Athol Credit Union Offers You the Best Rates/Pricing, Lowest Down Payments, Affordable Closing Costs and Fees & the Lowest PMI.

Conventional Mortgages

We offer a variety of Mortgage solutions tailored to meet each member’s needs for purchases and refinancing.

Key features

Fixed & Adjustable Rates
New Home Buyer Program
Online Payments

Apply for a Mortgage

Fixed Rate Mortgages

If you plan on being in your home long-term and want the stability of a consistent monthly payment, a Fixed Rate is a great option.

Product Details

Terms ranging from 10-30 years
Flexible down-payment options
Online payments & account management

Adjustable Rate Mortgages

Adjustable Rate Mortgages (ARMs) can be a great option for first-time homebuyers and for borrowers with plans to only stay in the home for 3-5 years or so. ARMs often come with lower initial rates (than fixed rate options) and offer protections as to how far rates can increase if/when they adjust.

Product Details

Starting Rate is fixed for 5 years
Often have a lower initial rate than a Fixed Rate Mortgage
Rates (may) Adjust every 5 years
Capped rate increases – your rate will never increase more than 2% at each adjustment point (each 5-year mark) or 6% total over the life of the loan
Online payments & account management

ARM Disclosures

Jumbo Loans

The Federal Housing Finance Agency (FHFA) sets conforming loan limits for Fannie Mae and Freddie Mac, the two government-sponsored enterprises that it regulates. ACU follows Fannie Mae Guidelines for all our mortgage lending. If a Mortgage Loan amount exceeds conforming loan limits, it is treated separately as a Jumbo Loan. Loan limits vary by County, increase for multi-unit properties, and are updated yearly – see the table below for 2022 amounts:

	
		conforming loan limits - mass f
		
				County Name
				1 Unit
				2 Unit
				3 Unit
				4 Unit
			

		
				BARNSTABLE COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				BERKSHIRE COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				BRISTOL COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				DUKES COUNTY
				$970,800
				$1,243,050
				$1,502,475
				$1,867,275
			

				ESSEX COUNTY
				$770,500
				$986,400
				$1,192,300
				$1,481,750
			

				FRANKLIN COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				HAMPDEN COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				HAMPSHIRE COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

				MIDDLESEX COUNTY
				$770,500
				$986,400
				$1,192,300
				$1,481,750
			

				NANTUCKET COUNTY
				$970,800
				$1,243,050
				$1,502,475
				$1,867,275
			

				NORFOLK COUNTY
				$770,500
				$986,400
				$1,192,300
				$1,481,750
			

				PLYMOUTH COUNTY
				$770,500
				$986,400
				$1,192,300
				$1,481,750
			

				SUFFOLK COUNTY
				$770,500
				$986,400
				$1,192,300
				$1,481,750
			

				WORCESTER COUNTY
				$647,200
				$828,700
				$1,001,650
				$1,244,850
			

	

Also called non-conforming conventional mortgages, A jumbo loan is a mortgage used to finance properties that are too expensive for a conventional conforming loan. The criteria for getting a jumbo loan may be stricter (tighter qualifying criteria) than the standards for a conforming loan, Similarly, Rates and minimum down payments may also be higher. Jumbo loans are available with either a fixed interest rate or an adjustable rate and up to 30 year terms.

VA, FHA, and USDA Loans

FHA and USDA Government loans may help some borrowers qualify with lower down payment requirements and greater tolerance for not-so-great credit or debt-to-income levels. However, they do also come with some additional fees. VA Loans can be a great solution for qualifying Veterans or Active Duty members.

While we do not directly underwrite or service these loan types, we will gladly look into these options for you, and if they are right for you, we will process your application through our partners, who are national leaders in Government loan origination.

Home Equity Loans & Lines of Credit

Whether you want to finance a home improvement project, consolidate credit card debt, or take that well-deserved vacation.

Key Features

Low closing costs
No annual fees
Competitive rates
Quick processing

Home Equity Lines of Credit (HELOC)

A HELOC allows you to cash in on the equity you have earned in your home’s value. Payments and interest are calculated on the balance of your line that you use, not your total credit line – think credit card, but with an exceptionally low rate of interest. Instead of receiving a lump sum loan, members instead receive a line of credit they can manage online and draw on using specially issued HELOC checks. Interest due is calculated based on the outstanding balance (the money used), not the entire line of credit amount. An excellent solution for debt consolidation, home improvement projects, or unplanned expenses. We have several HELOC products to suit your needs.

Product Details

15-year draw period with interest-only payments required
15-year repayment period at the end of the draw period if you still carry a balance
Deferred and waived closing costs on some HELOC types
Rates adjust monthly over the term of the loan based on the Prime Rate
Online payments & account management

Home Equity Loans (HELOAN)

As an alternative to a HELOC, a HELOAN offers fixed monthly payments with a fixed interest rate over a loan term of up to 20 years. HELOAN has low closing costs, no annual fees, and quick loan processing. Funds are disbursed as soon as your loan closes. An excellent solution for debt consolidation, home improvement projects, or unplanned expenses.

Product Details

Terms up to 20 years.
Rates are fixed for the duration of the HELOAN
Quick loan processing with low closing costs
Online payments & account management

Apply for a Home Equity Loan

Apply for a Construction Loan

Construction-to-Permanent Loans

The process has been streamlined; you get up to 12 months of interest-only payments while the home is being built. Once completed, the loan automatically rolls over to a fixed-rate, 30-year mortgage with principal + interest payments due each month. The interest calculated during the 12-month construction phase is calculated on the funds that have been disbursed, not on the total loan amount.

If you already own the lot, its value can be counted as equity in the deal, meaning you may be able to close with little or no cash due at closing, and if you prefer, the cost of buying the lot can be included in your total loan amount.

One single closing covers both stages. During the Construction phase, we work with you and manage the disbursement of funds to the builders and contractors, and carry out inspections to ensure everything is being done according to plan!

Key features

Flexible terms – choose any term between 10 and 30 years, plus the 12-month construction phase
Competitive rates – there is no add-on to the regular mortgage rate for the construction component
Finance up to 80% of completed value of home
12-month interest-only payments on disbursed amounts while you build.
Worry-free disbursements to builder/contractor with your approval.
Single loan closing for the Construction Loan which automatically rolls over to a 30 Year FR Mortgage at end of Construction period.
Online payments & account management
May be used for building a primary residence or a second home

Land & Building Lot Loans

Have your eye on the perfect piece of property for a new home or camp or just want to enjoy the beauty of the land?

Key features

Finance up to 70% of lot value
Up to 10-year repayment terms
Competitive rates
Online payments & account management

Apply for a Land Loan

Apply for a Loan

Purchase & Rehab Loans

For homebuyers with vision, there is no better option than our Purchase and Rehab Loan.
One single loan closing takes care of both the purchase and the rehab total.