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COCC Current Rates

Tier 2 - Option B

Featured Loan Products

MORTGAGE RATE ANNUAL PERCENTRAGE
RATE (APR)		 MONTHLY PAYMENTS PER $1,000
BORROWERED		 PRODUCT DETAILS
5/5 Adjustable Rate
(40 Year Term)		 5.250% 6.454% $4.99 Product Details
30 Year Fixed Rate 6.625% 6.723% $6.40 Product Details
20 Year Fixed Rate 6.500% 6.628% $7.46 Product Details
15 Year Fixed Rate 5.875% 6.032% $8.37 Product Details

Jumbo and Adjustable Rate Products
 

MORTGAGE RATE ANNUAL PERCENTRAGE
RATE (APR)		 MONTHLY PAYMENTS PER $1,000
BORROWERED		 PRODUCT DETAILS
30 Year Fixed Rate 6.375% 6.471% $6.24 Product Details
20 Year Fixed Rate 6.250% 6.376% $7.31 Product Details
15 Year Fixed Rate 5.625% 5.781% $8.24 Product Details
5/5 Adjustable Rate
(40 Year Term)		 5.250% 6.451% $4.99 Product Details
5/1 Adjustable Rate
(30 Year Term)		 5.250% 6.295% $5.52 Product Details
3/1 Adjustable Rate
(30 Year Term)		 5.250% 6.517% $5.52 Product Details

Home Equity Line of Credit
 

Mortgage RATE ANNUAL PERCENTRAGE
RATE (APR)		 MONTHLY PAYMENTS PER $1,000
BORROWERED		 PRODUCT DETAILS
Home Equity Line of Credit (HELOC) 6.000% 6.000% NA Product Details

5/5 ARM 40 Year Term

An adjustable rate mortgage has a monthly payment that may change over the term of the loan. With our 5/5 ARM, your payment won't change for the first five years but is subject to a rate adjustment every subsequent 5 years based on market conditions. The 40-year term offers a lower payment and presents a more affordable alternative to the 30-year fixed rate.

Loan Term
480 Months
The period of time for the loan to be repaid.
Interest Only Term
N/A
During this term, the payment covers only the cost of your interest. After this period, the payment will increase.
Initial Fixed Period
60 Months
The initial rate will be fixed for this period. After this period, the interest rate will be adjusted at the frequency noted below (Subsequent Adjustment Period).
Subsequent Adjustment Period
60 Months
After the initial fixed period, the interest rate will be adjusted each time this number of months has passed.
Initial Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after the Initial Fixed Period.
Periodic Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after each Subsequent Adjustment Period.
Maximum Interest Rate
Initial Rate + 5.000%
The maximum interest rate you may be required to pay.
Index
Weekly Five Year Constant Maturity Treasury (CMT)
A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are Treasury Bills, Treasury Securities, and the Cost of Funds Index (COFI).
Current Index Value
4.14%
The current value of the Index as of the date below - this value is subject to change without notice.
Margin
2.750%
The amount that is added to the Index to determine the rate at each adjustment (subject to any adjustment caps or floors).

Important Loan Information (Updated October 14th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $647,200 and an estimated property value of $809,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.000% initial interest rate, the APR for this loan type is 6.675%, subject to increase. The estimated payment schedule would be:

  • 60 payments of $3,120.78 at an interest rate of 5.000%
  • 420 payments of $3,963.28 at an interest rate of 6.875%*

*This is an estimated fully indexed rate this loan could adjust to after the initial 60 month period.

The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

30-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today.

Important Loan Information (Updated September 29th, 2022)

The payment information below provided assumes the purpose of the loan is to purchase a property, with a loan amount of $647,200 and an estimated property value of $809,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 6.250% interest rate, the APR (Annual Percentage Rate) for this loan type is 6.345%. The payment schedule would be:

  • 360 payments of $3,984.92 at an interest rate of 6.250%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

20-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. By choosing a 20-year fixed rate loan, you will have the monthly payment that is greater than the 30-year fixed rate, but you will be building equity in your home faster.

Important Loan Information (Updated September 29th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $647,200 and an estimated property value of $809,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 6.125% interest rate, the APR (Annual Percentage Rate) for this loan type is 6.251%. The payment schedule would be:

  • 240 payments of $4,683.53 at an interest rate of 6.125%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

15-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose a 15-year fixed rate loan if you're comfortable with a higher payment and you will have the benefit of substantial interest savings.

