Workers Credit Union

Mortgage and Home Equity Rates

Rates as of  September 1, 2010

Mortgages

Chances are we helped your grandparents buy their home.

For nearly a century, Central Massachusetts residents have trusted Workers’ Credit Union for their home mortgages.  All lending decisions are made locally by people who live and work in your communities, you can make payments at the branches and your loan will be serviced by Workers’ Credit Union.

Workers' Finish Line Refi--the perfect solution to pay off your mortgage before you retire. We offer rates for 7 years and 12 years, with no closing costs and only a $350 non-refundable application fee! Now you can finish that mortgage before you retire. Apply Now!

*All APRs are based on $100,000 loan to purchase a single family primary residence at an 80% LTV and a FICO Score of 740 or greater unless
otherwise noted. Fixed Rate Loan Limits:  1 family $417,000; 2 family $533,850; 3 family $645,300; 4 family $801,950.00.

**Adjustable (ARM) rates for purchase and refinance of 1–2 family owner–occupied properties only. 5/1 ARM available for construction of single family owner–occupied property. Rates on ARMS may increase after closing at applicable adjustment term.  Maximum loan amount of $1,000,000.00 at an 80% LTV. All APRs are based on $100,000 loan to purchase a single family primary residence at an 80% LTV.

***All APRs are based on $480,000.00 loan to purchase a single family primary residence at an 80% LTV and a FICO Score of 740 or greater unless otherwise noted. Jumbo Rate Loan Limits:  1 family $1,000,000.00 at 80% LTV. Lesser Loan Limits apply on LTVs greater than 80%.

**** The Annual Percentage Rates (APR) are fixed, effective as of 7/1/10 and include a 0.50% discount with electronic loan payments from a Workers’ Credit Union checking account. APRs are subject to change at any time. Minimum loan amount $50,000. A 7-year term with an interest rate of 4.49% is repayable in 84 monthly installments of $13.90 per each $1,000 borrowed. A 12-year term with an interest rate of 4.99% is repayable in 144 payments of $9.24 per each $1,000 borrowed. Other terms available. Borrower is responsible for property insurance and any cost or fees required by their current lender to have the loan refinanced with Workers’ Credit Union. Maximum loan amount not to exceed 80% of property value. The program is available only for refinances of single-family owner occupied primary residences. Requires active direct deposit within 60 days of Finish Line Refi closing. Workers’ Credit Union membership required. Open a $25 savings account when you close your loan and you will be a member.

We invite you to visit the site and use the Loan Consultant program to help determine which mortgage is right for you; interactive calculators to see if you can afford the home you want; and get pre–approved before you go house shopping. Click here  for a full listing of our mortgage rates.

At Workers’ Credit Union, your dreams are safe with us – just ask a neighbor.

Home Equity Lines of Credit

Home Equity Loan Rates¹

Click Here to Apply for a Home Equity

*The interest rate will be set on the first day of each month at 1.00% below the Prime Rate published in the Wall Street Journal on the last business day of the previous month. The current rate would be 5.00% with a periodic rate of .01369%. There is a 10 year draw, 10 year repayment. Maximum 80% combined loan to value ratio. Maximum rate 18% and the minimum rate would be 5%. Minimum line amount is $50,000. An annual fee of $30 will be waived if the borrower has the monthly payment paid automatically from a WCU checking account. Offer applies only to new lines on owner–occupied primary residence. Homeowners insurance required. $350 early termination fee will be charged if discharged in the first two years. Offer may be withdrawn without notice. Workers’ Credit Union membership required. Subject to our normal credit requirements.

**An introductory rate of 3.99% APR until December 31, 2010 with a periodic rate of .01093%.  Thereafter, the Annual Percentage Rate (APR) will be set on the first business day of each month at .50% below the Prime Rate published in the Wall Street Journal on the last business day of the previous month (the current APR would be 5.00% – periodic rate = 0.01369%). 10 year draw, 10 year repayment. Maximum 80% combined loan to value ratio. Maximum rate is 18%. Minimum rate is 5%. Minimum Line amount is $10,000. Annual fee of $30.00 will be waived if borrower has monthly payment automatically withdrawn from a Workers’ Credit Union checking account. Offer applies only to new lines only on owner–occupied primary residence. Homeowners insurance required. $350 early termination fee will be charged if discharged in the first two years. Offer may be withdrawn without notice. Workers’ Credit Union membership required. Subject to our normal credit requirements.

***This Plan has an introductory rate of 4.99% ANNUAL PERCENTAGE RATE for thirty six months. This has a periodic rate of .01367%. After thirty six months this plan will have a variable rate. Thereafter, the Annual Percentage Rate (APR) will be set on the first business day of each month at .50% below the Prime Rate published in the Wall Street Journal on the last business day of the previous month (the current APR would be 5.00% – periodic rate = 0.01369%). 10 year draw, 10 year repayment. Maximum 80% combined loan to value ratio. Maximum rate is 18%. Minimum rate is 5%. Minimum Line amount is $10,000. Annual fee of $30.00 will be waived if borrower has monthly payment automatically withdrawn from a Workers’ Credit Union checking account. Offer applies only to new lines only on owner–occupied primary residence. Homeowners insurance required. $350 early termination fee will be charged if discharged in the first two years. Offer may be withdrawn without notice. Workers’ Credit Union membership required. Subject to our normal credit requirements. Refinance of an existing Workers' Credit Union Home Equity Line of Credit. The interest rate will be set on the first day of each month at .50% below the Prime Rate published in the Wall Street Journal on the last business day of the previous month. The current rate would be 5.00% with a periodic rate of .01369%. There is a 10 year draw, 10 year repayment. Maximum 80% combined loan to value ratio. Maximum rate 18% and the minimum rate would be 5%. Minimum line amount is $10,000.00. An annual fee of $30 will be waived if the borrower has the monthly payment paid automatically from a WCU checking account. Offer applies only to lines on owner–occupied primary residence. Homeowners insurance required. $350 early termination fee will be charged if discharged in the first two years. Offer may be withdrawn without notice. Workers’ Credit Union membership required. Subject to our normal credit requirement.

¹rates represent the lowest possible rates currently offered. These rates include ½% discount applicable when a member has electronic loan payments from their Workers' Credit Union checking account. Workers’ Credit Union membership required. Subject to our normal credit requirements.