Mortgage Loans - Merrimack Valley CU
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Home / Borrow / Mortgage Loans
mortgage, own, mortgage rates, mortgage calculator, first time homebuyer, refinance home, FHA, VA mortgage

I didn't think I could own my own house... I just needed some help.

Apply Now        Download the "My Mortgage App"

mortgage, own, mortgage rates, mortgage calculator, first time homebuyer, refinance home, FHA, VA mortgage

I didn't think I could own my own house... I just needed some help.

Download the "My Mortgage App"

Mortgages

Check Your Rate & Mortgage Payment

Enter your home purchase info...
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The estimated payment includes payment of principal and interest but does not include property taxes, insurance, utilities or condo fees, if applicable.

My Mortgage app, apply for a mortgage, upload documents, loan officer

Applying for a mortgage doesn't have to be hard

The MVCU My Mortgage App makes it fast & easy!

  • Connect directly with a loan officer! They’ll guide you through the mortgage process.
  • Upload your documents right in the app: no more scanning or faxing!
  • Stay in the know! Follow your loan status from start to finish.
  • E-sign disclosures quickly & easily

Download the app    Download the app

Meet our Mortgage Team

Linda BrackettLinda Brackett
800-356-0067 ext. 32424
NMLS# 767583

Linda Brackett QR Code

Delia GautreauxDelia Gautreaux
800-356-0067 ext. 22642
NMLS# 1608322

Delia Gautreaux QR Code

John PriviteraJohn Privitera
800-356-0067 ext. 22614
NMLS# 113096

John Privitera QR Code

Rebecca ScaglioneRebecca Scaglione
800-356-0067 ext. 22643
NMLS# 406357

Rebecca Scaglione QR Code

Scan the QR code to start speaking with a Mortgage Loan Originator today!

A mortgage for every need

We offer fixed rate or adjustable rate mortgages with or without points.  Plus $1,000 off the closing costs for new purchase mortgage at closing. Refi, FHA and VA loans excluded. 

First Time Homebuyer

HomeReady Mortgage is designed for creditworthy, low-to-moderate income borrowers, with expanded eligibility for financing homes in designated low-income, minority, and disaster-impacted communities.  

  • Down payment as low as 3%. Ideal for home buyers who can't afford a large down payment. 
  • Flexible sources of funds. Extended households may help you qualify. Co-borrowers are not required to live in the home, so relatives and other individuals may assist you with your home purchase.
  • Homeownership education to help you succeed. Convenient online education prepares you to buy a home and own a home for the long run.

Apply Now

Refinance

  • Lower your interest rate or shorten your loan term by refinancing
  • Switch from a Fixed Rate to an Adjustable Rate… or vice versa!
  • Rely on our experts for guidance: We’ll make the process as seamless as possible!

Apply Now

FHA Mortgage

  • Finance a home with a down payment as low as 3.50%
  • Flexible sources for down payment: You can use money from personal savings, a gift from a family member, or an approved government down payment assistance program
  • Closing Cost credits may be available

Contact A Mortgage Consultant

VA Mortgage

  • Down payment is not required: You can finance up to 100% of the purchase price
  • Private Mortgage Insurance (PMI) is not required
  • Enjoy lower closing costs
  • Must be an active service member or veteran who meets the minimum service requirements

Contact A Mortgage Consultant

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Protect your biggest investment

  • Insurance for Renters, Condos, Homeowners: There’s a solution for you!
  • Enjoy discounts just for being an MVCU member
  • Work with a local Liberty Mutual Agent so you get the answers YOU need
  • Get a quote in minutes
  • Access customer support 24/7

Learn More

Mortgage FAQs

What is PMI?

PMI stands for Private Mortgage Insurance. It is typically added to a conventional mortgage if the borrower doesn’t make a down payment of at least 20%. You can usually request to have it removed when you’ve reached 20% equity, or it is automatically removed when you reach 22% equity. This insurance protects the lender (MVCU) in the case of a lower down payment.

How long does the mortgage process take?

Typically, it takes from 30 to 45 days for purchase and refinance loans. Most purchase closing dates are determined by the Purchase and Sales Agreement.

