Southbridge Credit Union Mortgage Rates

Southbridge Credit Union based in Southbridge, Massachusetts, is offering some of the lowest mortgage rates currently available anywhere in MA. To give you an example right now the national average conforming 30 year mortgage rate is at 3.69 percent but Southbridge is advertising conforming 30 year mortgage rates and refinance rates at 3.50 percent with zero mortgage points.

You probably won't find any credit union or bank mortgage rates lower than this rate with zero points for a 30 year loan.

Wow, that is a really good rate, you can find other lenders offering 30 year mortgage rates today at 3.50 percent but you'll have to pay points up front. Points allow you to get a lower mortgage rate or refinance rate by paying money at closing. One point is equal to one percent of the loan.

Southbridge Credit Union is also offering other fixed conventional mortgage rates including 20 year mortgage rates which are currently at 3.375 percent also with zero points. Like I always say if you can afford the higher mortgage payments each month that come with a shorter term loan you should go for it.

15 year mortgage rates today at Southbridge Credit Union are even lower than 30 year rates and 20 year rates. Current mortgage rates on 15 year conforming loans are advertised at 2.875 percent with zero mortgage points.

Today's mortgage rates on 10 year fixed rate mortgages are advertised at 2.99 percent with zero points. Most people won't be able to afford a 10 year loan but if you can the amount of money you'll save as compared to a 30 year loan is unbelievable.

If you want an even lower rate you can also get mortgage rate quotes from Southbridge Credit Union by contacting them directly.

Southbridge Credit Union has adjustable mortgages available with some of the best rates around. For example, current mortgage rates on 1 year adjustable home loans are advertised at 2.375 percent. 3 year rates are advertised at 2.875 percent.

5 year adjustable rates are advertised at 3.25 percent and 7 year adjustable rates are advertised at 3.50 percent. All the adjustable home loans are amortized over a 30 year period. There are also annual caps of 2 percent and lifetime caps of 6 percent.

As with any credit union you'll have to join to apply for a loan and as with any credit union membership isn't opened to everybody. Membership in the Southbridge Credit Union is available to people, businesses and organizations that are either residing, working or operating within the Massachusetts counties of Worcester, Bristol, Franklin, Hampshire, Norfolk, Hampden and Middlesex, and within a 25-miles radius of our the credit union's main branch in Southbridge.
Author: Lisa Graham
July 1st, 2012