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Fixed Rate Home Equity Loan (2nd Mortgage)


A fixed rate home equity loan, also known as a second mortgage, is a good choice when you need an amount of money in a lump sum for a one-time event such as consolidating your credit card debt, replacing the roof, or paying for a wedding.

  • Reliable - Principal and interest payments remain the same, so there is no risk that changing market conditions will increase the monthly payment.
  • Flexible - Make additional principal payments as desired with no prepayment penalties. The minimum loan amount is $5,000, with terms up to 20 years. Home equity loan refinancing is also available.
  • Affordable – Low credit rates with no intangible tax, no points or origination fees, and no hidden fees.

Call Express Sales or apply online today

Brevard: 321-752-2222 option 3
Broward: 954-704-5000 option 3
Miami-Dade: 305-882-5000 option 3
All Other Areas: 800-447-7228 option 3


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All SCCU Home Equity Loans Feature



 
Adjustable Rate Loan Example: 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.
3HOME EQUITY LOANS: Your interest rate will be based on the available equity in your home, the amount of your loan, your credit history, and product chosen. Other programs, rates, and terms may be available. Approval subject to our usual credit criteria and clear title.

All decisions to grant credit will be based on an evaluation of your credit history and available equity in your home. Your interest rate will be based on the available equity in your home, the amount and term of your loan, and credit score.

For adjustable rate equity lines the Annual Percentage Rate (APR) varies monthly and is based on the value of an index plus a margin. The index is equal to the highest prime rate published in the Wall Street Journal “Money Rates” table on the last business day of each month of each year. Rates are subject to increase after consummation.

No application fee. Rates subject to change without notice. Proof of home owner's insurance sufficient to cover all outstanding mortgages, including your SCCU equity loan will be required. Some restrictions may apply.

Rates subject to change without notice.

Proof of home owner's insurance sufficient to cover all outstanding mortgages, including your SCCU equity loan will be required. Some restrictions may apply.
 
  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.
*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

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