What is a Credit Union?
- Meet Your Watchdog!
- Newsletters
- Community
- Hero Loans
- Events
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- Check Loan/Account Application
Accessible Menu - Main Menu - Checking & Savings
- Mortgages
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- Compare Checking Accounts
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- Interest Checking
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- Zelle ®- Certificates of Deposit (CDs)
- Debit Card Services
- IRA Options
- Individual Retirement Accounts (IRAs).
- IRA CDs
- Switch Kit
- Existing Account Help.
- Order Checks
SCCU Routing Number: 263177903
use your SCCU Visa® & reg; Debit
Card.
- Mortgage Products.
- No Deposit Mortgage.
- Hero Loans.- No Closing Costs Mortgage.- Conventional Fixed-Rate Mortgages.
- Construction-to-Permanent Loans.
- FHA Home Loans
.- VA Mortgage.
- Jumbo Home Loans.
- Condo Loans. -Adjustable-Rate Mortgage.- Lot Loans -Home Equity Loans.- Home Equity Credit Line.- Fixed-Rate Home Equity Loan( 2nd Mortgage )- Mortgage Refinance- Home Buying Center -Estimate My
Mortgage Payment -Express Mortgage Originators - Existing Mortgage Help.
- Escrow Assistance. -Filing a Home Insurance Claim.- HELOC Charge Card Account Access- Check Mortgage Application Status
- Check Home Equity
Application Status All New 10/1 ARM- Auto/Vehicle Loans.- Auto Loan Pre-Approval. -Auto Loan Refinance- Recreational Vehicles.- Boat and RV Loans
. -Motorcycle & Scooter Loans - Personal Loans.
- Share Loans
& CD Secured Loans.- Signature Personal Loans- Auto Buying Center -Request More Product Info- Existing Auto Loan Help.
- Skip Your Auto Payment- Rates. -Hero Loans Our Car Buying Center offers pointers to make your experience as basic as
possible.
- Credit Cards.
- Visa Signature ®.
- Visa ® Platinum
. -Visa ® Low Rate
. -Visa ® Secured.- Visa ® Student- Report a Lost or Stolen Card- Manage Cards -Existing Visa ® Credit
Card Help -Travel Notice
& Tips -TCM Bank MasterCard Access- Rates
- Check Application Status
With low variable rates, digital wallet payment alternatives, and no yearly fees, members conserve more with an SCCU Visa® & reg; charge card.
- Digital Banking.
- Electronic banking.
- Mobile Banking.
- Digital Wallet.
- Mobile Wallet Loan Payments.
- Zelle ®- Insurance.
- Auto Insurance & Extended Warranty.
- TruStage Auto & Home Insurance.
- Credit Life & Disability
- Business Services
- Financial Wellness.
- Fraud Prevention Center.
- Financial Calculators.
- Articles
- Member Discounts
with Mobile Deposit in the SCCU Mobile app.
- Checking & Savings - Compare Checking Accounts.
- Free Checking.
- Interest Checking.
- Student Checking.
- Health Savings Checking.
- Compare Savings Accounts.
- Regular Savings.
- Money Market.
- My Way Savings.
- SCCU Savings Cents.
- Youth Savings.
- Christmas Club Savings.
- Zelle ®
. -Certificates of Deposit (CDs).
- Debit Card Services.
- IRA Options.
- Individual Retirement Accounts (IRAs).
- IRA CDs.
- Switch Kit.
- Rates.
- Existing Account Help.
- Order Checks.
- Check Application Status
- Mortgage Products.
- No Down Payment Mortgage.
- Hero Loans.
- No Closing Costs Mortgage.
- Conventional Fixed-Rate Mortgages.
- Construction-to-Permanent Loans.
- FHA Home Loans.
- VA Mortgage.
- Jumbo Home Loans.
- Condo Loans.
- Adjustable-Rate Mortgage.
- Lot Loans.
- Home Equity Loans.
- Home Equity Line of Credit.
- Fixed-Rate Home Equity Loan (2nd Mortgage).
- Mortgage Refinance.
- Home Buying Center.
- Estimate My Mortgage Payment.
- Express Mortgage Originators.
- Existing Mortgage Help.
- Escrow Assistance.
- Filing a Home Insurance Claim.
- HELOC Credit Card Account Access.
- Rates.
- Check Mortgage Application Status.
- Check Home Equity Application Status
- Auto/Vehicle Loans.
- Auto Loan Pre-Approval.
- Auto Loan Refinance.
- Recreational Vehicles.
- Boat and RV Loans.
- Motorcycle & Scooter Loans.
- Personal Loans.
- Share Loans & CD Secured Loans.
- Signature Personal Loans.
- Auto Buying Center.
- Request More Product Info.
- Existing Auto Loan Help.
- Skip Your Auto Payment.
- Rates.
- Hero Loans.
- Check Application Status
- Credit Cards.
- Visa Signature ®.
- Visa ® Platinum.
- Visa ® Low Rate.
- Visa ® Secured.
- Visa ® Student. -Report a Lost or Stolen Card.
