Mortgages - Charter Oak Federal Credit Union

Mortgages 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 at 860-287-7611 or Sharon Dimarco at 860-908-9199.

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. Special rates are available for jumbo mortgages.

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!

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.

Act now! Apply in person at any conveniently located branch, online
or call 860-446-8085.

Cost Saver and Accelerator Mortgage Application

*Annual Percentage Rate (APR). All rates subject to change daily. **Mortgage rates and maximum loan to values are based on borrower’s credit history. This program is only for refinances of single-family owner occupied detached dwellings and condominiums in FHLMC approved projects located in Connecticut and Rhode Island. Not available for refinancing of existing Accelerator Mortgage loans. Minimum loan amount of $25,000 and a maximum loan amount of $250,000. Maximum LTV 80%. A $350 non-refundable Origination fee is required. An 8-year fixed $100,000 loan with interest rate of 3.75% is repayable in 96 monthly payments of $1,207.33 (principal and interest). A 12-year fixed rate $100,000 loan with an interest rate of 3.875% is repayable in 144 monthly payments of $869.47 (principal and interest). † The borrower is responsible for any fees or costs charged or required by their current lender to have the loan refinanced with COFCU. Additional costs will apply for mortgages titled in the name of a trust. Borrower is responsible for property insurance and pre-paid interest. COFCU requires escrows for taxes and if applicable, flood insurance.

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.
Automatic payment available.
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.

Home Equity Loan

Charter Oak's Home Equity loans provide you the funds to make home improvements, finance a college education, buy a new car, or pay off high interest credit cards. We offer both fixed and variable rate programs with flexible terms and competitive rates. The interest you pay may be tax deductible (consult your tax advisor).

For more information on our home equity programs, please call Member Services at 800-962-3237 or in the local area at 860-446-8085, stop by any Charter Oak branch.

Home Equity Loan Application