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Mortgages & Home Equity

 

We've been helping members become home owners since we first opened our doors. Whether you are a first time buyer, planning on trading-up, or thinking of refinancing, we can help!

Calculators

Mortgages

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Purchase Calculator
Refinance Calculator

Fixed or Adjustable Rate Mortgages

We offer a choice of flexible fixed and adjustable rate mortgages. For the stability of fixed payments, you might prefer a fixed rate mortgage. For more flexibility, choose an adjustable rate mortgage (ARM). We can help determine which choice is best for you.

And that's not all! We offer a host of home financing programs and options including:

  • Fixed and Adjustable Rates.
  • Conventional Financing ($484,350 and lower).
  • FHA/VA/USDA Financing (Federal Housing Authority/Veterans Administration/United States Department of Agriculture).
  • Jumbo Financing ($484,351 and higher).
  • First Time Homebuyer Programs (Fixed or Adjustable). 
  • & More!

Mortgage Frequently Asked Questions (pdf)

Think you can't afford a home? Think again!
Click here to read about some common Mortgage Lending Myths vs. WCCU Lending Facts.

Buying Your First Home?
WCCU can help eligible first-time homebuyers receive up to $2,000 each year!*

*Contact us to learn more about the FirstHomes Tax Credit Program!

To request an appointment or for more information, please contact:

Jeanne Abate
Senior Mortgage Originator
Office: 401.637.4415
Cell: 401.374.1232
NMLS ID # 529809
jabate@westerlyccu.com (email) - please note email is not secure
Serving the Charlestown, Hopkinton, Westerly,
Stonington, North Stonington and New London County areas.

Jeff VanderVorste
Mortgage Originator
Office: 401.637.4446
Cell: 401.622.2238
NMLS ID # 16862
jvandervorste@westerlyccu.com (email) - please note email is not secure
Serving the Narragansett, South Kingstown, North Kingstown and Richmond areas.
Richmond branch availability:  Monday, Wednesday, Friday
Wakefield branch availability: Tuesday, Thursday

WCCU NMLS ID # 518892. For a list of WCCU employees currently licensed with a NMLS#, visit the NMLS Consumer Access website or feel free to contact us.

Mortgages
Rates subject to change at any time. Rates shown are as of May 26th, 2020.
ProgramTermInterest RateAPR*Monthly Payments per $1000 borrowed
Fixed Rate Mortgages*
(Loan amounts up to $484,350)
  15 years 2.750% 2.864% $6.79
  20 years 3.000% 3.089% $5.55
  30 years 3.125% 3.188% $4.29
Adjustable Rate Mortgages
5/1 Mortgage**
  30 years 3.125% 3.164% $4.29
7/1 First Time Homebuyer Mortgage***
  30 years 3.250% 3.290% $4.36

*The interest rates, annual percentage rates (APRs) and discount points are subject to change without notice. APR is based on 40% equity and credit score of 740 or greater. Your APR will vary based on your final loan amount and finance charges. All Mortgage rates listed are based on 0 discount points. The monthly amount shown includes principal and interest. Your actual monthly payment will be higher if an escrow/impound account is established. Property insurance (and flood insurance if applicable) required. **After the initial term of five years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Other restrictions may apply. ***After the initial term of seven years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Requires a minimum credit score of 720 with loan maximum of $484,350. Other restrictions may apply. WCCU NMLS ID # 518892.

Home Equity Loans & Lines of Credit

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Our Home Equity Loans and Lines have you covered. Refinance, home improvements, vacations, college, wedding, medical bills and more!

Flex Equity Line of Credit

Need flexibility? Our Flex Equity Line of Credit offers easy access to your home's equity with an option to lock in up to 2 fixed rate advances at any given time. Fixed rate advances offer you the flexibility to lock in a portion or all of your line into a fixed payment with a term you choose. Access your Flex Equity by simply transferring funds into your WCCU checking account; in person, by phone or online.

Home Equity Loans 

Get the money you need, to make the changes you want. Refinance, home improvements, vacations, college, wedding, medical bills and more, our Home Equity Loan may be your best choice! Our fixed rate Home Equity Loan allows you to access the equity in your home to borrow a single, lump sum of money.

  • Loan terms up to 20 years.
  • Fixed monthly payment.

