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Refinancing Your Mortgage

There are many reasons why refinancing your home might be right for you. Perhaps you are looking to reduce your interest rate and monthly payment. Maybe retirement is around the corner, and you have a goal to enjoy that milestone mortgage-free. If you have built up enough equity in your home, you may want to refinance and take cash out for a large purchase, to pay off debt or make home improvements. Whatever your reason, our experienced Mortgage Consultants can help you find the best option for you and your unique situation. There are costs associated with refinancing, so let us help you consider all of your options.

Members can refinance with our Conventional and Jumbo Fixed Rate and Adjustable Rate mortgages or our low-rate, short-term "On the House" mortgage. Sharon Credit Union offers mortgages on 1-4 family, owner-occupied properties, condominiums, and vacation homes located within Massachusetts or Rhode Island.

Fixed Rate Mortgages

Features & Benefits:

Adjustable Rate Mortgages (ARM)

Features & Benefits:

No Points, No Closing Costs

This option lowers the amount of your funds required at closing. Costs that you will save on under this program include:

  • Credit report
  • Appraisal
  • Flood certificate
  • Tax service
  • Lender’s title insurance
  • Most recording and legal fees associated with the closing

You will be responsible for certain closing costs, if applicable, such as prepaid interest, initial deposits for escrow, private mortgage insurance, trust review, owner’s title insurance, power of attorney, discharge fees (if greater than 1), subordination and homestead fees. An upfront credit and appraisal fee is required and will be credited at the closing. If an application is denied or withdrawn, the fees are not refundable. A minimum loan amount of $150,000 is required.

“On The House” Refinance Fixed Rate Mortgage

Features & Benefits:

“On The House” Refinance 5/5 Adjustable Rate Mortgage

Features & Benefits:

  • No points
  • No closing costs
  • Option to take cash out
  • No pre-payment penalty
  • Adjustment index is the 5-year U.S. Treasury Bill, with a margin of 2.75%
  • Maximum adjustment cap per 5-year period is 2%; Lifetime adjustment cap is 4%
  • Conventional or Jumbo option
  • Term from 7 to 12 years
  • Get next day bill notification with eNotices
  • Apply >> (Select Home Equity)

For more information please contact our Mortgage Consultants or call our member service call center at 781-784-7725 or toll free at 1-877-661-3300.

Use our mortgage calculators to help you determine if refinancing is right for you and how much mortgage you can afford.

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