Mortgage and Home Equity Loans to fit your needs from an experienced lender that you can trust. Whether you are looking to buy, refinance or renovate, understanding your options is a whole lot easier when you’re working with a team of experienced mortgage professionals. Contact us today, and find out why we’ve been the #1 mortgage lender⁺ in eastern Connecticut for 7 years in a row!

Charter Oak offers a Variety of loan options to choose from Including:

• Fixed Rate Mortgages
• Jumbo Mortgages Available in Fixed or Adjustable Rate Terms
• Cost Saver and Accelerator Mortgages
• Biweekly Mortgages
• Adjustable Rate Mortgages
• Seasonal and Investment Mortgages
• VA, USDA, FHA and CHFA Mortgages
• 1st Time Homebuyer Programs
• Down Payment Assistance Programs
• Combination Loans
• Fixed Rate Home Equity Loans and Home Equity Lines of Credit

Free Pre-approvals

Charter Oak offers free pre-approvals online, so you can shop for your home with confidence. Having the advantage of knowing your purchasing power gives you an advantage with the real estate professionals and sellers alike. Get Preapproved.

Would you like to have personal assistance?

Our team of mortgage specialists are here to help you every step of the way. You can call 860.446.8085 or email mortgages@cofcu.com to answer any questions or to ask for advice. Meet our team of experienced mortgage professionals.

Ready to Apply! Applying online is as easy as 1-2-3. 

GET PRE-APPROVEDApply NowMortgage RatesMortgage Calculators

Fixed Rate Mortgage

If you expect to stay in your home for a significant length of time, and you want the security of a predictable payment, our Fixed Rate Mortgage program is the perfect solution. The rate is fixed for the life of the loan, and terms offered are up to 30 years.

• Maximum loan amounts vary for single, two, three and four family dwellings.
• Rate lock-in available.
• $25 Rebate for new loans with automatic payment from a Charter Oak account.
• $100 credit towards closing costs for Gold Rewards members.
• Qualifying properties include 1 - 4 family owner and non-owner occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
• Special rates are available for Jumbo Mortgages. Click here for Jumbo Rates.

For more information or to apply, please call 860.446.8085 or 800.962.3237 or APPLY NOW.

Cost Saver Mortgage

Thinking of refinancing a mortgage from another lender? Our Cost Saver Mortgage program makes the process quick and easy.

• No flood certification fee!
• No document preparation fees!
• No credit report fee!
• No recording fees!
• No appraisal fees!*
• No title insurance fee!*
• $25 Rebate for new loans with automatic payment from a Charter Oak account.

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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Accelerator Mortgage

The Accelerator Mortgage offers the same great advantages as the Cost Saver Mortgage listed above, with shorter terms for those who want to pay their mortgage off quickly. This mortgage is especially attractive for someone planning for retirement.

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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Cost Saver and Accelerator Disclosure: *A non-refundable application fee of $455 is required. Eligible properties include refinances of 1-4 family owner occupied detached dwellings and condominiums in FHLMC approved projects located in Connecticut and Rhode Island only. Not available for refinancing of existing Accelerator Mortgage loans. Minimum loan amount of $25,000 and a maximum loan amount of $3,000,000. Maximum loan to value cannot exceed 80% of the property value. Borrower is responsible for an appraisal fee for a loan greater than $250,000 and for title insurance fees if the loan amount is greater than $500,000. COFCU requires escrows for taxes and if applicable, flood insurance. Borrower is responsible for homeowners insurance and pre-paid interest.

Biweekly Payment Options Available!

Pay off your mortgage sooner with our biweekly mortgage payment options! The biweekly mortgage payment is equal to half of your normal monthly payment, but paid every two weeks. Because payments are applied to principal more often, the loan is paid off sooner and results in thousands of dollars in interest saved over the course of the loan.

Biweekly mortgage payments help you build your equity faster and pay off your mortgage sooner while also enjoying these other great benefits:

• Low fixed rates!
• 15 and 30 year terms.
• Convenient automatic transfer of payments from your Charter Oak Checking Account.
• Available for Fixed Rate and Cost Saver Mortgage products.

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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Adjustable Rate Mortgage

Adjustable Rate Mortgage (ARM) has a lower interest rate at the beginning of the mortgage, which changes over time based on an index. There are many types of adjustable rate mortgages and the terms of the payment change are based on the specifics of the adjustable rate mortgage product you select. For example, the interest rate on a 7/1 ARM is set for the first seven years and is then adjusted annually thereafter. Charter Oak offers many different ARM options to choose from. Please review the features below to see if an ARM is right for you.  

• 1/1, 3/1, 5/1, 7/1 and 10/1 ARM terms available.
• Rate lock-in available.
• Rate cap 2% - annually and 6% - over the life of the loan. This means the rate can only increase 2% per year and a total of 6% over the life of the loan.
• Qualifying properties include 1-4 family owner and non-owner occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
• Special rates for Jumbo ARMs. Click here to check rates.
• $25 Rebate for new loans with automatic payment from a Charter Oak account. 
• $100 credit towards closing costs for Gold Rewards members.

