Mortgage Loans
Alden Credit Union offers mortgage financing options for eligible borrowers, including loans for the purchase, refinance, or construction of residential properties.
Programs, terms, and eligibility requirements vary based on individual qualifications and applicable lending criteria.
For additional information regarding available mortgage options, please contact Alden Credit Union directly or visit one of our office locations.
Phone: 413-536-0475
NMLS #690881
Home Financing Calculators
- Should I refinance?
- Should I rent or buy?
- How much will I save by increasing my mortgage payment?
- How much mortgage might I qualify for?
For current fixed-rate mortgage rates, please call 413-536-0475.
| Loan Type | Initial/Annual/Life Rate Change Caps | Margin/Index | Interest Rate | APR | Payment per $1000 |
|---|---|---|---|---|---|
| 5/5 ARM No Boundary PLUS | 2%/2%/6% | 2.875% | 5.240% | 6.636% | $5.52 |
| 5/1 ARM | 2%/2%/6% | 2.875% | 5.750% | 6.684% | $5.84 |
| 7/1 ARM | 2%/2%/6% | 2.875% | 6.000% | 6.666% | $6.00 |
| 5/1 ARM First Time Homebuyer
****Contact Alden Credit Union for more information on our First Time Homebuyer Program |
2%/2%/6% | 2.875% | 5.750% | 6.684% | $5.84 |
No Boundary Plus 5/5 ARM
| Initial Interest Rate | 5.240% |
|---|---|
| APR | 6.636% |
| Initial Fixed Period | 5 Years (60 Months) |
| Rate Adjustments | Every 5 Years Thereafter |
| Rate Adjustment Caps | 2% Initial / 2% Periodic / 6% Lifetime |
| Margin / Index | 2.875% |
| Payment Per $1,000 | $5.52 |
| During This Period | Assumed Interest Rate | Estimated Monthly Principal & Interest Payment |
|---|---|---|
| Months 1–60 | 5.240% | $551.58 |
| Months 61–120* | 7.240% | $665.38 |
| Months 121–360* | 7.275% | $667.17 |
*Future interest rates and payments are estimates based on the current index plus the margin (fully indexed rate) as of the effective date. Actual future rates and payments may be higher or lower.
Product Disclosures
- The interest rate is fixed for the first five years.
- After the initial fixed-rate period, the interest rate and monthly payment may change every five years based on an index plus a margin, subject to applicable rate caps.
- Interest rate and APR are based on a 30-year term, $100,000 loan amount, 15 days prepaid interest, owner-occupied property, and financing up to 90% of the home's value with no private mortgage insurance required.
- Purchases and refinances are eligible, including cash-out refinances.
- Payments include principal and interest only.
- Taxes, homeowners insurance, flood insurance, private mortgage insurance (if applicable), and escrow amounts are not included.
- Actual monthly payment may be higher.
5/1 ARM
| Initial Interest Rate | 5.750% |
|---|---|
| APR | 6.684% |
| Initial Fixed Period | 5 Years (60 Months) |
| Rate Adjustments | Annually Thereafter |
| Rate Adjustment Caps | 2% Initial / 2% Periodic / 6% Lifetime |
| Margin / Index | 2.875% |
| Payment Per $1,000 | $5.84 |
| During This Period | Assumed Interest Rate | Estimated Monthly Principal & Interest Payment |
|---|---|---|
| Months 1–60 | 5.750% | $583.57 |
| Months 61–360* | 7.000% | $655.63 |
*Future interest rates and payments are estimates based on the current index plus the margin (fully indexed rate) as of the effective date. Actual future rates and payments may be higher or lower.
Product Disclosures
- The interest rate is fixed for the first five years.
- After the initial fixed-rate period, the interest rate and monthly payment may change every five years based on an index plus a margin, subject to applicable rate caps.
- Interest rate and APR are based on a 30-year term, $100,000 loan amount, 15 days prepaid interest, 20% down payment/equity, and owner-occupied 1–4 family property.
- Owner-occupied 1–4 family properties with loan-to-value ratios over 80% require private mortgage insurance.
- No cash-out refinances over 80% loan-to-value are available for this product.
