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Mortgage Options

Mortgage Options

Posted on 12/31/2013
Now is still a great time to purchase a home or refinance your existing mortgage.  Although rates have risen since the record low of last year, they are still very low, and will not stay this low for too much longer.  Once the economy shows stronger signs of recovery, the economic stimulus will eventually be tapered away and interest rates will begin to rise. 
 
Getting pre-approved for a loan increases buying bower and allows you to shop with confidence in your price range. It adds credibility to your offer and increases your chances a seller will accept the offer. SCCU Mortgage Loan Officers and Express Sales Associates are trained to help you determine what you can afford, find the right loan for your situation, and can get you pre-qualified. 

Qualities of a Prepared Homebuyer
  • Past employment: Two years or more on the job. This shows the stability of your employment and income.
  • Future plans: Live in the area five years or more. If there's a chance you'll need to relocate for work or other reasons, renting may be a better option than buying.
  • Existing savings: A respectable down payment. Many First-time homebuyers looking to finance a home with a low down payment are drawn to Federal Housing Administration (FHA) loans. The down payment is lower, 3.5 percent, and can be in the form of a gift from a friend, relative or charitable organization. FHA loans may be a good choice for those who don’t qualify for a conventional mortgage, however recent government policy changes have negatively impacted the affordability of FHA loans. As of June 3, 2013, FHA borrowers with a loan to value of 78 percent or higher must retain Private Mortgage Insurance (PMI) for a minimum of 11 years, or up to the entire life of the loan. This equates to thousands of dollars more in monthly payments. SCCU offers a conventional mortgage that has the same low down payment option of 3.5 percent but doesn’t carry the lengthy PMI requirements. These fixed rate mortgages are available with terms ranging from 10 to 40 years and your principal and interest payments aren’t affected by market conditions. Or, if you want to maximize your buying power or prefer to keep your loan payments lower during the first few years of your loan, perhaps an adjustable rate mortgage is right for you. Take note that a higher down payment, for instance 10 or 20 percent, will often lead to a lower interest rate on your mortgage and you may be taken more seriously as a qualified buyer.
  • Emergency savings: Enough to last three to six months. Maintain a reserve of money to pay the mortgage and other expenses in case of a job loss or emergency.
  • Home budget: Property taxes, insurance and repairs. The costs of owning a home far exceed the mortgage amount. Estimate all of these costs and build them into your budget.
  • Sweat equity: Time and money for home upkeep. Depending on the home, you could spend a small fortune (and/or many hours) on repairs, refinishing and redecorating. And there also may be ongoing maintenance such as mowing the lawn, cleaning the gutters, etc. It's important to feel good about your decision to buy.
  • Mortgage payment equals 29 percent or less of your gross monthly income. Your total housing payment, including taxes and insurance, should not exceed that amount. A SCCU representative can help you do the calculations.
  • Good credit score. Your credit score is a measure of how well you've managed debt in the past. A high credit score is a sign of a responsible borrower – which improves your likelihood of qualifying for the best loan rates.

SCCU wants to help you achieve your dream of home ownership. We can determine if you’re qualified to buy and how much you can afford. If you already own a home, we can help reduce your monthly mortgage payment to one that fits in your budget, or shorten your mortgage term so you can enjoy being payment free for retirement.  We’ll even service your loan for the life of your mortgage, so you can relax knowing we’ll always be there in your corner.  Give us a call today to see what we can do for you!

About Space Coast Credit Union

Space Coast Credit Union was chartered in 1951 and is headquartered in Melbourne, Florida. The Credit Union serves over 239,000 members with assets of over $3 billion through a network of 57 branches and over 100 ATMs located throughout Florida and through its web site, SCCU.com. Space Coast Credit Union is open for membership to anyone who lives or works in the Florida counties it serves.
  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.
*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

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