Home Refinancing
Simple Refinancing Options to Fit Your Goals
For more than 85 years, Charter Oak Federal has been a trusted financial partner for homeowners across the region. Whether you're looking to lower your monthly payment, shorten your loan term, or tap into your home’s equity, our refinancing solutions are designed to help you strengthen your financial future with confidence.
Competitive Rates and Local Expertise
We’re committed to offering highly competitive refinancing rates along with personalized support from local lending professionals who understand your needs. Our team will guide you through the process to help you find the right solution for your financial goals.
At Charter Oak, refinancing is more than updating your mortgage—it’s a chance to improve your financial picture with a partner you can trust. Let us help you take the next step toward greater stability and savings.
Do you have a loan in process with us? Check Loan Status
Adjustable Rate Mortgage
An 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.
- 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-occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
- $100 credit towards closing costs for Gold Rewards members for a New mortgage.
Featured ARM Rates
| Accelerator Mortgage | Interest Rate | APR* | Points | Cost Per $1000 | |
|---|---|---|---|---|---|
| 8 Year | 5.250% | 5.328% | 0 | 12.78 | |
| 12 Year | 5.500% | 5.554% | 0 | 9.50 | |
| Cost Saver Mortgage | Interest Rate | APR* | Points | Cost Per $1000 | |
| 15 Year | 6.250% | 6.296% | 0 | 8.57 | |
| 30 Year | 7.375% | 7.405% | 0 | 6.91 | |
| Home Equity Loans | Interest Rate | APR* | Points | Cost Per $1000 | |
| 5 Year | 5.875% | 5.877% | 0 | 19.27 | |
| 10 Year | 6.125% | 6.126% | 0 | 11.16 | |
| 15 Year | 6.250% | 6.251% | 0 | 8.57 | |
| Line of Credit (HELOC) | 6.250% | 6.250% | 0 | ||
| Fixed Rate Mortgage | Interest Rate | APR* | Points | Cost Per $1000 | |
| 10 Year | 5.500% | 5.663% | 0 | 10.85 | |
| 15 Year | 5.500% | 5.615% | 0 | 8.17 | |
| 20 Year | 5.750% | 5.842% | 0 | 7.02 | |
| 30 Year | 6.125% | 6.195% | 0 | 6.08 | |
| Adjustable Rate Mortgages | Interest Rate | APR* | Points | Cost Per $1000 | |
| 1/1 ARM | 5.250% | 6.456% | 0 | 5.52 | |
| 3/1 ARM | 5.375% | 6.285% | 0 | 5.60 | |
| 5/1 ARM | 5.500% | 6.178% | 0 | 5.68 | |
| 7/1 ARM | 5.750% | 6.186% | 0 | 5.84 | |
| 10/1 ARM | 5.750% | 6.078% | 0 | 5.84 | |
| Non-Owner Occupied | Interest Rate | APR* | Points | Cost Per $1000 | |
| 10 Year Fixed | 6.750% | 6.917% | 0 | 11.48 | |
| 15 Year Fixed | 7.000% | 7.120% | 0 | 8.99 | |
| 15 Year Fixed Balloon | 7.250% | 7.334% | 0 | 7.23 |
Accelerator Mortgage
Thinking of refinancing a mortgage from another lender? Our Accelerator Mortgage¹ program makes the process quick and easy with shorter terms for those who want to pay their mortgage off quickly with our great low rates. This mortgage is especially attractive for someone planning for retirement.
- No flood certification fee
- No document preparation fees
- No credit report fee
- No recording fees³
- No appraisal fees²
- No title insurance fee²
Cost Saver Mortgage
The Cost Saver Mortgage offers the same great advantages as the Accelerator Mortgage¹, with longer terms.
- No flood certification fee
- No document preparation fees
- No credit report fee
- No recording fees³
- No appraisal fees²
- No title insurance fee²
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 we offer convenient terms.
- Qualifying properties include 1-4 family owner-occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island
- Rate lock-in available
- Maximum loan amounts vary for single, two, three, and four-family dwellings
- $100 credit towards closing costs for Gold Rewards members for a New mortgage
- Special rates are available for Jumbo Mortgages
Investment Mortgage
Charter Oak offers loans for those interested in buying or refinancing investment properties, including one- to four-unit residential dwellings located in the states of Connecticut and Rhode Island.
- Fixed rate mortgages
- 10 year, 15 year or 15 year Balloon with a 25 year amortization
- Rate lock-in available
- $100 credit towards closing costs for Gold Rewards members.
Rates Effective April 21st, 2026
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Frequently Asked Questions
Have questions?
Our team of mortgage specialists are here to help you every step of the way.
Local: 860.446.3047 | Toll Free: 800.962.3237 ext 3047
*Annual Percentage Rate (APR)
1. All rates subject to change daily. 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. Existing loans may not refinance into the same loan product. 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. An 8-year fixed rate $200,000 loan with an interest rate of 5.25% is repayable in 96 monthly payments of $2,555.86 (principal and interest only, taxes and insurance may increase actual payments). A 12-year fixed rate $200,000 loan with an interest rate of 5.50% is repayable in 144 monthly payments of $1,900.34 (principal and interest only, taxes and insurance may increase actual payments). Charter Oak Federal Credit Union requires escrows for property taxes and if applicable, flood insurance. Borrower is responsible for homeowners insurance and pre-paid interest.
2. Some fees apply for loans greater than $250,000. Loans over $500,000 are subject to a 0.25% increase above the published rate. An origination fee of $475 is required at closing. Properties over 20 acres are required to obtain a borrower paid full appraisal. Properties held in trust must be closed by an attorney and are subject to borrower paid Title Insurance, recording costs, $800.00 attorney fee, and $50.00 closing protection letter is required. Properties with a non-subordinated solar panel lien on the land records are required to obtain borrower paid Title Insurance, $800.00 attorney fee, and $50.00 closing protection letter fee.