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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    $484,350
2 Units  $620,200
3 Units  $749,650
4 Units  $931,600

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 3.625% 0 3.653% $4.56
15 Year Fixed 3.125% 0 3.1750% $6.97
10 Year Fixed 3.00% 0 3.072% $9.66
3/1 Year Adjustable 3.250% 0 4.788% $4.35
3/3 Year Adjustable 3.625% 0 5.247% $4.56
5/1 Adjustable 3.375% 0 4.576% $4.42
**APR = Annual Percentage Rate.
***APRs are based upon member’s credit score. Rates listed above reflect excellent credit scores. Payments listed above do not reflect life and disability insurance. Rates and APRs effective August 8, 2019 and are subject to change without notice.
** Rates and APRs effective August 8.2019 and are subject to change without notice. Rates, APR, payments and fees are based on 20% down payment and excellent credit history. Your actual interest rate, APR, payment, and fees may be different than what is displayed here and will be based on several factors, including but not limited to: your credit history, property type, and transaction type. *** All mortgages and home equity loans require property insurance.