Mayor meets with Metro Credit Union CEO to discuss affordable housing

  Metro Credit Union is meeting with city officials to discuss benefits of its new 40-year mortgage. Metro recently added the 40-year mortgage to its product lineup, which includes options for jumbo loans and biweekly payments. 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. Metro CEO Robert Cashman recently met with Mayor Gary Christenson to discuss the new offering.

  “The 40-year mortgage is a great resource for Malden residents,” said Cashman. “I hope the new mortgage term allows current Malden residents to stay in the city long-term, either through first-time homeownership or refinancing.”

  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 Christenson seek to spread the word about the 40-year mortgage to improve housing affordability for Malden residents.

  “I am in full support of how Metro’s 40-year mortgage can help Malden residents become homeowners,” said Christenson. “It is a feasible way to ensure current residents can stay in Malden for as long as they’d like, which will help our community flourish.”