fixed) are the most popular type of mortgage. It's also the reason why the starting rate is usually higher than other options. Learn more about when a Fixed-Rate Mortgage is the right choice.

Main Benefits of the Fixed-Rate Mortgage

  • Rate and monthly payment stay the same for the life of your loan
  • Competitive rates for loans up to and over $417,000
  • Up to 30-year term – A longer term helps keep monthly payments more affordable. A shorter term saves you interest and builds equity faster.
  • Loans up to 95% of appraised value – However, if you borrow no more than 80%, you'll avoid the expense of private mortgage insurance (PMI). Please be aware that current market conditions may limit the amount of financing DCU can provide (examples: low property values, property located in a declining value area).
  • No point and no point/no closing cost options – Typically chosen for refinances. Paying points reduces your starting rate. We can help you decide what's best for your situation. Note that no point/no closing cost is not available on loans over $417,000.
  • DCU service for the life of your mortgage – We'll handle all your payments, escrow, and questions. You'll have access to your mortgage account through Online Banking, Easy Touch Telephone Teller, DCU ATMs, and our branches for getting information and making electronic payments. Most important, you'll never have to worry about late or missing payments if your mortgage is sold.
  • For home purchase or refinance
  • Borrow for 1 to 4 family primary residences
  • Borrow for second homes or investment properties
  • Can use to finance condominiums and townhouses
  • Construction and construction to first mortgage conversion loans in MA and NH

When is a Fixed-Rate Mortgage the right choice?

Consider your answers to these questions when considering your options...

  • Is a stable payment more important to you than the lowest rate? – Adjustable Rate Mortgages (ARMs) have lower starting rates. But if the possibility that your rate and payment could go up (or down) once every five years or less makes you nervous, stay with a Fixed-Rate Mortgage.
  • How long do you intend to live in the home? – On average, people move or refinance their mortgages every 5 to 7 years. If you expect to remain in your home longer, a 5/5 Mortgage (that can change once every five years) or a Fixed-Rate Mortgage could make more sense because your rate and payment will change less frequently or not at all. If you expect to move or refinance sooner, an Adjustable Rate Mortgage like a 5/1 may be more economical choice. You'll have a lower starting rate fixed for the first few years.
  • How high are mortgage rates in general and where might they be moving? – Predicting where mortgage rates will move is impossible to do with any certainty. Market rates are generally determined based on the inflation expectations of bond-market investors, foreign demand for US Treasury securities, and the impact of Federal Reserve monetary policy. However, we can tell you if current rates are relatively high or low based on recent history. Generally anything under 5% is low. If you'll be in a house longer than 7 years, you might prefer 5/5 Mortgage or a Fixed-Rate Mortgage. On the other hand, if rates are 9% or above, an Adjustable Rate Mortgage with a shorter fixed period may be better. Rates that high generally don't stay high for long. Your rate will adjust downward when rates fall without the cost of refinancing.

Fixed-Rate Mortgage Rates for loans up to $417,000*

Term / Property Points Interest Rate Annual Percentage Rate Estimated
Monthly Payment
per $1,000
30-Year Fixed
Owner occupied, up to 95% of home value
2 points 4.000% 4.25% $4.77
1 points 4.125% 4.29% $4.85
0 points 4.250% 4.33% $4.92
NPNC 4.875% 4.91% $5.29
20-Year Fixed
Owner occupied, up to 95% of home value
2 points 3.750% 4.09% $5.93
1 points 3.875% 4.10% $5.99
0 points 4.000% 4.11% $6.06
NPNC 4.625% 4.67% $6.39
15-Year Fixed
Owner occupied, up to 95% of home value
2 points 3.125% 3.55% $6.97
1 points 3.250% 3.53% $7.03
0 points 3.375% 3.51% $7.09
NPNC 4.000% 4.05% $7.40
10-Year Fixed
Owner occupied, up to 95% of home value
2 points 2.625% 3.23% $9.48
1 points 2.875% 3.27% $9.60
0 points 3.000% 3.18% $9.66
NPNC 3.500% 3.56% $9.89

*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 $417,000 (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 – Taxes and insurance premiums, if applicable, are not included and the actual payment obligation will be greater.

NPNC = No Points, No Closing Costs program. The minimum loan for NPNC is $100,000.

Fixed-Rate Mortgage Rates for loans over $417,000*

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
2 points 4.000% 4.22% $4.77
1 points 4.125% 4.26% $4.85
0 points 4.250% 4.30% $4.92
Jumbo 15-Year Fixed
Owner occupied, up to 90% of home value
2 points 3.125% 3.49% $6.97
1 points 3.250% 3.47% $7.03
0 points 3.375% 3.45% $7.09
Jumbo 10-Year Fixed
Owner occupied, up to 90% of home value
2 points 2.625% 3.15% $9.48
1 points 2.875% 3.19% $9.60
0 points 3.000% 3.10% $9.66

*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 $417,000 (also known as "jumbo mortgages"). Further restrictions apply for loan amounts over $417,000 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 – Taxes and insurance premiums, if applicable, are not included and the actual payment obligation will be greater.

Mortgage Fees

Item Fee
Mortgage Application Fee $300
Interest Rate Lock at initial opportunity $105*

* The rate lock fee will be refunded to you at the time of closing.

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. 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.

"Low Closing Costs"

Open quote The mortgages from DCU are always right - great rates, low closing costs, and easy automatic payments, coupled with a quick and pain free closing. Close quote

— JLDK, Carlisle, MA

How to Apply for a DCU Fixed-Rate Mortgage

  1. Apply or get preapproved online – 24 hours a day, 7 days a week.
  2. Apply or get preapproved 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.

"10-Year Fixed Rate"

Open quote The fixed rate works for me in this economy. I know what my payment each month will be. Also the auto payment every month makes it very easy for me, no missed or late payments. Close quote

— Scrappy, Snowflake, AZ

Mortgage Tools and Resources

Related Links

  • How finance charges are computed – This page explains how to calculate the interest on your loan.
  • 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.

 

Digital Federal Credit Union

220 Donald Lynch Boulevard

PO Box 9130

Marlborough, MA 01752-9130

508.263.6700  |  800.328.8797

ABA Routing Number: 211391825

    

Federally Insured by NCUA

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