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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Seasonal and Investment Mortgages

Charter Oak offers loans for those interested in buying or refinancing second homes and investment properties, including one- to four-unit residential dwellings and vacation properties located in the states of Connecticut and Rhode Island.

• Fixed rate and adjustable rate mortgages
• 10 and 15 year terms available
• Balloon payment option with lower monthly payments
• Rate lock-in available
• $25 Rebate for new loans with automatic payments from your Charter Oak checking account
• $100 credit towards closing costs for Gold Rewards members.

To learn more or apply for one of these valuable mortgage programs, call a mortgage specialist at 860.446.8085 or 800.962.3237.

Government Loan Options

USDA Rural Development and Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) mortgages are insured by departments within the U.S. government and allow qualified members to achieve their dream of home ownership. These loans offer borrowers a chance to obtain a home loan with easier qualification guidelines and financing options such as low and no down payment options.

Benefits of a USDA loan include:

• No down payment required, 100% financing available.
• Closing costs can be financed up to the appraised value.
• 30-year fixed interest rates.
• $25 Rebate for new loans with automatic payment from a Charter Oak account.
• $100 credit towards closing costs for Gold Rewards members.

Benefits of a FHA loan include:

• Low down payment required.
• Can finance up to 96.5% on purchases and 97.75% on refinances.
• Can use gift or unsecured loans for down payment and closing costs.
• 15 and 30-year fixed interest rates.
• $25 Rebate for new loans with automatic payment from a Charter Oak account.
• $100 credit towards closing costs for Gold Rewards members.

Benefits of a VA loan include:

• Available to active military members, veterans and qualified surviving spouses.
• Low and no down payment options.
• Closing costs can come from a gift.
• No monthly mortgage insurance.
• 15 and 30-year fixed interest rates.
• $25 Rebate for new loans with automatic payment from a Charter Oak account.
• $100 credit towards closing costs for Gold Rewards members.

CHFA Mortgages

CHFA Mortgages are unique to Connecticut and made available through the Connecticut Housing Finance Authority (CHFA). Borrowers benefit from low interest rates, an easy lending process and low and no down payment options for qualified borrowers. Eligible borrowers must fit CHFA’s criteria in order to participate in the program, including loan and income limits.

Benefits of a CHFA loan include:

• Available to eligible first time homebuyers and individuals interested in purchasing a home in areas targeted for revitalization.
• Low and no down payment options.
• Down payment Assistance Program (DAP) available for qualified applicants.
• Military, police and teacher programs.
• $100 credit towards closing costs for Gold Rewards members.

To learn more or apply for one of these valuable mortgage programs, call a mortgage specialist at 860.446.8085 or 800.962.3237.

Combination Loans

A combination loan pairs a Fixed Rate or Adjustable Rate mortgage with a home equity for up to 90% of the property’s value. Combination loans may help you avoid private mortgage insurance (PMI) or the higher rates of a jumbo first mortgage. Combination loans are made up of 3 parts:

• First mortgage
• Second mortgage (fixed rate home equity or a home equity line of credit)
• Down payment

These 3 parts can be combined in different ways. For example, an 80% first mortgage, 10% home equity second mortgage and 10% down payment.

To learn more or apply for one of these valuable mortgage programs, call a mortgage specialist at 860.446.8085 or 800.962.3237.

Fixed Rate Home Equity Loan

For home improvement, debt consolidation, education, or a new car. Whatever your personal dream is, a fixed rate home equity loan is the smart way to borrow. We offer loans from $5,000 to $500,000.  With approved credit, you may even borrow up to 90%* of the appraised value of your home (minus your first mortgage balance, if any). And, in most cases, the interest is tax deductible (consult your tax advisor).

• Low fixed rates!
• Convenient terms from 5 to 15 years!
• No application fees!
• No appraisal fees!**
• No annual fees!  
• $25 Rebate for new loans with automatic payment from a Charter Oak account.
• We can help you get a fast, affordable home equity loan!

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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*For loans greater than 80% and up to 90% of the appraised value, the borrower must have a minimum FICO credit score of 720 and a maximum debt-to-income ratio of 43 percent.

**Loans over $250,000 require an appraisal fee.

Home Equity Line of Credit

For the ultimate in convenience, nothing beats a Charter Oak Home Equity Line. With approved credit, you may even borrow up to 90%* of the appraised value of your home (minus your first mortgage balance, if any). Minimum line amount is $5,000 with a maximum of $500,000. You can access your credit line by just writing a check. You may use the money you borrow for any purpose - home improvement, debt consolidation, education, a new car, your dream vacation, etc. - and, in most cases, the interest is tax deductible (consult your tax advisor).

• Low variable interest rate!
• Low monthly payments!
• No application fees!
• No appraisal fees!**
• No annual fees!  

For more information or to apply, please call 860.446.8085 or 800.962.3237.

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*For loans greater than 80% and up to 90% of the appraised value, the borrower must have a minimum FICO credit score of 720 and a maximum debt-to-income ratio of 43 percent.

**Lines over $250,000 require an appraisal fee.

For a complete listing of our mortgage loan originators, click here.
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+ Source: The Warren Group, Boston, MA. Residential Mortgage Marketshare Report. 2010-2016 data for New London, Windham counties combined.