It looks like you're using an outdated browser.
For a better experience, we recommend switching to a more modern browser like Google Chrome or Microsoft Edge. Learn more.
Online Banking Login

No Closing Costs Mortgage

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 up front.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 up front. And when you're ready to upgrade, there's never a prepayment penalty or any hidden restrictions.
Apply Now

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: January 19, 2022
Apply Now
Term Rate "As Low As" APR* "As Low As" Example Loan Amount Example Monthly Payment
15 Years - Purchase 3.375% 3.521% $200,000 $1,417.52
15 Years - Refinance 3.500% 3.647% $200,000 $1,429.77
30 Years - Purchase 3.875% 3.958% $200,000 $940.47
30 Years - Refinance 4.000% 4.083% $200,000 $954.83
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. Taxes and insurance not included, your actual payment obligation will be higher.

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.