Get a loan that’s as perfect for you and your family as your new home is. We offer full service and a commitment to personal attention that ensures you get a loan tailored to fit your needs. With fixed and adjustable rates as well as many other loan programs, our mortgage options are sure to have everything you need to get that dream home.

Summary, Programs & FAQ

Summary

  • Competitive interest rates
  • Fixed and adjustable rate mortgages (ARMs)
  • Various terms available
  • Affordable payments
  • Low down payment
  • Special first-time buyer programs
  • Pre-approval available

Programs

Adjustable-Rate Mortgages (ARMs)

With an adjustable-rate mortgage from The Cooperative Bank of Cape Cod, a variety of programs are offered with features that include periodic and lifetime rate caps.

Fixed-Rate Mortgages

Whether you’re buying a new home or refinancing an existing one, The Cooperative Bank of Cape Cod offers a wide range of fixed-rate loans. The main advantage of our Fixed-Rate Mortgage is that the rate is guaranteed for the life of the loan, meaning your mortgage payment always remains the same.

First-Time Home Buyer Programs

We offer special programs for first-time home buyers that feature lower down payment options, reduced closing costs, higher qualifying ratios, and more flexible underwriting standards. To find out more, talk to your local lender today.

Land Loan

Even if the property doesn’t have a home on it, you can purchase a lot for future construction. We can provide the financing for that too.

Jumbo Loan

Dare to dream big! We offer adjustable- and fixed-rate mortgage loans exceeding $417,000.

Combo Loan

This unique combo loan offers a fixed- or adjustable-rate mortgage on a primary or secondary home along with a home equity line of credit at no additional cost.

MassHousing Mortgages

Our partnership with MassHousing allows us to provide a variety of special financing options for first-time homebuyers as well people looking to purchase a new home or refinance. These mortgage programs feature low down payments, competitive rates, low or no mortgage insurance and additional benefits for qualified borrowers.

Municipal and Healthcare Workers Program

With 100% financing, no mortgage insurance, and low rates, our Municipal and Healthcare Workers Program can make home ownership a reality. This adjustable rate mortgage is a flexible financing option exclusively designed for credit eligible municipal, public safety, healthcare, law enforcement, education, social services and non-profit organization employees.  100% financing excludes fees and closing costs, and the maximum loan amount cannot exceed fair market value of the property or $600,000, whichever is lower.

FAQ

How long will it take before I know I am approved?

Depending on your credit history and down payment and the loan program selected, we may be able to approve your mortgage request in as little as 24 to 72 hours. However, 5 to 7 business days is typical.

What is the difference between the APR and the interest rate?

The APR (annual percentage rate) reflects the cost of your mortgage loan on a yearly rate. It also includes the costs to obtain the mortgage, such as discount fees and points paid. The interest rate is the actual rate you pay on your note. The APR is used as a guide for comparison shopping with other lenders to determine fees associated with the loan.

What documentation should I bring to my loan officer?

You should bring any income and asset information along with any other information you feel is pertinent such as a Purchase and Sale Agreement, if applicable. Additional documentation may be requested depending on your current income situation.

Who do I contact if I have a question or problem with my loan while it is in process?

You may either contact your loan officer directly or call the Residential Lending Department at 508.568.3266.

If I have an existing mortgage with you, will I have to pay all the closing costs again?

Yes, there are costs to process any new loan application, but some of the fees are reduced for refinancing with us.

Will the lender agree to include my closing costs in the loan amount?

For refinance transactions, you may include your closing costs as part of the loan amount. On purchase transactions, typically you may not finance your closing costs.

Do I need to hire my own attorney?

You do not have to hire an attorney. The bank will hire one for the transaction. However, if you are purchasing a property, it is recommended you hire an attorney on your behalf to review the contract.

Can I close my mortgage without being present?

You may appoint someone to sign for you on your behalf using a Power of Attorney. A Power of Attorney requires certain restrictions and requirements, so please contact your closing attorney. Please note, there are additional fees for these options and it may require some additional time to coordinate.

Do you require title insurance?

Yes. Title insurance is required on transactions.

What is PMI and when is it required?

PMI is Private Mortgage Insurance written by a private company that protects the lender should the borrower default on the mortgage. Borrowers are required to pay the premium as part of their monthly mortgage payment. If you make a down payment less than 20%, even if you have a good credit history, PMI insurance is required for most loans.

What homeowner’s insurance requirement will I need at closing?

The bank requires a one-year pre-paid receipt of homeowner’s insurance for at least the amount of the mortgage at closing.

Do I need to send in my real estate tax bill?

Yes, you need to send in your real estate tax bill if we escrow your taxes. Once you receive your real estate tax bill, you should mail it with your mortgage payment or drop it off at any of our branch locations to ensure proper payment.

What is an escrow account?

An escrow account is typically established at closing. This account is held by the bank for the future payments of recurring items relating to the mortgaged property, such as real estate taxes and flood insurance.

Do you escrow real estate taxes and insurance?

The bank is required to collect escrow for real estate taxes if the loan to value is 80% or greater. You may request to have your real estate taxes escrowed at any time if you wish. The bank does not escrow for homeowners insurance. You are responsible for maintaining homeowners insurance on your property at all times as part of your mortgage contract.

Can I discontinue my escrow account?

You may request to discontinue escrowing for real estate taxes if your current loan to value is less than 80%.

Can I have my principal and interest payments recalculated?

Based on a principal reduction of at least $10,000 most of our investors will allow a recalculation and reduction of the mortgage payment. The request must be made in writing to the bank and may require a fee to be paid.

How long does it take the appraisal to be completed?

We order the appraisal upon approval of your mortgage application. The estimated turn around time is typically 5-7 business days.

How do I receive a copy of the appraisal that was completed?

The bank will provide a copy of the appraisal at closing. If you would like it sooner, you may request a copy in writing.

How do I change the deed to my property?

Any changes to the property must be requested in writing to the bank for approval along with a draft of the proposed change. This will not change the terms of the mortgage and note agreement.

When will I receive my year-end interest statement?

Year-end statements (IRS Form 1098) are mailed out by the end of January. This statement includes interest and real estate taxes paid on your mortgage loan for the previous year.