Home Loans

Home Loans

Why Greylock for your next mortgage loan?

We offer a wide selection of mortgage and home equity products to satisfy your home-related goals, including:

  • Conventional Mortgages (fixed or adjustable rates)
  • Construction Mortgages
  • Home Equity Loans
  • Home Equity Lines of Credit

Serving Berkshire County, Westfield, Southwick, Granville, Montgomery and Russell, Massachusetts.

First Mortgage Loan Programs

Get Moving 3.125% APR Perfect for 1st time Homebuyers and anyone looking for their next home.Get Moving!

7/5 Adjustable Rate Mortgage:

3.125% APR*

Down payments as low as 3%.

No PMI required!

Perfect for 1st time Homebuyers and anyone looking for their next home.

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*Offer subject to credit approval. Annual Percentage Rate (APR) and payments subject to change after the initial fixed-rate period (year 7) and every 5 years thereafter. Limited time offer. Based on 264 payments of $5.24 per $1,000 financed. Rate is based on the 5-year Treasury Bill plus a margin of 3.00%. Maximum periodic increase or decrease is 2.00% per adjustment. Maximum rate of 9.125% APR over the life of the loan. Down payment requirement may vary based on credit score. Valid for new purchases only.

Conventional

  • Low adjustable- or fixed-interest rate loans available.
  • Adjustable rate products feature strict rate caps.
  • Finance 97% of the purchase price for owner occupied single family residence or 90-95% financing on multi-family.
  • Refinance up to 90% of value of owner occupied single family residence or multi-family (up to two units) with PMI.
  • No-point options available and no application fee.
  • Loan pre-qualification available.

Construction

  • Real estate financing for the construction of owner-occupied residences.
  • Construction loans are secured by the property.
  • From construction to permanent mortgage financing with just one closing.
  • Enjoy monthly interest-only payments during construction phase for up to one year.
  • Low adjustable-interest rate financing.
  • Strict caps on adjustable rate products.
  • Finance 80% of completed value or actual cost to build.
  • No point options available and no application fee.
  • 1- to 2-family dwellings.
  • Low periodic evaluation and update fees.
  • Loan pre-qualification available.

Meet Your Mortgage Officer

Erin Carlotto


NMLS ID: 794262
(413) 347-6114
ecarlotto@greylock.org

Home Equity Loans

If you are a home owner, you may borrow money against its value.

You may borrow up to a percentage of the value that you actually own. Your home equity is defined as the value of your home minus what you still owe on any mortgages for the property. A loan against the equity that you have in your home is referred to as a home equity loan.

Home equity loans may be used for any purpose. Many people use them as a source of money for making home improvements, fund education or consolidate other loans and to take advantage of lower interest rates.

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make your home sweeter home equity loan 3.99% APR 15 year no closing costs

*APR=Annual Percentage Rate. Offer subject to credit approval & must qualify for Greylock Federal Credit Union membership. Rate valid as of 6/1/17. 180 monthly payments of $7.40 per $1,000 financed. Financing up to 80% of appraised value minus existing mortgage balances. Rate and payment information may vary based on term. Must carry property insurance.
**No closing costs for first-time applicants with MA properties. Closing costs paid on borrower’s behalf. Some restrictions may apply. Borrower may be responsible for repayment of cost to Greylock if loan is refinanced within 36 months

Greylock Home Equity Loan Advantages

  • PAY NO CLOSING COSTS*
  • Up to 80% of the appraised value of the owner-occupied property (up to four units) minus the existing mortgage balances.
  • Fully-amortized up to fifteen (15) years.
  • Fixed Rate of Interest.
  • The interest you pay may be deductible from your taxes. Please consult your tax advisor.

*Closing costs paid on the borrower's behalf for Berkshire County properties only. Some restrictions may apply. Borrower may be responsible for repayment of these costs to Greylock if they refinance within 36 months.

Home Equity Lines of Credit

Get easy access to your home's equity.

Remodel the house. Head off to college. Take your dream vacation. The flexibility of a Home Equity Line of Credit makes financing easy.

HELOCs have an interest-only payment feature and there are no loan-advance fees, annual fees or closing costs (for first time applicants). You can make advances by simply writing a check, by visiting one of our branches, or by performing a transfer through Online Banking.

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HELOC 80% LTV

  • NO CLOSING COSTS for first time applicant's for Berkshire County properties.***
  • Up to 80% of the appraised value of the owner-occupied property (up to four units) minus the existing first mortgage balance.
  • Ten year draw/advance period followed by a fifteen-year fully-amortized payback period.
  • May be tax deductible. Consult your tax expert.

***You may have to reimburse the credit union for any fees/closing costs paid on your behalf if the Home Equity Line of Credit plan is closed within the first three years. Property insurance required.

Home Loan Rates — First Mortgage, Home Equity, and HELOC

Get a customized rate quote that matches your home financing needs. You can check rates in our Mortgage Marketplace, find helpful mortgage resources, and apply!

First Mortgage Programs

Check home loan rates Apply now

Loan Type Loan to Value Interest Rate APR1Go to footnote 1 Monthly Payment Per $1000 Borrowed Alert Me
Home Equity LOC Up to 80% Variable Prime + 0% 4.25%2Go to footnote 2 N/A Receive a notification when this rate changes
Home Equity LOC Up to 90% Variable Prime + 1% 5.25%2Go to footnote 2 N/A Receive a notification when this rate changes
Loan Type Loan to Value Term APR1Go to footnote 1 Monthly Payment Per $1000 Borrowed Alert Me
Home Equity Loan Up to 80% 15 Years 3.99%2Go to footnote 2 $7.40 Receive a notification when this rate changes
Up to 90% 15 Years 4.99%2Go to footnote 2 $7.91 Receive a notification when this rate changes
Subject to credit approval. Fees and Charges: The credit union pays third party fees for new participants unless you close the plan within three years. In that case, you may have to reimburse the credit union for any fees paid on your behalf. If you refinance an existing Home Equity with Greylock then you may pay certain fees to third parties to open the plan. These fees generally total between $400 and $500. If you ask, we will provide you with an itemization of the fees you will have to pay to third parties. Property Insurance: You must carry insurance on the property that secures this plan. Rate Changes: For Home Equity Lines of Credit, the annual percentage rate can change on the first day of each month. The rate cannot increase or decrease more than 1 percentage point at each adjustment. The maximum ANNUAL PERCENTAGE RATE that can apply is 18%
  • 1APR = Annual Percentage Rate
  • 2Rates shown as low as. Rates subject to change.

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