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No Closing Costs Home Loan

Save thousands on closing costs

We get it; saving enough for a mortgage down payment and closing costs can be challenging—especially for first-time buyers. That's why we created our No Closing Costs option! With this mortgage, we cover your typical closing costs and waive the lender origination fee, significantly reducing the amount of money you'll need upfront.17  You'll still have a down payment and need money for prepaid property taxes, homeowners insurance, and interest, but this mortgage allows you to buy with much less money upfront. And when you're ready to upgrade, there's never a pre-payment penalty or any hidden restrictions.

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Product Features

Terms & Fees

Up to 30 years fixed

Application Fees


Pre-Payment Penalties


Origination Fee


Other Fees

Prepaid Taxes, Interest, and Mortgage Insurance

Available With

Conventional Fixed-Rate Purchase or Refinance; Construction; Jumbo; Select Adjustable-Rate Purchase Loans

No Closing Costs Home Loan Interest Rates

Effective Date: July 03, 2024
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Term Rate "As Low As" APR* "As Low As" Example Loan Amount Example Monthly Payment
10 Years - Purchase or Refi 6.750% 7.033% $200,000 $2,296.48
15 Years - Purchase 6.875% 7.077% $200,000 $1,783.71
15 Years - Refinance 7.000% 7.203% $200,000 $1,797.66
20 Years - Purchase or Refi 7.375% 7.540% $200,000 $1,595.93
30 Years - Purchase 7.375% 7.503% $200,000 $1,381.35
30 Years - Refinance 7.500% 7.629% $200,000 $1,398.43

No Closing Costs Option: Rates based on creditworthiness. 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 monthly 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. Monthly payments do not include taxes and insurance; the actual payment obligation will be greater.

You’ll still need to make your down payment, and prepaid taxes, interest, mortgage insurance, real estate agent and brokerage fees/commission and fees for 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.