New Home Mortgages
Applying online is simple and quick.
Buying a home is a milestone that we celebrate with home buyers. There are many reasons we’re the leading lender with new mortgages, we offer the lowest rates combined with a personal experience.
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 | 5.500% | 5.578% | 0 | 12.90 | |
| 12 Year | 5.750% | 5.805% | 0 | 9.63 | |
| Cost Saver Mortgage | Interest Rate | APR* | Points | Cost Per $1000 | |
| 15 Year | 6.500% | 6.546% | 0 | 8.71 | |
| 30 Year | 8.125% | 8.156% | 0 | 7.42 | |
| Home Equity Loans | Interest Rate | APR* | Points | Cost Per $1000 | |
| 5 Year | 6.125% | 6.127% | 0 | 19.39 | |
| 10 Year | 6.375% | 6.376% | 0 | 11.29 | |
| 15 Year | 6.500% | 6.501% | 0 | 8.71 | |
| Line of Credit (HELOC) | 7.250% | 7.250% | 0 | ||
| Fixed Rate Mortgage | Interest Rate | APR* | Points | Cost Per $1000 | |
| 10 Year | 5.750% | 5.914% | 0 | 10.98 | |
| 15 Year | 5.750% | 5.866% | 0 | 8.30 | |
| 20 Year | 6.500% | 6.594% | 0 | 7.46 | |
| 30 Year | 6.875% | 6.948% | 0 | 6.57 | |
| Adjustable Rate Mortgages | Interest Rate | APR* | Points | Cost Per $1000 | |
| 1/1 ARM | 5.500% | 6.651% | 0 | 5.68 | |
| 3/1 ARM | 5.625% | 6.479% | 0 | 5.76 | |
| 5/1 ARM | 5.750% | 6.373% | 0 | 5.84 | |
| 7/1 ARM | 6.000% | 6.382% | 0 | 6.00 | |
| 10/1 ARM | 6.250% | 6.437% | 0 | 6.16 | |
| Non-Owner Occupied | Interest Rate | APR* | Points | Cost Per $1000 | |
| 10 Year Fixed | 7.000% | 7.168% | 0 | 11.61 | |
| 15 Year Fixed | 7.250% | 7.371% | 0 | 9.13 | |
| 15 Year Fixed Balloon | 7.500% | 7.585% | 0 | 7.39 | |
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
- $25 Rebate for new loans with automatic payments 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.
- 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, including closing cost assistance.
- $100 credit towards closing costs for Gold Rewards members for a New mortgage.
*APR = Annual Percentage Rate which is based on a $200,000 loan amount
All rates listed are subject to change without notice
Homeowners Insurance is required
A non-refundable origination fee of $475 is required
Charter Oak requires escrow for taxes and if applicable, flood insurance
Rates Effective July 6th, 2025
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