- Manage Cards.- Existing Visa ® Charge Card Help.
- Travel Notice & Tips.
- TCM Bank MasterCard Access.
- Rates.
- Check Application Status
- Digital Banking.
- Online Banking.
- Mobile Banking.
- Digital Wallet.
- Mobile Wallet Loan Payments.
- Zelle ®.
- Insurance.
- Auto Insurance & Extended Warranty.
- TruStage Auto & Home Insurance.
- Credit Life & Disability.
- Business Services.
- Financial Wellness.
- Fraud Prevention Center.
- Financial Calculators.
- Articles.
- Member Discounts
- Schedule Appointment.
- Locations.
- Financial Wellness.
- Careers.
- About Us - Organization - SCCU History.
- What is a Cooperative credit union?
- Meet Your Watchdog!
- Newsletters
- Community - Hero Loans.
- Events
- Help - Current Fraud Alerts.
- Frequently Asked Questions.
- Check Loan/Account Application
- By Phone:.
Brevard: 321-752-2222.
Broward: 954-704-5000.
Miami-Dade: 305-882-5000.
All Other Areas: 800-447-7228
Member Service Center.
Mon - Fri: 8am to 8pm.
Sat: 9am to 5pm
Express Services.
Mon - Fri: 8am to 7pm.
Sat: 9am to 2pm
- Report a Lost or Stolen Card.
- Additional Contact Information.
- Check Loan/Account Application
Scam Alert! Don't provide your details. SCCU will NEVER call, text, or email you to request delicate information, such as your Electronic banking passwords or account/card numbers. Find out more.
1. Personal.
2. Mortgage Products.
3. Adjustable-Rate Mortgage
Adjustable-Rate Mortgage
Make the most of lower initial payments and start developing equity
SCCU offers a range of Adjustable-Rate Mortgages (ARMs) to help you start developing equity while taking pleasure in a lower rate and payment in advance. Since ARM rates and payments can go lower or higher in the future, you'll need to completely comprehend how they work. We'll deal with you to determine what alternative is best for your scenario. Our knowledgeable mortgage officers can explain the information so that you'll feel positive with your ARM.22
Product Features
- As much as 95% Financing16
- More Flexible Terms, with Lower Initial Interest & Payment
- Alternatives that Offer Adjustment after 5, 7, or 10 years22
- Ability to Convert to a Fixed Rate Loan
- Affordable Housing Program Available
- Fast Pre-qualification Decisions, Online or Over the Phone.
- No Intangible Tax21.
- SCCU Member Service for the Life of the Loan.
- SCCU Rates Of Interest Guarantee18
As much as thirty years
None
$ 1,100 plus.25% of loan amount
No Closing Costs; Jumbo; Construction
- Calculators.
- Home Buying Center.
- Other Mortgage Options.
- SCCU Owners' Manual.
- Mobile Banking.
- Electronic banking.
- How Adjustable-Rate Mortgages Work (+ Pros and Cons)
How do I obtain an adjustable-rate mortgage with SCCU?
You may use online or connect to us.
An adjustable-rate mortgage-also referred to as an ARM or variable rate mortgage-is a mortgage that has an interest rate that can go up or down at defined time periods. Typically, an ARM begins out with an interest rate that's lower than the rate of interest on a similar fixed-rate mortgage for a specified time period. When that time duration ends, the rate of interest might alter, which may alter the quantity of your monthly payment.
At SCCU, we offer a variety of ARMs to suit our members' requirements, consisting of options that offer rate modification after 5, 7, or ten years22. For instance, a 5/1 ARM has a set rate of interest for the very first five years of the loan. After the preliminary five-year period, the rates of interest and payment may adjust every 12 months. The rates of interest can't increase or reduce more than 2 percent at one modification and can't increase more than 5 percent over the life of the loan. To get more information, please connect to us.
What are the disadvantages of an ARM loan?
Adjustable-rate mortgages (ARMs) are not for everybody, however the bright side is that customers have a wide variety of mortgage types from which to select. If you are thinking about an ARM loan, however, it's crucial to understand some of the possible drawbacks:
- Adjustable-rate mortgage rates can and are likely to change over the life of the loan. An ARM rate may be low for a preliminary duration however might increase later on.
- Some adjustable-rate mortgages include prepayment charges, so you will desire to ask potential loan providers for a clear answer on this.
- Some adjustable-rate mortgages will have a balloon payment at maturity, which might be a considerable amount of cash.
What are adjustable-rate mortgage change caps?
Adjustable-rate mortgages have caps, or limits, on just how much the rate of interest can increase from one change date to the next. These change caps safeguard customers from severe modifications in rates. Lenders might have 3 kinds of caps:
- The preliminary adjustment that takes place after the initial fixed-rate term is reached
- Subsequent modification caps that manage just how much the rate can increase at one time in change durations that follow the first change
- A cap on the adjustment for the life of the loan, or what the total rate of interest increase will ever be
What is an ARM loan modification period?
