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
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
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.
- Fixed rates available
- Rate locked at time of application
- Variable Rate
- Term 15 years