- Payments include principal and interest only.
- Taxes, homeowners insurance, flood insurance, private mortgage insurance (if applicable), and escrow amounts are not included.
- Actual monthly payment may be higher.
7/1 ARM
| Initial Interest Rate | 6.000% |
|---|---|
| APR | 6.666% |
| Initial Fixed Period | 7 Years (84 Months) |
| Rate Adjustments | Annually Thereafter |
| Rate Adjustment Caps | 2% Initial / 2% Periodic / 6% Lifetime |
| Margin / Index | 2.875% |
| Payment Per $1,000 | $6.00 |
| During This Period | Assumed Interest Rate | Estimated Monthly Principal & Interest Payment |
|---|---|---|
| Months 1–84 | 6.000% | $599.55 |
| Months 85–360* | 7.000% | $654.30 |
*Future interest rates and payments are estimates based on the current index plus the margin (fully indexed rate) as of the effective date. Actual future rates and payments may be higher or lower.
Product Disclosures
- The interest rate is fixed for the first seven years.
- After the initial fixed-rate period, the interest rate and monthly payment may change annually based on an index plus a margin, subject to applicable rate caps.
- Interest rate and APR are based on a 30-year term, $100,000 loan amount, 15 days prepaid interest, 20% down payment/equity, and owner-occupied 1–4 family property.
- Owner-occupied 1–4 family properties with loan-to-value ratios over 80% require private mortgage insurance.
- No cash-out refinances over 80% loan-to-value are available for this product.
- Payments include principal and interest only.
- Taxes, homeowners insurance, flood insurance, private mortgage insurance (if applicable), and escrow amounts are not included.
- Actual monthly payment may be higher.
First-Time Homebuyer 5/1 ARM
| Initial Interest Rate | 5.750% |
|---|---|
| APR | 6.684% |
| Initial Fixed Period | 5 Years (60 Months) |
| Rate Adjustments | Annually Thereafter |
| Rate Adjustment Caps | 2% Initial / 2% Periodic / 6% Lifetime |
| Margin / Index | 2.875% |
| Payment Per $1,000 | $5.84 |
| During This Period | Assumed Interest Rate | Estimated Monthly Principal & Interest Payment |
|---|---|---|
| Months 1-60 | 5.750% | $583.57 |
| Months 61–360* | 7.000% | $655.63 |
*Future interest rates and payments are estimates based on the current index plus the margin (fully indexed rate) as of the effective date. Actual future rates and payments may be higher or lower.
Product Disclosures
- The interest rate is fixed for the first five years.
- After the initial fixed-rate period, the interest rate and monthly payment may change annually based on an index plus a margin, subject to applicable rate caps.
- Interest rate and APR are based on a 30-year term, $100,000 loan amount, 15 days prepaid interest, 20% down payment/equity, and owner-occupied 1–4 family property.
- Owner-occupied 1–4 family properties with loan-to-value ratios over 80% require private mortgage insurance.
- No cash-out refinances over 80% loan-to-value are available for this product.
- Payments include principal and interest only.
- Taxes, homeowners insurance, flood insurance, private mortgage insurance (if applicable), and escrow amounts are not included.
- Actual monthly payment may be higher.
Important Mortgage Disclosures
- Rates are subject to change at any time and may increase.
- Rates apply to loans up to $832,750.00.
- APR = Annual Percentage Rate.
- Payment examples do not include real estate taxes, homeowners insurance, flood insurance, private mortgage insurance (if applicable), or escrow amounts. Actual monthly payment may be higher.
- Payment examples are based on a 30-year term, a $100,000 loan amount, applicable down payment/equity, and 15 days prepaid interest for purchase and refinance transactions.
- Owner-occupied 1–4 family properties with loan-to-value ratios over 80% require private mortgage insurance.
- No cash-out refinances over 80% loan-to-value are available on 5/1 and 7/1 ARM products.
- Rate adjustment caps represent the maximum amount the interest rate may change at the first adjustment, each subsequent adjustment, and over the life of the loan.
- Contact Alden Credit Union for additional information or eligibility requirements regarding mortgage products and the First-Time Homebuyer Program.