Important Loan Information (Updated September 29th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $647,200 and an estimated property value of $809,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.500% interest rate, the APR (Annual Percentage Rate) for this loan type is 5.655%. The payment schedule would be:

  • 180 payments of $5,288.16 at an interest rate of 5.500%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

Jumbo 30-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today.

Important Loan Information (Updated September 29th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 6.125% interest rate, the APR (Annual Percentage Rate) for this loan type is 6.220%. The payment schedule would be:

  • 360 payments of $4860.88 at an interest rate of 6.125%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

Jumbo 20-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn’t change. Fixed rate loans are one of the most popular loan options today. By choosing a 20-year fixed rate loan, you will have the monthly payment that is greater than the 30-year fixed rate, but you will be building equity in your home faster.

Important Loan Information (Updated September 29th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 6.000% interest rate, the APR (Annual Percentage Rate) for this loan type is 6.125%. The payment schedule would be:

  • 240 payments of $5,731.45 at an interest rate of 6.000%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

Jumbo 15-Year Fixed Rate

A fixed rate mortgage provides you with the security of a monthly payment that doesn't change. Fixed rate loans are one of the most popular loan options today. Choose a 15-year fixed rate loan if you're comfortable with a higher payment and you will have the benefit of substantial interest savings.

Important Loan Information (Updated September 29th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.375% interest rate, the APR (Annual Percentage Rate) for this loan type is 5.530%. The payment schedule would be:

  • 180 payments of $6483.72 at an interest rate of 5.375%


The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

5/5 ARM 40 Year Term

An adjustable rate mortgage has a monthly payment that may change over the term of the loan. With our 5/5 ARM, your payment won't change for the first five years but is subject to a rate adjustment every subsequent 5 years based on market conditions. The 40-year term offers a lower payment and presents a more affordable alternative to the 30-year fixed rate.

Loan Term
480 Months
The period of time for the loan to be repaid.
Interest Only Term
N/A
During this term, the payment covers only the cost of your interest. After this period, the payment will increase.
Initial Fixed Period
60 Months
The initial rate will be fixed for this period. After this period, the interest rate will be adjusted at the frequency noted below (Subsequent Adjustment Period).
Subsequent Adjustment Period
60 Months
After the initial fixed period, the interest rate will be adjusted each time this number of months has passed.
Initial Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after the Initial Fixed Period.
Periodic Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after each Subsequent Adjustment Period.
Maximum Interest Rate
Initial Rate + 5.000%
The maximum interest rate you may be required to pay.
Index
Weekly Five Year Constant Maturity Treasury (CMT)
A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are Treasury Bills, Treasury Securities, and the Cost of Funds Index (COFI).
Current Index Value
4.14%
The current value of the Index as of the date below - this value is subject to change without notice.
Margin
2.750%
The amount that is added to the Index to determine the rate at each adjustment (subject to any adjustment caps or floors).

Important Loan Information (Updated October 14th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.000% initial interest rate, the APR (Annual Percentage Rate) for this loan type is 6.618%, subject to increase. The estimated payment schedule would be:

  • 60 payments of $3,857.57 at an interest rate of 5.000%
  • 420 payments of $4,898.98 at an interest rate of 6.875%*

*This is an estimated fully indexed rate this loan could adjust to after the initial 60 month period.

The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

5/1 Adjustable Rate (30 Year Term)

An adjustable rate mortgage has a monthly payment that may change over the term of the loan. With our 5/1 Adjustable Rate Mortgage, your payment won't change for the first five years of the loan and then can change each year based on market conditions, subject to the specific terms of the loan.

Loan Term
360 Months
The period of time for the loan to be repaid.
Interest Only Term
N/A
During this term, the payment covers only the cost of your interest. After this period, the payment will increase.
Initial Fixed Period
60 Months
The initial rate will be fixed for this period. After this period, the interest rate will be adjusted at the frequency noted below (Subsequent Adjustment Period).
Subsequent Adjustment Period
12 Months
After the initial fixed period, the interest rate will be adjusted each time this number of months has passed.
Initial Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after the Initial Fixed Period.
Periodic Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after each Subsequent Adjustment Period.
Maximum Interest Rate
Initial Rate + 6.000%
The maximum interest rate you may be required to pay.
Index
Weekly One Year Constant Maturity Treasury (CMT)
A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are Treasury Bills, Treasury Securities, and the Cost of Funds Index (COFI).
Current Index Value
4.28%
The current value of the Index as of the date below - this value is subject to change without notice.
Margin
2.750%
The amount that is added to the Index to determine the rate at each adjustment (subject to any adjustment caps or floors).

