Metro Credit Union, Massachusetts’ largest state-chartered credit union, is hosting meetings this month with city officials to discuss benefits of their new 40-year mortgage. Metro recently added the 40-year mortgage to its product lineup, which includes options for jumbo loans and bi-weekly payments.
Robert Cashman, Metro Credit Union’s Chief Executive Officer, met with Tom Ambrosino, Chelsea City Manager, at Chelsea City Hall this week to discuss the new offering. The 40-year mortgage will make becoming a homeowner a reality for more individuals, including first-time homebuyers who are having difficulty getting into the market.
“Residents of Chelsea will find the new 40-year mortgage term appealing, whether they are looking to become homeowners for the first time or refinance an existing mortgage” said Robert Cashman, CEO and President of Metro Credit Union. “With Metro’s headquarters being located in Chelsea, we have a strong sense of community here that we hope will flourish through offering this new product.”
Extending the mortgage term to 40 years results in a lower monthly mortgage payment, offering housing affordability for many who are currently priced out of the market, or those having difficulty refinancing an existing loan. Cashman and Ambrosino seek to spread the word about the 40-year mortgage to improve housing affordability for Chelsea residents.
“Chelsea residents will have a new resource for making homeownership a reality through Metro’s new 40-year mortgage” said Tom Ambrosino, Chelsea City Manager. “Metro’s strong presence within the community of Chelsea and their strong reputation within their industry means I support their latest offering without hesitation.”
For more information about Metro Credit Union, please visit MetroCU.org or follow Metro on LinkedIn.