Typically, the monthly payment and rates of interest on adjustable-rate mortgages change at defined intervals, such as each month or year or every 3, 5, or 7 years. The length of time in between each interval-at which time the rate of interest can be adjusted-is referred to as the adjustment duration.
What questions should customers inquire about adjustable-rate mortgages?
Securing a mortgage of any type is frequently among the largest monetary deals most people will make, so taking the time to ask possible lending institutions the best concerns is essential. To make sure you comprehend the terms of an adjustable-rate mortgage, ask lenders these questions:
- What is the preliminary interest rate and how long does it use?
- How often will my rates of interest be adjusted?
- What is the index that the ARM rate is based upon?
- What is the loan provider's margin (an extra amount that lending institutions include to the index rate)?
- How high or low could the rate of interest go?
- What is the cap on the payment?
- Exists a charge for settling the loan early?
- If there is a balloon payment, when would it be due and just how much would it be?
- Does the initial month-to-month payment include taxes and insurance?
Which is much better: A fixed- or adjustable-rate mortgage?
Each kind of mortgage has its benefits and drawbacks, and eventually, the mortgage that's much better is the one that's finest for you. Here are a few things to consider when weighing your home funding choices: Adjustable-rate mortgages are at first based upon short-term interest rates that are typically lower than rates of interest on fixed-rate mortgage. That indicates ARM rates might at first provide lower regular monthly payments and may give you the chance to purchase a more expensive home. But, after the preliminary rate duration, your rate might change, impacting your regular monthly payment. There are likewise more types of variable-rate loans, so you might have more options when searching for home funding that satisfies your private needs.
The most important benefits of fixed-rate mortgages consist of knowing precisely what your monthly house payments will be over time which you won't have any undesirable rate of interest surprises in the future. Fixed-rate mortgages are also simpler and simpler to comprehend.
Contact our Express Services group to read more about all of the mortgage options SCCU uses our members.
Who should think about an adjustable-rate mortgage?
ARM loans might be the right option for your loaning needs if:
- Your income is presently adequate or is most likely to increase enough for you to be able to easily make higher regular monthly payments ought to your ARM interest rate boost at any modification period.
- You prepare to stay in your home for simply a couple of years, so the possibility of paying greater month-to-month payments in years to come is not a concern.
- Yes
- No
MORTGAGE: Mortgage loans are come from by Space Coast Cooperative Credit Union, and go through credit approval, confirmation and collateral evaluation. Programs, offers, rates, terms, and conditions go through alter or cancel without notification. Certain limitations use.
These mortgage loan programs constitute first mortgage liens protected by the home and residential or commercial property. Your down payment is determined by the Loan-to-Value ratio. (90% LTV = 10% down payment) Loans surpassing 80% of the assessed value of the home need private mortgage insurance coverage. Member responsible for any funds required for closing costs and pre-paid escrow.
- Compare Checking Accounts
- Compare Savings Accounts
- Zelle ®
. -Certificates of Deposit (CDs).
- Debit Card Services.
- IRA Options.
- Switch Kit.
- Rates.
- Existing Account Help.
- Check Application Status
- Mortgage Products.
- Home Equity Loans.
- Mortgage Refinance.
- Home Buying Center.
- Estimate My Mortgage Payment.
- Express Mortgage Originators.
- Existing Mortgage Help.
- Rates.
- Check Mortgage Application Status.
- Check Home Equity Application Status
- Auto/Vehicle Loans.
- Recreational Vehicles.
- Personal Loans.
- Auto Buying Center.
- Request More Product Info.
- Existing Auto Loan Help.
- Rates.
- Check Application Status
- Credit Cards.
a Lost or Stolen Card.
- Manage Cards.
- Existing Visa ® Credit Card Help.
- Travel Notice & Tips.
- TCM Bank MasterCard Access.
- Rates.
- Check Application Status
- Digital Banking.
- Insurance.
- Business Services.
- Financial Wellness.
- Member Discounts
- Schedule Appointment.
- Locations.
- Financial Wellness.
- Careers.
- Connect with Us!
- Facebook.
- Instagram.
- LinkedIn
- Brevard: 321-752-2222.
- Broward: 954-704-5000.
- Miami-Dade: 305-882-5000.
- All Other Areas: 800-447-7228
- Fees, Forms, and Disclosures.
- Terms and Conditions.
- Privacy Policy.
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-.
SCCU Routing Number: 263177903.
NMLS #: 403370
Space Coast Cooperative credit union subscription is open to family members of existing members and all who work or live in Alachua, Brevard, Broward, Charlotte, Citrus, Clay, Collier, Duval, Flagler, Hernando, Hillsborough, Indian River, Lake, Lee, Manatee, Marion, Martin, Miami-Dade, Monroe, Nassau, Okeechobee, Orange, Osceola, Palm Beach, Pasco, Pinellas, Polk, Putnam, Sarasota, Seminole, St. Johns, St. Lucie, Sumter, or Volusia Counties in Florida.
* APR = Interest Rate. ^ APY = Annual Percentage Yield.
Space Coast Credit Union (SCCU) © 2025
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