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Home Page > Mortgages : Award-Winning Adjustable Rate Mortgages at Space Coast Credit Union  

1st Mortgages

Home Equity Loans

Application & Rates


Cost Cutter Loan
Space Coast Credit Union 5/1 adjustable rate mortgages

5/1 Adjustable Rate Mortgages

Ease
4.29

Responsiveness
5

Rate
4.29

Time
4.57

Recommend SCCU
5

(Out of 7 member reviews)

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*

ADVANTAGES :

  • 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
  • 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 Origination Fees for 1st & 2nd Home (Average savings of $2,500)
  • No Prepayment Penalties (Average penalty of $6000)
  • Low Application Fee
  • Fast closings
  • Low rates, including low PMI (Private Mortgage Insurance) costs
  • Easy paperwork
  • FREE mortgage consolations and checkups
  • Receive a credit of up to $5,000 to offset your closing costs with our Easy Refi Program – get more details here
  • Receive a rebate of up to $5,000 by working with a participating agent using our exclusive Real Estate Rebate Program – get more details here
  • 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.

Average Product Rating

Jeff W

5/14/2008 12:48:50 AM

4.6 Stars

Closed my loan in record time! Great customer service.

Name Withheld

12/26/2007 11:49:34 PM

4.6 Stars

Cathy was excellent. She made this very easy. Could have been a little better helping choose which type mortgage.

Name Withheld

9/4/2007 12:03:59 AM

5 Stars

Our process was handled by Kris Gray who offered outstanding service!

Choose from one of our 5/1 adjustable rate loan programs that is best for you!

First Mortgage "EASY REFI" Loan
Receive a credit up to $5,000 to offset any refinancing costs. Use this mortgage to convert your adjustable rate mortgage to a fixed rate, take some cash out to make home improvements, or lower your monthly payments.
Learn More Apply Now - Contact Us
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.
Apply Now - Contact Us
First Time Homebuyers
SCCU program for new home owners who have good credit, stable income, but little savings.
Learn More   Apply Now - Contact Us
No Stated Income
For members who do not wish to document income. Our stated income loan programs allow you to qualify without the hassle of providing the standard income documents required under our standard loan programs. Please contact us for details.
Apply Online - Contact Us
Construction Loans
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.
Apply Online - Contact Us

Applying for a Space Coast Credit Union Mortgage is fast and easy!

  1. By Phone

    Call our Express Services Associate team Monday - Friday, 8 a.m. to 6:30 p.m., Saturdays, 9 a.m. to 3 p.m.

    Brevard: 321-752-2222, option 3
    Toll Free: 800-447-7228, option 3

  2. Online

    Apply online 24 hours a day, 7 days a week. Explore your different options and fill out our easy online application.

  3. At In Person

    Contact one of our award-winning Mortgage Representatives and set up and appointment at any of our SCCU branches, or we can come to you!

Unique Loans

*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.

Application fees apply.

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.
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Corporate Headquarters: Space Coast Credit Union 8045 N. Wickham Road Melbourne, Florida 32940
PH: 321.752.2222 • TF: 800.447.7228
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