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 $548,250
2 Units $702,000
3 Units $848,500
4 Units $1,054,500
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 | 3.000% | 0 | 3.036% | $4.22 |
| 15 Year Fixed | 2.500% | 0 | 2.565% | $6.67 |
| 10 Year Fixed | 2.375% | 0 | 2.470% | $9.37 |
| 3/1 Year Adjustable | 3.375% | 0 | 3.048% | $4.24 |
| 5/1 Adjustable | 3.500% | 0 | 3.151% | $4.30 |