Rates

 

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Loan Rates

Current Rates - Effective  January 14th, 2015

All Rates and Terms are subject to change without notice.

Personal Loans

	APR+	Term (in Months)	Payment Per $1,000*
Credit Card Rewrite	7.99%	48	$24.41
Vacation/Holiday	7.49%	18	$58.91
Unsecured	8.99%	48	$24.88

 

 

+APR= Annual Percentage Rate. *Qualification restrictions apply. Other rates and terms are available.   Rate, term and approval based on credit worthiness.

 

 

New and Used Auto, Motorcycle and Recreational Vehicle Loans

	Term (in months)	APR+	Payment Per $1,000*	Term (in months)	APR+	Payment Per $1,000	Term (in months)	APR+	Payment Per $1,000
New < 25K miles	48	1.99%*	$21.70	60	2.49%*	$17.75	72	2.99%*	$15.19
Used > 25K miles	48	2.49%*	$21.91	60	2.99%*	$17.97	72	3.74%*	$15.33
2007 or Older	48	8.74%*	$24.76	60	N/A	N/A	72	N/A	N/A

+APR= Annual Percentage Rate. Maximum term for new auto and motorcycle loans is 72 months. *APR includes a .25% discount for Auto Loan Payments or Direct Deposit. Qualification restrictions apply. Rate, term and approval based on credit worthiness ** Refinancing for non-Mass Bay Credit Union loans only.

First Mortgages

	Points	Interest Rate	APR+	Payment Per $1,000*
30 Year Fixed Rate	2	3.375%	3.57%	$4.42
30 Year Fixed Rate	1	3.350%	3.62%	$4.49
30 Year Fixed Rate	0	3.625%	3.66%	$4.56
20 Year Fixed Rate	2	3.250%	3.53 %	$5.67
20 Year fixed Rate	1	3.375%	3.54%	$5.74
20 Year FIxed Rate	0	3.500%	3.55%	$5.80
15 Year Fixed Rate	2	2.750%	3.10%	$6.79
15 Year Fixed Rate	1	2.875%	3.08%	$6.85
15 Year Fixed Rate	0	3.000%	3.06%	$6.91
10 Year FIxed Rate	1	2.625%	2.92%	$9.48
10 Year Fixed Rate	0	2.750%	2.84%	$9.54

+APR= Annual Percentage Rate. Rates are based on annual percentage rate. Qualification restrictions apply. *Payments do not include taxes & insurance, as result your payment may be greater. Your payment may be greater if the loan is secured by a first lien. Property insurance is required and Flood insurance may also be required. 

Adjustable Rate Mortgages (ARMs)

	Points	Interest Rate	APR+	Payment Per $1,000*
5/1 ARM** Owner Occupied	0	2.875%	2.99%	$4.15
5/5 ARM*** First Time Homebuyers and Owner Occupied	0	3.490%	3.72%	$4.48

+APR= Annual Percentage Rate. Rates are based on annual percentage rate. Rates may be increased after consummation.  Qualification restrictions apply. * Payments do not include taxes & insurance, as result your payment may be greater. Your payment may be greater if the loan is secured by a first lien. Property insurance is required and Flood insurance may also be required. Other rates and terms are available.
**The 5/1 ARM offers a fixed rate for the first 5 years of the loan.  After that, the rate may increase or decrease on an annual basis.  This may result in your payment increasing. The annual adjustment cap is 2.00% and the lifetime cap is 6.00%.  The rate adjustments are based on a margin and an index.  The index used is the one year constant maturity rate and the margin used is 2.75%. 
***The 5/5 ARM is offered to First Time Homebuyers only (no homeownership within the most recent 3 years).  The 5/5 ARM offers a fixed rate for the first 5 years of the loan.  After that, the rate may increase or decrease every 5 years.  This may result in your payment increasing. The periodic adjustment cap is 2.00% and the lifetime cap is 5.00%.  The rate adjustments are based on a margin and an index.  The index used is the five year constant maturity rate and the margin used is 2.00%.  This product is limited to $1million pool of funds and can be cancelled at any time.

Home Equity Lines of Credit

Interest Rate	APR+	Term	Payment Per $1,000**
Intro Rate 1.75% for 6 months then Prime minus 0.75%*	1.75% for first 6 months then 2.50%*	10 Year Draw/ 15 Year Repayment	$2.05 (Interest Only Period) $5.57 (Repayment Period)

+APR= Annual Percentage Rate. *1.75% Annual Percentage Rate (APR) is an introductory rate for the first six months. After the introductory period, rate on the outstanding balances will revert to Prime Rate as published in the Wall Street Journal on the first day of the calendar month minus (-) 0.75%. Prime rate as of 1/30/2015 is 3.25%. The APR may vary monthly. Minimum rate 2.50% and maximum rate 18.00%. 10 year draw period. 15 year repayment period. Minimum $10,000 draw at closing and $1,000 advances thereafter. No closing costs unless loan is paid off/discharged during first 3 years. 80% combined LTV to $200,000 (</=70% LTV $300,000). Proof of adequate property insurance required and Flood Insurance may also be required. Subject to credit approval. Other terms and restrictions apply including 620 minimum credit score. Offer subject to change without notice. ** Payment per thousand based on minimum rate after introductory period.

Fixed Rate Home Equity Loans

	Points	Interest Rate	APR+	Payment Per $1,000*
5 Year Fixed Rate	0	3.750%	3.75%	$18.31
10 Year Fixed Rate	0	4.000%	4.00%	$10.13
15 Year Fixed Rate	0	4.500%	4.50%	$7.66
20 Year Fixed Rate	0	6.000%	6.00%	$7.17

+APR= Annual Percentage Rate. Rates are based on annual percentage rate. Qualification restrictions apply. *Payments do not include taxes & insurance, as result your payment may be greater. Your payment may be greater if the loan is secured by a first lien. Property insurance is required and Flood insurance may also be required.

Please contact Mass Bay Credit Union for your individual rate quote.