Whichever you choose, you can benefit from:

  • Financing up to 80% of your home’s value.*
  • Credit limits up to $350,000.**
  • No closing costs or application fees.***
  • Low rates to save you money.
  • Quick application approval online and over the phone.

*1-4 family owner occupied properties only. 80% maximum combined loan to value. **Minimum loan $10,000 (line of credit) $5,000 (fixed rate portion). Maximum loan is $350,000. The plan allows two fixed rate advances from your line at any given time during the 10 year draw period (15 years to repay). Fixed rate advance rates will be those in effect at time of draw. ***Flood insurance may be required. Property insurance is required. Consult a tax advisor about the deductibility of interest. Other restrictions may apply. A cancellation fee will apply for loans terminated within two years of origination date. Available for new lines only. $50 annual fee will be waived for the 1st year. WCCU NMLS ID # 518892

For a list of WCCU employees currently licensed with a NMLS#, visit the NMLS Consumer Access website or feel free to contact us.

Home Improvement Loan

No Equity? No problem!

  • Must be used for home improvements.
  • Borrow up to $50,000.
  • Fixed rate.
  • Loan terms up to 10 years.
  • No prepayment penalties.

Loan Payment Protection

Flex Equity Line of Credit
Effective Date: Tuesday, May 26th, 2020
ProgramTermAPR*Loan SizeMonthly Payments per $1000 borrowed
Line of Credit        
    4.000% $10,000 - $99,999.99 varies
    4.000% $100,000 and above varies
Fixed Rate Advance
  5 years 3.500%   $18.20
  10 years 3.990%   $10.13
  15 years 4.250%   $7.53

*The Annual Percentage Rate (APR) is variable based on the Prime Rate as published in the Wall Street Journal on the last day of each billing cycle and tiered as follows: $10,000-$99,999.99 is Prime - 0.25%, $100,000 and over is Prime - 0.50%. APR will never be more than 18%. 1-4 family owner occupied properties only. 80% maximum combined loan to value. Minimum loan $10,000 (line of credit) $5,000 (fixed rate portion). Maximum loan is $350,000. The plan allows two fixed rate advances from your line at any given time during the 10 year draw period (15 years to repay). Fixed rate advance rates will be those in effect at time of draw. Flood insurance may be required. Property insurance is required. Consult a tax advisor about the deductibility of interest. Other restrictions may apply. A cancellation fee will apply for loans terminated within two years of origination date. Other rates and terms available. Available for new lines only. $50 annual fee will be waived for the 1st year. WCCU NMLS ID # 518892. 

Home Equity Loan (First Lien Position)
Effective Date: Tuesday, May 26th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
7 Year Home Equity Loan
  7 years 2.750% $13.11
10 Year Home Equity Loan
  10 years 3.000% $9.66
15 Year Home Equity Loan
  15 years 3.250% $7.03
20 Year Home Equity Loan
  20 years 3.500% $5.81

*Annual Percentage Rate (APR) subject to change without notice. Rates shown require an “A” credit score of 680 or above. Rate also reflects a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Owner occupied only. Minimum loan amount is $10,000. Maximum loan amount is $350,000. Not available for rewrite of current WCCU loans. Not available for New Purchases. Other rates and terms available. Maximum loan-to-value 80%. Other restrictions may apply. Flood insurance may be required. Property insurance is required. Requires First Lien Position. A termination fee not to exceed the lesser of $500 or 2% of the loan amount will apply for loans terminated within two years of origination date. Recording, trust review, and advisory fees apply where applicable. Consult a tax advisor regarding the deductibility of interest. WCCU NMLS ID # 518892.

Home Improvement Loan
Effective Date: Tuesday, May 26th, 2020
TermAPR*Monthly Payments per $1000 borrowed
5 Years 5.250% $18.99
7 Years 5.500% $14.38
10 Years 5.750% $10.98

*Annual Percentage Rate (APR) is subject to change without notice. Rates shown are for members with an “A” credit score of 680 or above. Rates also reflect a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Loan terms up to 10 years. Maximum amount that can be borrowed is $50,000. To be used for home improvements. Estimate for the project or an invoice or scope of the completed project is required. See a Loan Representative for more details. Payments do not reflect the addition of Payment Protection.

calculators

The calculator tools are not guarantees of credit. Information and interactive calculators are made available to you as self-help told for your independent use. We cannot and do not guarantee their accuracy. All examples are for illustrative purposes.

