Mortgage

Member Updates

As the commonwealth of Massachusetts begins to allow businesses to reopen in phases, we are opening our branch locations to accept members into our lobbies.

The lobbies of our branch locations at 1110 Robeson Street, Fall River, 58 South Main Street, Assonet and our main office at 333 Milliken Blvd., Fall River will be open normal business hours Monday through Saturday.

The lobby at our 1208 Dwelly Street, Fall River location will remain closed at this time.

Click Here for important information about lobby access.

MORTGAGE LOANS

Let us help you make the home of your dreams a reality. Whether you are buying a new home or refinancing your current residence, we have a mortgage plan to meet your needs. Mortgage loans are available to members for 1 to 4 family owner occupied homes.

Great Rates
Local Decision Makers
Excellent Service
Members Can Apply Online

Click Here to View Rates

First Time Home Buyer Program

Buying your first home is exciting. FRMCU wants to make it easier.

3% down payment
Fixed Rate Mortgage
Single Family Owner/Occupied
First time homebuyer certificate needed
Low discounted rate on Mortgage Insurance

MassHousing Mortgages

The MassHousing Mortgages offer competitive interest rates with low down payment options. This affordable loan from the state’s affordable housing bank is just right for first time home buyers as well as those looking to move up or refinance. With its flexible underwriting and fixed rate financing, it’s the perfect mortgage loan for low and moderate income households*.

Please contact our Mortgage Department for more details.
* Subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify.

Conventional Fixed Rate Mortgages

Various terms available
Competitive closing costs

Adjustable Rate Mortgages (ARMs)

Our Adjustable Rate Mortgages (ARMs) include an interest rate that remains fixed for a period of time and then adjusts annually based on the weekly average 1 Year Constant Maturity Treasury rate (“index rate”). The adjusted rate may increase or decrease according to the index rate. Interest rate increases normally result in higher monthly payments.

Available ARM products:

10/1 Adjustable Rate Mortgage – Fixed rate for 10 years, adjusting annually for remainder of term
7/1 Adjustable Rate Mortgage – Fixed rate for 7 years, adjusting annually for remainder of term
5/1 Adjustable Rate Mortgage – Fixed rate for 5 years, adjusting annually for remainder of term
3/1 Adjustable Rate Mortgage – Fixed rate for 3 years, adjusting annually for remainder of term

Please see our Mortgage Programs page for additional details.