Mortgage & Home Equity Loans

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Mortgage programs

Arrha Credit Union offers a variety of fixed rate mortgages beginning with a term of 5 years up to 30 years. These programs allow you the security of a fixed interest rate of the monthly principal and interest for the entire life of the mortgage.

Variable rate mortgages are offered for specific situations and those individuals who are comfortable with their payment going up or down during the term of the mortgage.

Jumbo mortgages are offered by Arrha Credit Union for mortgage loans in excess of Freddie Mac, Fannie Mae and federal Home Loan Bank guidelines of a maximum mortgage loan of $453,100.00. up to $679,650.00.

Want to know what you can pre-qualify for?  Find Out Now

Visit our Mortgage/Home Equity Loan Center for loads of information and instant approval. Whether you are buying your first house, refinancing an existing mortgage or simply need a home equity loan, we can help! Get the answers you need right away. Financing made easy.

Massachusetts Housing Partnership – ONE Mortgage Program

Arrha offers the ONE Mortgage to low- and moderate-income first-time homebuyers. A down payment of 3% or more is required, but Private Mortgage Insurance is not.

Additional information:

  • Property and casualty insurance required
  • Flood insurance required if property is in a flood zone

To learn more about the benefits of the ONE Mortgage or to apply, contact:
Michael Kelley, NMLS #531261, (413) 636-4053,
Tony Sanches, NMLS #476943, (413) 732-9812,

Home Equity Loan Options

When borrowing from the equity in your property, you have the option to choose between a home equity loan and a home equity line of credit. They differ in the interest rate being offered and in the way you access your funds. Home equity loans are fixed-rate loans, while home equity lines of credit have a variable rate.

Home equity loan, a fixed rate option

The fixed home equity loan traditionally has a higher rate than the home equity line of credit. Your payment will remain the same over the life of the loan regardless of the change in the market rate especially if they rise above your rate. This loan is an excellent option if you live on a monthly budget or you are looking for payment stability.

Home equity line of credit, a variable rate option

This line of credit offers a lower rate than the fixed home equity loan. It is a variable rate product. The rate changes periodically according to the changes of the financial index such as The Wall Street Journal Prime Rate. The interest rate is determined by adding the rate of the index, which can vary over time, to a margin, determined by Arrha Credit Union which remains fixed for the life of the line of credit. If the index goes up so will your interest rate and payment and if the index goes down, so will your rate and payment also decrease.