Mortgage & Home Equity Rates

Mortgages
Rates subject to change at any time. Rates shown are as of May 26th, 2020.
ProgramTermInterest RateAPR*Monthly Payments per $1000 borrowed
Fixed Rate Mortgages*
(Loan amounts up to $484,350)
  15 years 2.750% 2.864% $6.79
  20 years 3.000% 3.089% $5.55
  30 years 3.125% 3.188% $4.29
Adjustable Rate Mortgages
5/1 Mortgage**
  30 years 3.125% 3.164% $4.29
7/1 First Time Homebuyer Mortgage***
  30 years 3.250% 3.290% $4.36

*The interest rates, annual percentage rates (APRs) and discount points are subject to change without notice. APR is based on 40% equity and credit score of 740 or greater. Your APR will vary based on your final loan amount and finance charges. All Mortgage rates listed are based on 0 discount points. The monthly amount shown includes principal and interest. Your actual monthly payment will be higher if an escrow/impound account is established. Property insurance (and flood insurance if applicable) required. **After the initial term of five years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Other restrictions may apply. ***After the initial term of seven years, the APR, interest rate, principal and interest payment will adjust based on market driven changes to the U.S. One Year Constant Treasury Rate – the “index” plus 2.75% - the “margin.” The maximum increase per adjustment period is 2% with a lifetime cap of 6%. Requires a minimum credit score of 720 with loan maximum of $484,350. Other restrictions may apply. WCCU NMLS ID # 518892.

Apply Now

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Flex Equity Line of Credit
Effective Date: Tuesday, May 26th, 2020
ProgramTermAPR*Loan SizeMonthly Payments per $1000 borrowed
Line of Credit        
    4.000% $10,000 - $99,999.99 varies
    4.000% $100,000 and above varies
Fixed Rate Advance
  5 years 3.500%   $18.20
  10 years 3.990%   $10.13
  15 years 4.250%   $7.53

*The Annual Percentage Rate (APR) is variable based on the Prime Rate as published in the Wall Street Journal on the last day of each billing cycle and tiered as follows: $10,000-$99,999.99 is Prime - 0.25%, $100,000 and over is Prime - 0.50%. APR will never be more than 18%. 1-4 family owner occupied properties only. 80% maximum combined loan to value. Minimum loan $10,000 (line of credit) $5,000 (fixed rate portion). Maximum loan is $350,000. The plan allows two fixed rate advances from your line at any given time during the 10 year draw period (15 years to repay). Fixed rate advance rates will be those in effect at time of draw. Flood insurance may be required. Property insurance is required. Consult a tax advisor about the deductibility of interest. Other restrictions may apply. A cancellation fee will apply for loans terminated within two years of origination date. Other rates and terms available. Available for new lines only. $50 annual fee will be waived for the 1st year. WCCU NMLS ID # 518892. 

Apply Now

Apply Now

Home Equity Loan (First Lien Position)
Effective Date: Tuesday, May 26th, 2020
ProgramTermAPR*Monthly Payments per $1000 borrowed
7 Year Home Equity Loan
  7 years 2.750% $13.11
10 Year Home Equity Loan
  10 years 3.000% $9.66
15 Year Home Equity Loan
  15 years 3.250% $7.03
20 Year Home Equity Loan
  20 years 3.500% $5.81

*Annual Percentage Rate (APR) subject to change without notice. Rates shown require an “A” credit score of 680 or above. Rate also reflects a 0.75% point interest rate reduction for automatic loan payments deducted from an “active” WCCU checking account (“active” checking is 6 transactions or more per month and direct deposit) which must be scheduled at the time of loan closing. If the above requirements are not met, discount will not apply, and 0.75% will be added to the rate. Owner occupied only. Minimum loan amount is $10,000. Maximum loan amount is $350,000. Not available for rewrite of current WCCU loans. Not available for New Purchases. Other rates and terms available. Maximum loan-to-value 80%. Other restrictions may apply. Flood insurance may be required. Property insurance is required. Requires First Lien Position. A termination fee not to exceed the lesser of $500 or 2% of the loan amount will apply for loans terminated within two years of origination date. Recording, trust review, and advisory fees apply where applicable. Consult a tax advisor regarding the deductibility of interest. WCCU NMLS ID # 518892.

Apply Now

Apply Now

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