Methuen Co-operative Bank offers both fixed and adjustable rate mortgage programs to meet your financing or refinancing needs. The mortgage products we offer include options for 1 to 4 family owner occupied property, condominiums, second homes, nonowner occupied property, and construction loans.
Fixed Rate Mortgage
Fixed rate mortgages offer you the peace of mind of knowing that your interest rate and combined payment of principal and interest will not change over the term of the loan. Planning your monthly budget becomes easier with a fixed rate mortgage from Methuen Co-operative Bank.
Adjustable Rate Mortgage (ARM)
Adjustable rate mortgages generally allow you to borrow at initially lower rates of interest than fixed rate mortgages. Interest rates and payments are then subject to adjustment, either up or down, in accordance with the program that you have selected, over the life of the loan. Your interest rate adjustments are protected by rate adjustment caps that limit the amount that your interest rate can change per adjustment period and over the life of the loan. Adjustable rate mortgages are generally best suited to borrowers who plan to stay in their home for only a limited period of time or anticipate future substantial increases in their income or liquid assets.
Know what you can afford before you begin to search for your new home. Our pre-qualifications support your offer to purchase and give sellers confidence knowing your financing is backed by a local and reputable financial institution.
Borrow the funds you need to complete your construction project and arrange your permanent financing all with one application and one closing. After the construction period of your loan has ended, your loan is automatically converted into either the fixed rate or adjustable rate program you have selected for your permanent financing at no extra cost to you.
Methuen Co-operative Bank offers jumbo mortgages. Please contact us for details.
These loans are most frequently used by individuals who must either complete the purchase contract requirements of a new property prior to completing the sale of their existing property or who wish to construct a new home and need to use the equity in their current home prior to the sale of their existing home. Please contact us for details.