Mortgage and Home Equity Loans to fit your needs from an experienced lender that you can trust.

Whether you’re 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.

Charter Oak has been the Number 1 mortgage lender* in eastern Connecticut for 10 years in a row!

Let our mortgage professionals help you turn a house into your home – with the right mortgage from Charter Oak!

*Source: The Warren Group, Boston, MA. 2010-2019 data for New London, Windham counties combined.  Includes all residential mortgages with a value between $1.00 and $25,000,000.  

Mortgage & Home Equity e-brochure
Mortgage FAQs

CHARTER OAK OFFERS A VARIETY OF LOAN OPTIONS.

HOW CAN WE HELP YOU TODAY?

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 pre-approved today!

Get Pre-Approved

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 860.446.3047 or 800.962.3237, ext. 3047 or email us to answer any questions or to ask for advice.

Meet our team of experienced mortgage professionals.

Ready to Apply? Getting started is as easy as 1-2-3!

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Accelerator Mortgage

Thinking of refinancing a mortgage from another lender? Our Accelerator Mortgage** 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 fees!
  • No appraisal fees!*
  • No title insurance fee!*
  • $25 Rebate for new loans with automatic payment from a Charter Oak Checking or Savings Account.

For more information or to apply, please call 860.446.3047 or 800.962.3237, ext. 3047 or email today.

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Cost Saver Mortgage

The Cost Saver Mortgage** offers the same great advantages as the Accelerator Mortgage listed above, with longer terms.

For more information or to apply, please call 860.446.3047 or 800.962.3237, ext. 3047 or email today.

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Cost Saver and Accelerator Disclosure: **A non-refundable application fee of $475 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. Some fees apply for loans greater than $250,000. Loans over $500,000 are subject to a 0.25% increase above the published rate. 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.

 

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.

  • 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.
  • Special rates are available for Jumbo Mortgages.
  • $25 Rebate for new loans with automatic payment from a Charter Oak Checking or Savings Account.
  • $100 credit towards closing costs for Gold Rewards members.

​For more information or to apply, call 860.446.3047 or 800.962.3237, ext. 3047, send an email or APPLY NOW.

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. 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 occupied dwellings (including condominiums) located in the states of Connecticut and Rhode Island.
  • $25 Rebate for new loans with automatic payment from a Charter Oak Checking or Savings Account.
  • $100 credit towards closing costs for Gold Rewards members.

For more information or to apply, please call 860.446.3047 or 800.962.3237, ext. 3047 or email today.

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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
  • $25 Rebate for new loans with automatic payments from a Charter Oak 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 860.446.3047 or 800.962.3237, ext. 3047 or email today.

Home Equity Line of Credit

For the ultimate in convenience, nothing beats a Charter Oak Home Equity Line. 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. (Please consult your tax advisor for interest deductibility.)

  • Low variable interest rate!
  • Low monthly payments!
  • No application fees!
  • No appraisal fees!*
  • $25 Rebate for new loans with automatic payments from a Charter Oak Account

For more information or to apply, please call 860.446.3047 or 800.962.3237, ext. 3047 or email today.

*Some fees apply for loans greater than $250,000.

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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 from Charter Oak is the smart way to borrow. (Please consult your tax advisor for interest deductibility.)

  • Low fixed rates!
  • Convenient terms from 5 to 15 years!
  • No application fees!
  • No appraisal 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 860.446.3047 or 800.962.3237, ext. 3047 or email today.

*Some fees apply for loans greater than $250,000.

Apply Now
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Government Loan Options

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.
  • Downpayment Assistance Program (DAP) available for qualified applicants.
  • $100 credit towards closing costs for Gold Rewards members.

New!

If you are a police officer, member of the military, a teacher, or a disabled person or have a disabled member living in your household, you may qualify for an even lower rate! Click below for more details!

Police
Military
Teacher
Disabled

To learn more or apply for one of these valuable mortgage programs, call a mortgage specialist at 860.446.3047 or 800.962.3237, ext. 3047 or email today.

USDA and FHA Mortgages

USDA Rural Development and Federal Housing Administration (FHA) 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 Checking or Savings 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 Checking or Savings Account.
  • $100 credit towards closing costs for Gold Rewards members.

Biweekly Mortgage

Pay off your mortgage sooner with our biweekly mortgage! 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 or Savings Account.
  • Available for Fixed Rate and Cost Saver Mortgage products.

For more information or to apply, please call 860.446.3047 or 800.962.3237, ext. 3047 or email today.

Apply Now
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ENJOY THESE GREAT OFFERS

Savings Accounts

EARN 1.50% APY* ON OUR HSA ACCOUNT

*APY = Annual Percentage Yield

Auto Loans

AUTO LOAN RATES AS LOW AS 2.74% APR**

**APR = Annual Percentage Rate

Checking Accounts

EARN 3.00% APY* ON GO CHECKING

*APY = Annual Percentage Yield

ACCELERATOR MORTGAGE AS LOW AS 2.79%/2.85% APR**

**APR = Annual Percentage Rate

Rates effective November 23, 2020