Space Coast Credit Union 5/1 adjustable rate mortgages
In addition to standard programs that adjust annually, this option provides an initial fixed rate of five years before the rate adjusts at all. Get added payment stability with a lower monthly expense than a standard ARM.
BEST CHOICE IF:
- You want a loan with lower initial payments
- You plan to sell the property within a certain amount of time
- You want to take advantage of a loan that offers the benefits of both a fixed rate and adjustable product*
- Reliability - the interest rate fixed for the first 5 years, adjusting annually thereafter. Members can also convert this loan to a fixed rate
- Low Payments - this loan offers very low initial payments
- Buying Power - this term allows for higher loan amount qualification, which gives you enhanced buying power
Whatever type of home loan you need, SCCU offers the fastest, most convenient mortgage process around with the personal service and features you deserve, like
- Interest rate is fixed for the first 5 years, and adjusts annually after the initial 5 year period. Plus, with our exclusive interest rate guarantee, you can relax knowing that if our rates drop when it's time to close, we'll pass on the savings!**
- Very low initial payments
- Ability to convert to a fixed rate loan after the initial 5 year period
- No Intangible Tax (Average savings of $500)
- No Prepayment Penalties (Average penalty of $6000)
- No application fee
- Fast closings
- Low rates, including low PMI (Private Mortgage Insurance) costs
- Easy paperwork
- FREE mortgage consolations and checkups
- 99.9% Member Satisfaction Rating
- Loans are serviced by SCCU
- Local, trusted lender since 1951
Read reviews from SCCU members about their mortgage! Only members with this product are invited to provide their comments and ratings.
Choose from one of our 5/1 adjustable rate loan programs that is best for you!
My Community Mortgage
This program is geared towards lower to middle income first time homebuyers and offers a minimal down payment and reduced PMI coverage.
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First Time Homebuyers
SCCU program for new home owners who have good credit, stable income, but little savings.
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In addition to more traditional loans we also offer construction/perm loans. This unique loan allows you to close on your loan with a fixed rate during construction and only have to pay closing costs once. Minimum loan amount is $50,000.
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Applying for a Space Coast Credit Union Mortgage is fast and easy!
Call our Express Sales Associate team Monday - Friday, 8 a.m. to 6:30 p.m., Saturdays, 9 a.m. to 3 p.m.
Apply online 24 hours a day, 7 days a week. Explore your different options and fill out our easy online application.
*ARM Feature:Treasury Indexed ARM Interest and payment adjustment occurs every 12 months after initial fixed rate period
Rate caps = 2% at first adjustment, 2% per annual adjustment there after and 5% over the lifetime of the loan
Index = 1yr. t-bill
Margin = 2.75%
For All Adjustable Rate Mortgage
For example, on a 5/1 1-Year Constant Maturity Treasury Index (1-Year CMT) Adjustable Rate Mortgage (ARM), the interest rate and payment are fixed for the first five years of the loan. The interest rate and payment may adjust every twelve months thereafter and may not increase or decrease more than 2.0% at each twelve-month adjustment. The interest rate cannot increase more than 5% over the term of the loan. For a 5/1 1-Year CMT ARM for $200,000 with a 30-year term and an initial interest rate of 5.698% APR, repayment will consist of 60 monthly payments of $1,119.95. If the interest rate were to increase by the maximum five percentage points to 10.698% APR, then the monthly payment would increase from $1,119.95 to a maximum of $1,726.62 in the fifth year. Other rates and terms are available. The terms used in this example are for illustrative purposes only and the actual terms you receive may be different depending on your individual circumstances.
Mortgage loans are originated by Space Coast credit Union, and are subject to credit approval, verification and collateral evaluation. Programs, rates, terms and conditions are subject to change without notice. Certain restrictions apply.
**If your SCCU quoted rate is lower at 12:00pm five days prior to closing and the interest rate lock-in has not expired, SCCU will reduce your rate to the lower rate automatically. Rate guarantee is void if there is a change in property, loan program, loan term, or adjustments to interest rate based on credit score. Other conditions apply, contact SCCU for details.