Mortgages
Members Plus Credit Union has a full range of mortgage and home loan products available to meet your borrowing needs. Whether you’re a first time homebuyer looking to buy your dream home, refinancing an existing mortgage, or using the equity in your present home, we have a complete line-up of products available to suit your needs. You’ll get personalized, friendly service along with competitive rates, no points, and great terms!
We also offer jumbo mortgages, construction loans and land loans. A jumbo mortgage is a loan that exceeds Fannie Mae conforming loan limits for a primary residence. Please contact the Mortgage Department for more information on these programs by calling 781-905-1500 or via email.
Current Fannie Mae conforming loan limits are as follows, mortgages exceeding the following amounts are considered jumbo loans:
1 Unit $453,100
2 Units $580,150
3 Units $701,250
4 Units $871,450
All mortgages exceeding 80% loan to value require Private Mortgage Insurance (PMI).
MHFA Lending Programs
In addition, we offer, through a third party, Massachusetts Housing Finance Agency’s (MHFA) lending programs. The MHFA offers a variety of financial resources to promote safe and affordable housing for low to moderate-income residents of the Commonwealth of Massachusetts.
Property must be located within a 100-mile radius of MPCU main office.
Mortgages
| Name | Rate | Points | APR** | Cost Per Thousand*** |
|---|---|---|---|---|
| 30 Year Fixed | 4.50% | 0 | 4.515% | $5.07 |
| 15 Year Fixed | 4.00% | 0 | 4.025% | $7.40 |
| 10 Year Fixed | 3.875% | 0 | 3.911% | $10.07 |
| 3/1 Year Adjustable | 3.250% | 0 | 4.413% | $4.35 |
| 3/3 Year Adjustable | 3.625% | 0 | 4.969% | $4.56 |
| 5/1 Adjustable | 3.375% | 0 | 4.265% | $4.42 |