Home Loans in Chicopee
Home ownership is a staple of the American Dream and getting a home loan in Chicopee has never been easier thanks to the wide variety of residential mortgages and other financing options.
Find Easy Home Loan and Mortgage Options in Chicopee
Numerous home mortgage and financing options exist in Chicopee that can be used to help fuel your transition to home ownership. LUSO Federal Credit Union offers several loan options, including:
As the name suggests, fixed-rate mortgages have an unchanging interest rate. This makes them a good option when rates are low so you can lock in to easier payments. The consistency and predictability of a fixed rate also makes them ideal for anyone looking to lay down roots and stay in their home long term.
Adjustable-Rate Mortgages (ARMs)
The interest rate for an ARM is set for the first part of the duration of the loan before adjusting at a predetermined time based on current market conditions. This type of loan can be useful if you plan on only staying in the home for a few years since they can build equity quickly. Adjustable-Rate Mortgages are also useful for getting a loan immediately during periods of high interest because rates will go down once conditions settle.
Investment-Property Mortgage Loans
Investment properties are meant to accrue value and equity so they can be sold for a profit later on or used as a rental property to help earn extra income on the side. An investment-property mortgage loan is designed to offer the financing you need while taking into account the unique circumstances in which investment properties find themselves.
Construction Mortgage Loans
With a bit of elbow grease, empty lots or run-down buildings can become amazing homes. Construction mortgages are designed to give you the necessary financing for construction projects, expansions, or remodeling, and they offer short-term loan options with competitive and flexible interest rates and terms.
Criteria and Eligibility for Mortgage Approval
When possible, we at LUSO will approve members for a loan because we believe that financing is crucial to growing a community. However, the terms and interest rates of the loan will change from person to person depending on the individual circumstances. The following are some of the factors that go into determining the final conditions of your loan:
- Minimum down payment
- Employment history (location and length)
- Gross monthly income
- Residence status
- Any existing housing payments (other mortgages, etc.)
- Number of dependents
- Any existing alimony or child support obligations
Benefits of Getting a Home Loan from LUSO Federal Credit Union
The biggest benefit to seeking home loans in Chicopee from us at LUSO Federal Credit Union is that we are a member-owned, not-for-profit financial cooperative dedicated to providing our members with quality financial services and products. Any profit we make is given back to our members in the form of better rates and improved financing options. We at LUSO pride ourselves on serving the financial needs of our members and can provide personal loans in Ludlow, Springfield, Chicopee, Westfield, and Hampden County, Massachusetts.
Feel free to contact our Ludlow branch toll free at 1-844-LUSO-FCU or our Wilbraham branch at 1-800-808-5876.