In that time period, we do a lot of work! We make sure the house appraises in a range similar to what you’re borrowing, check that it’s in decent shape, and review that this is a loan that you can manage payments on. To keep the process moving along, provide any requested documents quickly!

Should I get pre-approved before I start looking?

YES! A pre-approval or pre-qualification will help you understand how much house you can afford BEFORE you start looking for your new home. When you do a pre-qualification, we review your finances and income so you know how much you can afford to pay every month on your mortgage. With that information in hand, you can start looking at homes within that price range. Don’t get your heart broken by falling in love with a home you can’t afford! Get pre-qualified first!

Fixed Rate vs. Adjustable Rate: What’s the difference?

A Fixed Rate Mortgage has the same rate for the life of the mortgage. If you take out a 30-year fixed-rate mortgage at 3.50%, your interest rate will remain the same from your first payment until the last.

An Adjustable Rate Mortgage (ARM) has a fixed rate for a period of time – it may be 1, 3, 5, or 7 years. Once that time period passes, the interest rate may go up or down, depending on the market.

Most ARMs start at a lower interest rate than a Fixed Rate.

Mortgage Basics

Home Buying Tips

  1. Get Pre-Qualified before you even start looking! Avoid the heartache that comes when your finances don’t match your dreams.
  2. Get a Real Estate Agent! As a buyer, you DO NOT pay the agent! They work on your behalf to arrange showings, write your offer, and act on your behalf throughout the process. They are an invaluable partner throughout the process.
  3. Don’t let the closing costs surprise you! You need to save for the down payment AND the closing costs. Closing costs can make up about 3-6% of the price of the home, so the check you present on Closing Day can be pretty big.
  4. Don’t skip the home inspection! It is a nonrefundable cost, but it’s so important. The home inspection will reveal things that you may not be able to see: wiring that needs to be fixed, mold (!), plumbing issues, appliances that need to be replaced, and so much more. These become an opportunity to go back to the seller: you can ask for closing cost credits, have them repair the issues, or you can decide to walk away completely if it’s more than you want to handle.

Understanding your options

First time home buyer options:

  • HomeReady: Designed for creditworthy, low-to-moderate income borrowers, who need a lower down payment. With HomeReady, you can put as little as 3% down. Homeownership education is required to prepare you to buy and own your home for the long run.
  • FHA: Designed for first time home buyers who may not have perfect credit. You can put as little as 3.5% down, and that money can come from savings, a gift from a family member, or an approved government assistance program. PLUS, closing cost credits may be available.
  • VA: Designed for active service members and veterans who meet the minimum service requirements. This type of mortgage does not require a down payment and allows borrowers to bypass Private Mortgage Insurance.

Mortgage options:

  • Fixed Rate. Know what your payments will be from monthto-month for the duration of your mortgage.
  • Adjustable Rate (ARM). Take advantage of a lower rate now. Your rate may go up or down in the future based on the market.

Application Process

  1. Download the MVCU My Mortgage App on your iPhone or Android phone.  
  2. Set up your account and fill in the required information and upload the required documentation to get your pre-qualification
  3. Be responsive to your Mortgage Consultant! They will ask you for additional documentation. When you respond promptly, your mortgage can keep moving forward.
  4. Purchase homeowner’s insurance. We’ll require proof of insurance before you get final approval. Need help choosing? Chat with our Liberty Mutual partners!
  5. Practice patience. This is the hardest part! We’re working hard behind the scenes on the appraisal, title search, and all of the other due diligence required on such an important purchase.
  6. Avoid taking on new debt. Now is not the right time to take out new credit cards or buy a new car! Keep your finances completely status quo until that house is yours.
  7. Close on your new house! Sign a giant stack of papers and present your down payment and closing costs, and accept the key to your new home. Congratulations!

How to Make a Payment

Online Banking Makes Payments easy!

  • Use the Transfers Widget on Online banking or in the app
  • Make regular payments, extra payments, or principal only payments
  • Put your payments on Auto Pilot! Just change the frequency from “one time” to “monthly” and your payment will be made automatically!

Set up your Transfers today!

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