Important Loan Information (Updated October 14th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.000% initial interest rate, the APR (Annual Percentage Rate) for this loan type is 6.593%, subject to increase. The estimated payment schedule would be:

  • 60 payments of $4,294.57 at an interest rate of 5.000%
  • 300 payments of $5,322.42 at an interest rate of 7.000%*

*This is an estimated fully indexed rate this loan could adjust to after the initial 60 month period.

The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

3/1 Adjustable Rate (30 Year Term)

An adjustable rate mortgage has a monthly payment that may change over the term of the loan. With our 3/1 Adjustable Rate Mortgage, your payment won't change for the first three years of the loan and then can change each year based on market conditions, subject to the specific terms of the loan.

Loan Term
360 Months
The period of time for the loan to be repaid.
Interest Only Term
N/A
During this term, the payment covers only the cost of your interest. After this period, the payment will increase.
Initial Fixed Period
36 Months
The initial rate will be fixed for this period. After this period, the interest rate will be adjusted at the frequency noted below (Subsequent Adjustment Period).
Subsequent Adjustment Period
12 Months
After the initial fixed period, the interest rate will be adjusted each time this number of months has passed.
Initial Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after the Initial Fixed Period.
Periodic Adjustment Cap
2.000%
The maximum amount the rate may increase or decrease after each Subsequent Adjustment Period.
Maximum Interest Rate
Initial Rate + 6.000%
The maximum interest rate you may be required to pay.
Index
Weekly One Year Constant Maturity Treasury (CMT)
A published interest rate used to establish the interest rate offered on an Adjustable Rate Mortgage (ARM). Some of the most common indices are Treasury Bills, Treasury Securities, and the Cost of Funds Index (COFI).
Current Index Value
4.28%
The current value of the Index as of the date below - this value is subject to change without notice.
Margin
2.750%
The amount that is added to the Index to determine the rate at each adjustment (subject to any adjustment caps or floors).

Important Loan Information (Updated October 14th, 2022)

The payment information provided below assumes the purpose of the loan is to purchase a property, with a loan amount of $800,000 and an estimated property value of $1,000,000. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740.

At a 5.000% initial interest rate, the APR (Annual Percentage Rate) for this loan type is 6.802%, subject to increase. The estimated payment schedule would be:

  • 36 payments of $4,294.57 at an interest rate of 5.000%
  • 324 payments of $5,322.42 at an interest rate of 7.000%*

*This is an estimated fully indexed rate this loan could adjust to after the 36 month period.

The loan sample above is for example purposes only and may not reflect the current interest rate or APR. Actual payments may be greater. If an escrow account is required or requested, the actual monthly payment will also include an amount for real estate taxes.

Home Equity Line of Credit (HELOC)

Our home equity line of credit puts extra cash as close as your checkbook. Apply now and access cash at any time by transferring funds up to your remaining limit to your FREE Needham Bank checking account.

Important Loan Information

The information provided is based on a $100,000 loan. The property is located in Needham, MA and is within Norfolk county. The property is an existing single-family home and will be used as a primary residence. The assumed credit score is 740. This assumes that the total of all existing mortgages does not exceed 80% of the property value.

Interest Rate/APR (Annual Percentage Rate):

The interest rate/APR (Annual Percentage Rate) has a variable-rate feature, may change monthly based on the Wall Street Journal Prime Rate (Index) effective at the beginning of each month, and as of July 27th, 2022 is currently 5.500%.

The initial interest rate/APR effective for the first 12 billing cycles is discounted by .250% and is currently 5.250%.

To determine the interest rate/APR following the initial discounted interest/APR period, we apply a Margin to the value of the Index. The Margin is 0.000%.

The interest rate/APR will never be lower than 3.000% or greater than 18.000%.

Payment: During the Draw period, interest only payments are due monthly, based on the outstanding principal balance. During the Repayment period, amortized principal and interest payments are due monthly based on outstanding principal balance at the end of the Draw period.

Term: 20 years consisting of a 10-year Draw period followed by a 10-year amortized Repayment period. If you make the required minimum monthly payments, on or before the due date, the loan will be paid in full at the end of the Repayment period.

Balance Due at End of Loan Term: $0

Maximum Loan: Our maximum combined loan-to-value for this product is 80%.

NOTE: An Alternative Income Verification Home Equity Line of Credit is available with different interest rates/APRs and terms. Please contact us for additional details.