SCCU Fixed Rate Mortgage Loans

This "traditional" type of loan maintains its original interest rate throughout the entire life of the loan. (Any change in monthly loan payments will be due to increases in other charges like insurance or taxes that will naturally occur over time.) Fluctuations in market rates, over the term of your loan, won't have any impact on the amount of interest you pay because that rate is already "fixed." Plus, with our exclusive interest rate guarantee, you can relax knowing that if our rates drop when it's time to close, we'll pass on the savings!*

40 Year Fixed

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments.

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.

For example, a 40-year fixed rate loan for $200,000 with a 7.000% interest rate (7.357% APR) would require 480 monthly principal and interest payments of $1,242.86. Taxes and insurance escrows are not included. 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. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

30 Year Fixed

Advantages:

Level principal and interest payments for the full term of the loan. No risk that changing market conditions will increase your monthly payments

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.

For example, a 30-year fixed rate loan for $200,000 with a 6.000% interest rate (6.336% APR) would require 360 monthly principal and interest payments of $1,199.11. Taxes and insurance escrows are not included. 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. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

20 Year Fixed

Advantages:

Level principal and interest payments for the full term of the loan. Allows for higher loan amount qualification and enhanced buying power. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay-off the loan balance quickly.

For example, a 20-year fixed rate loan for $200,000 with a 6.000% interest rate (6.446% APR) would require 240 monthly principal and interest payments of $1,432.87. Taxes and insurance escrows are not included. 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. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

15 Year Fixed

Advantages:

Level principal and interest payments for the full term of the loan. Allows for higher loan amount qualification and enhanced buying power. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay-off the loan balance quickly.

For example, a 15-year fixed rate loan for $200,000 with a 5.375% interest rate (5.698% APR) would require 180 monthly principal and interest payments of $1,620.94. Taxes and insurance escrows are not included. 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. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

10 Year Fixed

Advantages:

Level principal and interest payments for the full term of the loan. Allows for higher loan amount qualification and enhanced buying power. No risk that changing market conditions will increase your monthly payments. The loan balance will decrease more rapidly than a 30 Year mortgage.

Best Choice If:

  • You plan on staying in the home long-term.
  • You need your monthly payments to remain fixed over the life of the loan.
  • You would like to pay-off the loan balance quickly.

For example, a 10-year fixed rate loan for $200,000 with a 6.000% interest rate (6.159% APR) would require 120 monthly principal and interest payments of $2,220.41. Taxes and insurance escrows are not included. 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. Loans with longer terms may increase the total number of monthly debt payments, as well as the aggregate amount paid over the mortgage term as compared to loans with shorter terms.

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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.

*If your SCCU quoted rate is lower at 12:00pm five days prior to closing and the interest rate lock-in has not expired, SCCU will reduce your rate to the lower rate automatically. Rate guarantee is void if there is a change in property, loan program, loan term, or adjustments to interest rate based on credit score. Other conditions apply, contact SCCU for details.