Mortgages at Leominster Credit Union
First home? Growing family? Downsizing? No matter your reason for buying a new home, we understand what you’re going through. So we’ve designed our mortgage process to work for you with online pre-approval that quickly gives you an idea what your monthly payment may be, flexible terms that meet your needs, and local service that means you deal with us for the life of your mortgage. Add Leominster Credit Union to your list of reasons to buy a home or to refinance an existing mortgage.
LCU offers a variety of terms and pricing options. Choose the right mortgage for your home purchase or refinancing needs.
- Fixed Rate Mortgages
- Adjustable Rate Mortgages
- First-time Homebuyer Mortgages (up to conforming limits)
- JUMBO Mortgages (loan amounts over conforming limits)
- Fresh Start Mortgage Program
- Preapproval Program
Fixed Rate Mortgages
Your rate and payment will remain the same for the term of your mortgage. A fixed rate mortgage is ideal for those who want the assurance that their loan payment will remain consistent throughout the term, or for those who plan to be in the home for a longer duration.
- Various terms
- Reduced closing cost options
- No prepayment penalties
- Down payment options as low as 3%*
- In-house loan servicing (excluding MHFA)
Adjustable Rate Mortgages
Typically an ARM will be fixed for a predetermined period of time (5, 7 or 10 years) and then adjusts at preset intervals (every 1, 3, or 5 years depending on the specific ARM product.) ARMs often have a lower rate than a fixed rate mortgage. For those who plan to be in the home for a shorter period of time, your payment during the initial term may be lower than with a fixed rate option.
- Various terms
- Periodic and lifetime rate caps
- No prepayment penalties
- In-house loan servicing (excluding MHFA)
First-time Homebuyers Program
Buying your first home can be an exciting, but often confusing experience. Let LCU guide you through the process. From pre-approval to servicing your mortgage, we’ll be there every step of the way. With various options, low closing costs, and low down payment options, we’ll help you choose the right mortgage for your new home.
- Fixed rate or ARM program
- Reduced closing cost options
- Low down payments*
Preapproval Program
Before you begin your housing search, try to get a mortgage preapproval. After we review some of your financial information, we will tell you how much you qualify for. Getting preapproved can speed up the sale process and demonstrates to sellers and real estate agents that you are serious about the home buying process. If preapproved, you will receive a preapproval letter, which is good for about 90 days. This letter can be a great tool with which to impress sellers. It shows that you can get the needed financing and that you have the backing of Leominster Credit Union to go through with a deal. Having that kind of support could even give you additional leverage when negotiating the final price of a home.
Apply or Check current rates
JUMBO Loans
Are designed for mortgages with loan amounts over conforming limits, and are available with fixed or adjustable rates options. For more information call 800-649-4646 or 978-466-7227.
Fresh Start Mortgage Program
Attempting to buy or refinance a home? Have you had credit issues in the past? Let LCU help you get back on track. We’ll help you understand your options and develop a plan to get you on the road to homeownership. We offer programs with shorter waiting periods after bankruptcies, foreclosures, deed-in-lieu of foreclosure or short sales. With lower down payment options, you may be able to finance a home sooner than you expected! To apply or for more information call 800-649-4646 or 978-466-7227.
What can we help you with today?
Click Here for NMLS Registry of LCU Mortgage Originators
*Private Mortgage Insurance required for LTV of 80% and above.
**Available through a grant from the Federal Home Loan Bank Equity Builder Program to qualified first-time homebuyers who meet income eligibility criteria. Available until grant funds are depleted. Subject to credit approval.
