Sfcu Offers Competitive Mortgage Rates and More

Sfcu offers a range of mortgage options with competitive rates.

Their mortgage rates are often lower than those offered by other financial institutions, making it a great option for homebuyers and refinancers.

One of the standout features of Sfcu's mortgage program is its low down payment requirement, which can be as low as 3%.

This can be a game-changer for first-time homebuyers who may not have a lot of savings for a down payment.

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At SFCU, you can save money over the course of your loan with competitive rates that allow you to keep extra money in your pocket.

Proof of homeowners insurance is required on all residential loans, so make sure to have that taken care of before applying.

Proof of flood insurance may be required, depending on your location, so it's essential to check with SFCU to see if you need to provide this documentation.

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With so many options available, you can enjoy more control over your monthly and total payment with a wide variety of repayment terms available on mortgage loans.

You can choose from different repayment terms to fit your budget and financial goals. This flexibility can help you avoid feeling overwhelmed by your mortgage payments.

A longer repayment term can mean lower monthly payments, but you'll pay more in interest over the life of the loan. On the other hand, a shorter repayment term can save you money on interest, but your monthly payments will be higher.

If you're looking for predictable payments, fixed-rate mortgage options might be the way to go. You can enjoy low fixed rates for the first 60-120 months, making it easy to predict your monthly payments and get a head start on paying off your loan.

For example, with a 10-year fixed-rate mortgage, you can lock in a rate of 5.500% and an APR of 5.731%. This means you'll have a fixed monthly payment for the entire 10-year term.

The maximum loan amount for fixed-rate mortgages at SFCU is $700,000, and the APR is based on a loan amount of $165,000. This is a significant advantage if you need to finance a large purchase.

Here's a breakdown of the fixed-rate mortgage options available at SFCU:

Keep in mind that the APR is based on approved credit, direct payment from a SFCU account, and is subject to change without notice.

Adjustment period and lifetime interest rate adjustment caps make it easy to predict how much your payments could be in the long run.

An Adjustable Rate Mortgage (ARM) typically has lower rates for the initial fixed period, making it easier to afford the home you need.

The initial fixed period is a great way to get into a home without breaking the bank, but keep in mind that rates are subject to change at any time.

Here are some details on how loan-to-value (LTV) ratios affect rates:

With an Adjustable Rate Mortgage, you can enjoy a low fixed rate for the first 60-120 months, making lower payments and giving you a head start on your mortgage.

This low initial rate is a great perk, but it's essential to understand how it works. The initial rate is fixed for a specific period, and then it may change.

The good news is that this lower rate makes homebuying more affordable. You can get the home you need without breaking the bank.

Here's a breakdown of how the low initial rate affects your mortgage:

Keep in mind that rates are subject to change at any time, so it's crucial to review your loan terms carefully.

Adjustable Rate Mortgages (ARM) offer a unique combination of affordability and predictability.

Adjustment period and lifetime interest rate adjustment caps make it easy to predict how much your payments could be in the long run. This feature is particularly useful for homeowners who want to budget their mortgage payments.

Low initial rates on ARM loans make homebuying more affordable, especially for those who can't afford the higher rates of fixed-rate mortgages.

Here's how the loan-to-value (LTV) ratio affects the interest rate on an ARM loan:

Rates on ARM loans are subject to change at any time, so it's essential to review your loan terms regularly.