antonyrosenber

How does An Adjustable-rate Mortgage Work?

What is a Credit Union?
– Meet Your Watchdog!
– Newsletters
– Community
– Hero Loans
– Events
– Help
– Current Fraud Alerts
– Frequently Asked Questions
– Check Loan/Account Application

Accessible Menu – Main Menu – Checking & Savings
– Mortgages
– Loans
– Credit Cards
– Services

– 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

– Existing Account Help.
– Order Checks

SCCU Routing Number: 263177903

use your SCCU Visa® & reg; Debit

Card.
– 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 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 provides suggestions 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 choices, and no yearly costs, members conserve more with an SCCU Visa® & reg; charge card.

– 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

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 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.
– 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 ® Credit 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 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 information. SCCU will NEVER call, text, or email you to demand delicate info, such as your Online 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 preliminary payments and start building equity

SCCU offers a variety of Adjustable-Rate Mortgages (ARMs) to assist you start building equity while taking pleasure in a lower rate and payment up front. Since ARM rates and payments can go lower or higher in the future, you’ll require to totally comprehend how they work. We’ll deal with you to identify what choice is best for your situation. Our skilled mortgage officers can discuss the information so that you’ll feel great with your ARM.22

Product Features

– Approximately 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 Interest Rate Guarantee18

Approximately 30 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 get an adjustable-rate mortgage with SCCU?

You might use online or connect to us.

An adjustable-rate mortgage-also described as an ARM or variable rate mortgage-is a mortgage that has a rate of interest that can go up or down at specified time periods. Typically, an ARM starts with a rates of interest that’s lower than the rates of interest on a similar fixed-rate mortgage for a specified period. When that time duration expires, the interest rate might change, which might alter the quantity of your month-to-month payment.

At SCCU, we provide a range of ARMs to fit our members’ requirements, consisting of options that use rate adjustment after 5, 7, or ten years22. For example, a 5/1 ARM has a fixed rates of interest for the first 5 years of the loan. After the initial five-year period, the rate of interest and payment might change every 12 months. The rate of interest can’t increase or decrease 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 downsides of an ARM loan?

Adjustable-rate mortgages (ARMs) are not for everybody, but the excellent news is that debtors have a vast array of mortgage types from which to pick. If you are considering an ARM loan, however, it is necessary to comprehend some of the prospective drawbacks:

– Adjustable-rate mortgage rates can and are likely to alter over the life of the loan. An ARM rate may be low for a preliminary duration but could increase afterwards.
– Some adjustable-rate mortgages consist of prepayment penalties, so you will want 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 significant amount of cash.

What are adjustable-rate mortgage modification caps?

Adjustable-rate mortgages have caps, or limitations, on just how much the rate of interest can increase from one change date to the next. These adjustment caps secure debtors from severe modifications in rates. Lenders might have 3 kinds of caps:

– The initial adjustment that occurs after the initial fixed-rate term is reached
– Subsequent modification caps that control just how much the rate can increase at one time in adjustment durations that follow the first change
– A cap on the modification for the life of the loan, or what the overall rate of interest increase will ever be

What is an ARM loan change duration?

Typically, the month-to-month payment and rate of interest on adjustable-rate mortgages alter at defined periods, 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 interest rate can be adjusted-is called the adjustment duration.

What questions should borrowers ask about adjustable-rate mortgages?

Securing a mortgage of any type is typically one of the largest financial transactions most people will make, so making the effort to ask potential loan providers the right concerns is necessary. To ensure you comprehend the regards to an adjustable-rate mortgage, ask loan providers these concerns:

– What is the initial interest rate and the length of time does it use?
– How frequently will my rate of interest be adjusted?
– What is the index that the ARM rate is based upon?
– What is the lending institution’s margin (an extra quantity that lending institutions include to the index rate)?
– How high or low could the rates of interest go?
– What is the cap on the payment?
– Is there a penalty for paying off the loan early?
– If there is a balloon payment, when would it be due and how much would it be?
– Does the preliminary regular monthly payment consist of taxes and insurance coverage?

Which is much better: A fixed- or adjustable-rate mortgage?

Each type of mortgage has its advantages and disadvantages, and eventually, the mortgage that’s much better is the one that’s finest for you. Here are a couple of things to consider when weighing your home funding choices: Adjustable-rate mortgages are initially based on short-term rates of interest that are usually lower than rate of interest on fixed-rate mortgage. That suggests ARM rates may initially provide lower regular monthly payments and might offer you the chance to buy a more pricey home. But, after the preliminary rate period, your rate might alter, affecting your regular monthly payment. There are also more kinds of variable-rate loans, so you may have more choices when searching for home funding that meets your specific needs.

The most crucial advantages of fixed-rate mortgages include understanding precisely what your regular monthly house payments will be over time which you will not have any unpleasant interest rate surprises in the future. Fixed-rate mortgages are also simpler and much easier to understand.

Contact our Express Services team to get more information about all of the mortgage alternatives SCCU offers our members.

Who should think about an adjustable-rate mortgage?

ARM loans may be the ideal option for your loaning requires if:

– Your earnings is presently sufficient or is most likely to increase enough for you to be able to comfortably make greater regular monthly payments must your ARM rates of interest increase at any adjustment duration.
– You prepare to remain in your home for just a couple of years, so the possibility of paying higher regular monthly payments in years to come is not an issue.

– Yes
– No

MORTGAGE: Mortgage loans are originated by Space Coast Cooperative Credit Union, and are subject to credit approval, verification and security evaluation. Programs, offers, rates, terms, and conditions undergo alter or cancel without notice. Certain limitations apply.

These mortgage loan programs constitute first mortgage liens secured by the home and residential or commercial property. Your down payment is figured out by the Loan-to-Value ratio. (90% LTV = 10% down payment) Loans exceeding 80% of the evaluated worth of the home require personal mortgage insurance coverage. Member accountable for any funds needed 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.
– 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.
– Insurance.
– Business Services.
– Financial Wellness.
– Member Discounts

– Schedule Appointment.
– Locations.
– Financial Wellness.
– Careers.
– Contact 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.
– Sitemap.
-.
SCCU Routing Number: 263177903.
NMLS #: 403370

Space Coast Cooperative credit union subscription is open to family members of present 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 = Annual Percentage Rate. ^ APY = Annual Percentage Yield.

Space Coast Cooperative Credit Union (SCCU) © 2025

Your Privacy

This website utilizes cookies to improve user experience. For more information about how we utilize cookies, and your options for choosing out of the collection of cookies, please visit our Website Terms & Conditions. By to use this site, you accept the terms of our Online Privacy Policy and our use of cookies.