Forms & FAQs

Do I need to come in to the branch to apply for a mortgage?

No. We can take your application by phone, online or at any branch location.

What are Discount Points?

A discount point is equal to one percent of the principal amount of the mortgage. For example, if you get a mortgage for $100,000, one point means you pay $1000.   Paying discount points allow you to obtain a lower interest rate.  Points are collected at closing and may be paid by the borrower or the home seller or split between them.  We recommend you speak with a home loan consultant to determine if points are right for you.

Do I have to pay Points?

No.  You will always have the option of paying no points.  We even have No points and No Closing Cost options.  Ask a home loan consultant for information about that program.

Why is the Annual Percentage Rate different than the rate I am applying for?

The Annual Percentage Rate (also referred to as the APR) is a rate that reflects the actual annual cost of the loan and includes the loan interest rate, private mortgage insurance, points and other fees charged by the credit union or other lender.

In what states does NMTW offer mortgage loans?

We offer home equity and mortgage loans portions of Essex and Middlesex County in Massachusetts, Southern New Hampshire and Southern Maine. Click here for a listing of towns and cities.

Do I have to have real estate taxes or home owners insurance included in my mortgage payment?

No. However, including your real estate taxes in your mortgage payment can offer a great convenience when taxes come due!     If you choose we can include your real estate taxes in your monthly payment.  When your tax bill is due, we send the payment for you.

Can I use my bonus and overtime to qualify for a mortgage loan?

Bonus and overtime income can be used if the employer verifies that the member has received this income for the past two (2) years, and that the bonus and overtime income will in all probability continue.

What is Private Mortgage Insurance (PMI) and how can I avoid this being placed on my loan?

PMI is insurance to protect the lender against loss in the event the borrower defaults on the loan. The premium is paid by the borrower and is included in the mortgage payment. You can avoid having PMI added to your monthly payment if you make a down payment of 20% or more resulting in a loan to value ratio of 80% or less.

What options do I have for making mortgage payments?

Payments can be made in NMTWCU’s Online Banking, telephone banking, by automatic payment withdrawals from your bank account or by check and coupon.

How do I get my IRS Mortgage Interest Paid tax statement (1098) or find the amount of interest I paid last year?

Every January we automatically mail to your primary residence your 1098 form.  If you need additional copies you can request a copy of your 1098 statement by calling 800-942-9575 or by emailing This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

How can I convert my adjustable rate mortgage to a fixed rate mortgage?

To find out if you can refinance your adjustable rate loan to a fixed rate, call 800-942-9575 and ask to speak with a Home Loan Consultant. Because we already have your loan, the process is easy and can be completed quickly.

If I get an adjustable rate mortgage will I have to worry about high interest rate resets at adjustment periods?

No.  Our adjustable rate mortgages have caps which are typically 2% up or down at an adjustment period and no more than 6% over the life of the loan.

Do NMTW’s mortgages have pre-payment penalties?

NEVER will.

What is the difference between a mortgage pre-qualification and a pre-approval?

A pre-qualification determines how much a prospective homebuyer can afford before actually applying for the loan. This is done without verification of any income, down payment or credit information.   A Pre-approval verifies all income, down payment sources and accesses your credit file just like applying for a home.  We offer both. Contact a home loan consultant right now and be ready to put in an offer to buy a home with confidence.