Mortgage & Equity Loans - Charter Oak Federal Credit Union

Mortgage and Home Equity Loans
to fit your needs - from
a lender you can trust.

Buying a home is a big decision. So you want to make sure you get the right mortgage for your particular situation. Charter Oak is here to help.

We offer financing for residential, seasonal and investment properties, with an array of products, terms and rates to meet your needs.
You can enjoy the convenience of automatic payments and the security of rate lock-in.
Our mortgage professionals are on hand to provide friendly, personal service every step of the way.

For more information or to apply for one of our Mortgage Programs, contact either of the following by email or phone: Ann Gauthier NMLS #807624 at 860-287-7611 or Sharon Dimarco NMLS #807736 at 860-908-9199.

For a complete listing of our mortgage loan originators, click here.

Fixed Rate Mortgage

If you expect to stay in your home for a significant length of time, or if you want the security of a predictable payment, our Fixed Rate Mortgage program is the perfect solution. The rate is fixed for the life of the loan, and terms offered are up to 30 years.

$25 Rebate for new loans with automatic payment from a Charter Oak account.
$100 credit towards closing costs for Gold Rewards members.
Special rates are available for jumbo mortgages.

For more information or to apply, please call 860-446-8085, ext. 201 (local)
or 800-962-3237, ext. 201 (long distance), or APPLY NOW.

Cost Saver Mortgage

Thinking of refinancing a mortgage from another lender? Our Cost Saver Mortgage program makes the process quick and easy. This program is limited to refinances only and the maximum loan amount is $250,000.

Single family owner occupied detached dwellings and condominiums in FHLMC approved projects located in Connecticut or Rhode Island.

No closing costs*
No flood certification fee!
No document preparation fees!
No credit report fee!
No recording fees!
No title insurance fee!
$25 Rebate for new loans with automatic payment from a Charter Oak account.

Accelerator Mortgage

The Accelerator Mortgage offers the same great advantages as the Cost Saver Mortgage listed above, with shorter terms for those who want to pay their mortgage off quickly. This mortgage is especially attractive for someone planning for retirement.

For more information or to apply, please call 860-446-8085, ext. 201 (local)
or 800-962-3237, ext. 201 (long distance), or APPLY NOW.

*A non-refundable Origination fee of $400 is required. This program is for refinances of single-family owner occupied detached dwellings and condominiums in FHLMC approved projects located in Connecticut and Rhode Island only. Minimum loan amount $25,000 and a maximum of $250,000. The borrower is responsible for any fees or costs charged or required by their current lender to have the loan refinanced with Charter Oak. Additional costs will apply for mortgages titled in the name of a trust. Borrower is responsible for property insurance and pre-paid interest. Charter Oak requires escrows for taxes and if applicable, flood insurance. To earn the lowest rate you must have an excellent credit history and the maximum loan to value cannot exceed 80% of the property value.

Biweekly Payment Options Available!

Pay off your mortgage sooner with our biweekly mortgage payment options! The biweekly mortgage payment is equal to half of your normal monthly payment, but paid every two weeks. Because payments are applied to principal more often, the loan is paid off sooner and results in thousands of dollars in interest saved over the course of the loan.

Biweekly mortgage payments help you build your equity faster and pay off your mortgage sooner while also enjoying these other great benefits:

Low fixed rates!
15 and 30 year terms.
Convenient automatic transfer of payments from your Charter Oak Checking Account.
Available for Fixed Rate and Cost Saver Mortgage products.

Adjustable Rate Mortgage

Our Adjustable Rate Mortgages (ARM) are a great way to save money. ARMs have a lower start rate compared to fixed rate loans. In addition, each ARM originated by Charter Oak offers the home buyer built in protection against possible future rate increases. Please review the features below to see if an ARM is right for you.

Maximum loan amounts vary for single, two, three and four family dwellings.
Rate lock-in available.
Rate cap 2% - annually and 6% - over the life of the loan. This means the rate can only increase 2% per year and a total of 6% over the life of the loan.
$25 Rebate for new loans with automatic payment from a Charter Oak account.
$100 credit towards closing costs for Gold Rewards members.
Qualifying properties include 1 - 4 family owner and non-owner occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
Special rates for Jumbo Mortgages.

For more information or to apply, please call 860-446-8085, ext. 201 (local)
or 800-962-3237, ext. 201 (long distance), or APPLY NOW.

Government Loan Options

USDA Rural Development and FHA (Federal Housing Administration) government insured loans allow qualified members to achieve their dream of home ownership. These loans offer borrowers a chance to obtain a home loan with easier qualification and financing options than other conventional loans.

Benefits of a USDA loan include:

No down payment required, 100% financing available.
Closing costs can be financed up to the appraised value.
30-year fixed interest rates.
$25 Rebate for new loans with automatic payment from a Charter Oak account.
$100 credit towards closing costs for Gold Rewards members.
To learn more, visit http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do.

Benefits of a FHA loan include:

Low down payment required.
Can finance up to 96.5% on purchases and 97.75% on refinances.
15 and 30-year fixed interest rates.
$25 Rebate for new loans with automatic payment from a Charter Oak account.
$100 credit towards closing costs for Gold Rewards members.

To learn more about these valuable mortgage programs, call a mortgage specialist at 860-446-8085, ext. 201 (local) or 800-962-3237, ext. 201 (long distance).

Fixed Rate Home Equity Loan

For home improvement, debt consolidation, education, or a new car. Whatever your personal dream is, a fixed rate home equity loan is the smart way to borrow. We offer loans from $5,000 to $250,000 with absolutely no fees or closing costs. With approved credit, you may even borrow up to 80% of the appraised value of your home (minus your first mortgage balance, if any). And, in most cases, the interest is tax deductible (consult your tax adviser).

Low fixed rates!
Convenient terms from 5 to 15 years!
No application fees, appraisal fees, annual fees or closing costs!
$25 Rebate for new loans with automatic payment from a Charter Oak account.
We can help you get a fast, affordable home equity loan!

For more information or to apply, please call 860-446-8085, ext. 201 (local)
or 800-962-3237, ext. 201 (long distance), or APPLY NOW.

Home Equity Line of Credit

For the ultimate in convenience, nothing beats a Charter Oak Home Equity Line. With approved credit, you may even borrow up to 80% of the appraised value of your home (minus your first mortgage balance, if any). Minimum line amount is $5,000 with a maximum of $250,000. You can access your credit line by just writing a check. You may use the money you borrow for any purpose - home improvement, debt consolidation, education, a new car, your dream vacation, etc. - and, in most cases, the interest is tax deductible (consult your tax adviser). And, of course, we charge no fees for a flexible Charter Oak Home Equity Line of Credit!