Mortgage & Home Equity Loans

Getting A Mortgage or Home Equity Is Easier Than You Think!


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Contact Michael Kelley for a quick 15 minute mortgage or Home Equity app taken over the phone, in your office, or at a local coffee shop. Just call Michael directly at

Michael Kelley, Assistant Vice President, Mortgage Loan Originator at 413-636-4053 (cell) or email NMLS#531261

or apply online!

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Mortgage programs

Arrha Credit Union offers a variety of fixed rate mortgages beginning with a term of 5 years up to 30 years. These programs allow you the security of a fixed interest rate of the monthly principal and interest for the entire life of the mortgage.

Variable rate mortgages are offered for specific situations and those individuals who are comfortable with their payment going up or down during the term of the mortgage.

Jumbo mortgages are offered by Arrha Credit Union for mortgage loans in excess of Freddie Mac, Fannie Mae and federal Home Loan Bank guidelines of a maximum mortgage loan of $510,400.00.

Adequate homeowner's insurance coverage is a requirement on all mortgage products.  Flood insurance may be required. Payments do not include taxes and insurance.  Your payment will be higher with the addition of taxes and insurance.

Want to know what you can pre-qualify for?  Find Out Now

Visit our Mortgage/Home Equity Loan Center for loads of information and instant approval. Whether you are buying your first house, refinancing an existing mortgage or simply need a home equity loan, we can help! Get the answers you need right away. Financing made easy.


Massachusetts Housing Partnership – ONE Mortgage Program

Arrha offers the ONE Mortgage to low- and moderate-income first-time homebuyers. A down payment of 3% or more is required, but Private Mortgage Insurance is not.

Additional information:

  • Property and casualty insurance required
  • Flood insurance required if property is in a flood zone

To learn more about the benefits of the ONE Mortgage or to apply, contact:
Michael Kelley, NMLS #531261, (413) 636-4053,

Home Equity Loan Options  Review Rates

When borrowing from the equity in your property, you have the option to choose between a home equity loan and a home equity line of credit. They differ in the interest rate being offered and in the way you access your funds. Home equity loans are fixed-rate loans, while home equity lines of credit have a variable rate.

Home equity loan, a fixed rate option

The fixed home equity loan traditionally has a higher rate than the home equity line of credit. Your payment will remain the same over the life of the loan regardless of the change in the market rate especially if they rise above your rate. This loan is an excellent option if you live on a monthly budget or you are looking for payment stability.

Home equity line of credit, a variable rate option

This line of credit offers a lower rate than the fixed home equity loan. It is a variable rate product. The rate changes periodically according to the changes of the financial index such as The Wall Street Journal Prime Rate. The interest rate is determined by adding the rate of the index, which can vary over time, to a margin, determined by Arrha Credit Union which remains fixed for the life of the line of credit. If the index goes up so will your interest rate and payment and if the index goes down, so will your rate and payment also decrease.

NEW! Another Great Member Benefit!

Free ener-G-save

ener-G-save is a philanthropically funded energy efficiency project in the Pioneer Valley. It is the brainchild of Harold Grinspoon, a Springfield philanthropist who for more than 2 decades has supported varied educational initiatives, young entrepreneurs, and regional farmers. More on Harold Grinspoon and his work here.

ener-G-save sees local energy conservation as an important lever to help people spend less on utilities and be more comfortable in their homes, while creating local jobs and reducing greenhouse gas emissions.

Together with partnering towns, grassroots groups, businesses, faith communities and contractors they help homeowners navigate and take full advantage of existing utility incentives for energy efficiency as well as consult them, if they wish, on further steps they can take to save money, energy and carbon emissions.

Through a one stop hotline (413-279 9141) or by filling out the online form, ener-G-save helps all homeowners access pre-screened contractors and financial incentives to determine which kind of work and which financial help makes the most sense in each particular case, making it as easy as possible to follow through on good intentions!