mobile menu
DCU logo

Refinancing Your Home

Learn About DCU Refinancing Options

Apply Now
  • Overview
  • Details
  • Apply

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.

Get a free pre-qualification by phone before you shop

Need guidance on mortgage refinance programs?Schedule an appointment by phone with a Mortgage Consultant

Insure your home – DCU Insurance can help. Get a quote

View current DCU Mortgage rates

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 3.7 of 5 stars
Read reviews
4.1 of 5 stars
Read reviews
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 $453,100, up to 95% of home value
Jumbo – over $453,100, up to 90% of home value

Maximum loan to value dependent on loan scenario, transaction type, and property type.
Conforming – up to $453,100, up to 95% of home value
Jumbo – over $453,100, up to 90% of home value

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

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 by phone at 508.263.6700 (select 3)

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 provide 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 $453,100 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.

Easy Ways To Apply Today to Refinance Your Mortgage

  1. Apply Now
  2. Apply by Phone
    To apply by phone please call 800-328-8797 anytime to speak with a representative.
  3. Visit a DCU Branch
DCU Insurance

220 Donald Lynch Boulevard

Marlborough, MA 01752-9130

800.328.8797, ext. 6978

Email: insurance@dcu.org

DCU Insurance (DCU Financial Insurance Services, LLC) is an affiliate of Digital Federal Credit Union (DCU). Business conducted with DCU Insurance is separate and distinct from any business conducted with the credit union. Remember that any insurance required as a condition of the extension of credit by DCU need not be purchased from DCU Insurance but may, without affecting the approval of the application for credit, be purchased from an agent or insurance company of the member's choice. Insurance products are not deposits of DCU and are not protected by the NCUA. They are not an obligation of or guaranteed by the credit union and may be subject to risk. If you have any concerns or complaints regarding this relationship, you may contact the MA Office of Consumer Affairs, or the insurance department of your state. For information on how to contact them, please contact DCU Insurance.