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No Closing Costs Mortgage

Save thousands on closing costs

Saving for a down payment and closing costs can be challenging, especially for first-time buyers. Our No Closing Costs option greatly reduces the amount of money you need at closing because we cover your third-party charges and waive lender origination fees.17  You'll still have a down payment and need money for prepaid reserves (such as property taxes, homeowners insurance, and prepaid interest), but this is a great option if you want to bring less money to closing. Your interest rate will be slightly higher, but there's no prepayment penalty or hidden restrictions.
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Product Features

Terms & Fees
Available On Conventional Fixed Rate Purchase or Refinance, Construction, Jumbo
Terms 15 or 30 Years
Application Fees None
Pre-payment Penalties None
Origination Fee None

No Closing Costs Home Loan Interest Rates

Effective Date: August 03, 2020
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Term Interest Rate APR* Example Loan Amount Example Monthly Payment
15 Years - Purchase 2.875% 3.019% $200,000 $1,369.17
15 Years - Refinance 3.000% 3.145% $200,000 $1,381.16
30 Years - Purchase 3.375% 3.455% $200,000 $884.19
30 Years - Refinance 3.500% 3.581% $200,000 $898.09
No Closing Costs Option: Certain restrictions apply.  Available on select purchase and refinance home loans. Must be primary residence. Rate adjustment will be applied to current rates. Rates subject to change. Example rates, loan amounts and monthy payments shown above are based on current 30-year Conventional Fixed Rate Loan; ask your SCCU representative for examples on other available No Closing Costs loan options.

You’ll still need to make your down payment, and pay reserves (including optional discount points, if you choose), but SCCU will cover your third-party charges and waive our loan origination fees.  Your down payment is determined by the Loan-to-Value ratio. (90% LTV = 10% down payment) Loans exceeding 80% of the appraised value of the home require private mortgage insurance. 

HOME LOANS:  Mortgage loans are originated by Space Coast Credit Union, and are subject to credit approval, verification and collateral evaluation. These mortgage loan programs constitute first mortgage liens secured by the home and property. Programs, offers, rates, terms, and conditions are subject to change or cancellation without notice. Certain restrictions apply.
 

Frequently Asked Questions

A mortgage escrow account is established to hold "deposits" for items that will need to be paid at closing. These include things such as prepaid loan interest, and the first annual payments of property taxes and homeowner's insurance.
Throughout the year, a portion of each mortgage payment will be deposited into your mortgage escrow account to set aside money to pay property taxes and homeowner's insurance annually.