Home Mortgage Loans: Purchasing
SCCU offers a variety of loan options for home purchase, whether you are a first-time homebuyer or ready to buy your next home.
Wondering if you should go with a fixed rate or an adjustable one? Here’s some guidance. If you plan to stay in your home long-term, rate fluctuations won’t affect you if you choose the conventional fixed-rate mortgage loan. But, if you like the idea of starting out with the lowest rate, you might prefer an adjustable rate mortgage loan.
Specialty products include the condo mortgage loan, the jumbo mortgage loan for loan amounts higher than $424,000, FHA loans that are ideal for first-time homebuyers, and construction loans for when you are building the home of your dreams.
Home Mortgage Loans: Refinancing
Take advantage of SCCU home loans when you’re refinancing your mortgage. If you refinance to lower your interest rate, you can benefit from more affordable monthly payments or pay off your loan more quickly. Or, consider a cash-out refinance if you need some extra cash for a large purchase or remodeling project. You can take advantage of these loan programs described below: fixed rate mortgages, adjustable rate mortgages, jumbo loans and FHA loans.
Fixed Rate Home Equity Loans
A fixed rate home equity loan (second mortgage) makes good sense when you need a lump sum of money for a one-time event. This event can range from replacing your roof to consolidating credit card debt. Principal and interest payments remain the same, so you don’t have to worry about fluctuating market conditions. You can borrow as little as $5,000, with terms up to 20 years.
Home Equity Lines of Credit
A home equity line of credit (HELOC) is the right choice when you want to periodically withdraw funds and/or have them available in case of emergency. You can borrow what you need, when you need it—in a lump sum or as you pay bills. You can borrow as little as $5,000 with a seven-year draw/seven-year repayment period. Other terms and rates are available.
Contact Us for Your Mortgage Loans and Home Equity Loans
You can contact us online or call the branch nearest you:
All Other Areas: 800-447-7228
1Mortgage Interest Rate Guarantee: If the comparable SCCU interest rate is lower than your original interest rate five (5) business days before the closing and the interest rate lock-in has not expired, SCCU will reduce the interest rate on your loan 5 business days prior to closing. This is limited to a reduction of .25 percent. A one-time fee of $75 will be assessed at time of closing if this Price Guarantee is exercised and your rate is reduced. Other conditions may apply, contact SCCU for details.