New Home Mortgage
Home Mortgages Designed for Your Future
For more than 85 years, Charter Oak Federal Credit Union has been a trusted partner in helping members achieve the dream of homeownership. Whether you’re buying your first home, or investing in property, our mortgage solutions are built to give you confidence, stability, and financial peace of mind.
Mortgage Options to Fit Your Life
Whether you're looking for that long-term, traditional Fixed-Rate mortgage, an Adjustable-Rate mortgage for flexible rates with flexible term options or an Investment Property mortgage to expand your portfolio with financing options designed for rental homes, vacation properties, and real estate investments We work hard to offer highly competitive mortgage rates along with personalized guidance from local lending experts who truly understand the communities we serve.
Our team is committed to helping you find the right loan with terms that fit your goals. At Charter Oak, homeownership is more than a loan—it’s a partnership built on trust, experience, and member-focused support. Let us help you take the next step toward your new home.
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Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) has a lower interest rate at the beginning of the mortgage, which changes over time based on an index. There are many types of adjustable rate mortgages and the terms of the payment change are based on the specifics of the adjustable rate mortgage product you select.
- 1/1, 3/1, 5/1, 7/1, and 10/1 ARM terms available.
- 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.
- Qualifying properties include 1-4 family owner-occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
- $100 credit towards closing costs for Gold Rewards members for a New mortgage.
Featured ARM Rates
| Accelerator Mortgage | Interest Rate | APR* | Points | Cost Per $1000 |
|---|---|---|---|---|
| 8 Year | 5.250% | 5.328% | 0 | 12.78 |
| 12 Year | 5.500% | 5.554% | 0 | 9.50 |
| Cost Saver Mortgage | Interest Rate | APR* | Points | Cost Per $1000 |
| 15 Year | 6.250% | 6.296% | 0 | 8.57 |
| 30 Year | 7.750% | 7.780% | 0 | 7.16 |
| Home Equity Loans | Interest Rate | APR* | Points | Cost Per $1000 |
| 5 Year | 5.875% | 5.877% | 0 | 19.27 |
| 10 Year | 6.125% | 6.126% | 0 | 11.16 |
| 15 Year | 6.250% | 6.251% | 0 | 8.57 |
| Line of Credit (HELOC) | 6.250% | 6.250% | 0 | |
| Fixed Rate Mortgage | Interest Rate | APR* | Points | Cost Per $1000 |
| 10 Year | 5.500% | 5.663% | 0 | 10.85 |
| 15 Year | 5.500% | 5.615% | 0 | 8.17 |
| 20 Year | 6.125% | 6.218% | 0 | 7.24 |
| 30 Year | 6.500% | 6.572% | 0 | 6.32 |
| Adjustable Rate Mortgages | Interest Rate | APR* | Points | Cost Per $1000 |
| 1/1 ARM | 5.250% | 6.456% | 0 | 5.52 |
| 3/1 ARM | 5.375% | 6.285% | 0 | 5.60 |
| 5/1 ARM | 5.500% | 6.178% | 0 | 5.68 |
| 7/1 ARM | 5.750% | 6.186% | 0 | 5.84 |
| 10/1 ARM | 6.000% | 6.241% | 0 | 6.00 |
| Non-Owner Occupied | Interest Rate | APR* | Points | Cost Per $1000 |
| 10 Year Fixed | 6.750% | 6.917% | 0 | 11.48 |
| 15 Year Fixed | 7.000% | 7.120% | 0 | 8.99 |
| 15 Year Fixed Balloon | 7.250% | 7.334% | 0 | 7.23 |
Fixed Rate Mortgage
If you expect to stay in your home for a significant length of time, and 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 we offer convenient terms.
- Qualifying properties include 1-4 family owner-occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island
- Rate lock-in available
- Maximum loan amounts vary for single, two, three, and four-family dwellings
- $100 credit towards closing costs for Gold Rewards members for a New mortgage
- Special rates are available for Jumbo Mortgages
Investment Mortgage
Charter Oak offers loans for those interested in buying or refinancing investment properties, including one- to four-unit residential dwellings located in the states of Connecticut and Rhode Island.
- Fixed rate mortgages
- 10 year, 15 year or 15 year Balloon with a 25 year amortization
- Rate lock-in available
- $100 credit towards closing costs for Gold Rewards members.
*APR = Annual Percentage Rate which is based on a $200,000 loan amount
All rates listed are subject to change without notice
Homeowners Insurance is required
A non-refundable origination fee of $475 is required
Charter Oak requires escrow for taxes and if applicable, flood insurance
Rates Effective April 11th, 2026
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Frequently Asked Questions
Have questions?
Our team of mortgage specialists are here to help you every step of the way.
Local: 860.446.3047 | Toll Free: 800.962.3237 ext 3047