Pawtucket Credit Union Offering Two Mortgage Specials with No Closing Costs

Pawtucket Credit Union logoBeing a homeowner is a major life achievement for many people, but it takes a hefty amount of financial planning to get the job done right. Purchasing a home requires a down payment which can range from 0% to 20%, depending on the type of loan and credit history of the borrower, but it doesn’t stop there. Money is required for closing costs when the homeowner completes the transaction, ranging from a few hundred up to several thousand. One of the ways home buyers can save on the latter costs is working with a lender that offers some assistance in this area.

The Offer

Currently, Pawtucket Credit Union in Rhode Island is offering two homeownership programs that come with no closing costs. The first is available to first-time homebuyers which provides a 30-year fixed interest rate mortgage loan with up to 100% financing and no closing costs. Interest rates range from 4.125% to 4.615%, based on credit history, score, and debt-to-income ratio of the borrower. A minimum credit score of 720 is required, and PMI is added to the monthly mortgage payment for those who put down less than 20%.

The second homeownership program offered by Pawtucket Credit Union is not limited to first-time homebuyers, and it provides a 30-year fixed rate mortgage for loans up to $500,000. Borrowers pay no closing costs and no upfront expenses, and a minimum of a 10% down payment is required. The loan program does not require PMI. For this mortgage program, a credit score of at least 675 is necessary to qualify. Borrowers may opt for a 15-year fixed interest rate mortgage should that be better suited for their financial means and goals.

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Membership Requirements

In addition to credit requirements, Pawtucket Credit Union also requires borrowers to be members of the financial institution. Membership is offered to those who live or work in Rhode Island or certain communities in Connecticut and Massachusetts.

About Pawtucket Credit Union

Founded in 1926, Pawtucket Credit Union has a long history of serving community members and residents of Rhode Island with a variety of financial products and services. In addition to mortgage loans, Pawtucket Credit Union also offers deposit accounts, credit cards, auto and personal loans, and business banking. The credit union operates 15 full-service branch locations throughout Rhode Island as well as several fee-free ATMs.

Contact Information

Prospective homebuyers interested in the no closing cost offer through Pawtucket Credit Union may gather more information or apply by visiting a branch location, contacting a mortgage specialist at 1-800-298-2212, or by visiting the credit union online.

Posted on February 1, 2018 by in Mortgages,

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