What is a Cooperative 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( second 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 uses ideas 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 options, and no yearly fees, members save more with an SCCU Visa® & reg; credit card.

- Digital Banking.
- Electronic 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 Deposit 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 offer your details. SCCU will NEVER call, text, or email you to demand sensitive info, such as your Electronic banking passwords or account/card numbers. Discover more.

1. Personal.
2. Mortgage Products.
3. Adjustable-Rate Mortgage

Adjustable-Rate Mortgage

Make the most of lower initial payments and start constructing equity

SCCU offers a range of Adjustable-Rate Mortgages (ARMs) to assist you start developing equity while enjoying a lower rate and payment in advance. Since ARM rates and payments can go lower or higher in the future, you'll require to totally understand how they work. We'll work with you to determine what option is best for your scenario. Our knowledgeable mortgage officers can describe the information so that you'll feel great with your ARM.22

Product Features

- As much as 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

As much as thirty 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 (+ Benefits And Drawbacks)

How do I request an adjustable-rate mortgage with SCCU?

You may use online or connect to us.

An adjustable-rate mortgage-also referred to as an ARM or variable rate mortgage-is a mortgage that has an interest rate that can increase or down at defined time intervals. Typically, an ARM begins with a rates of interest that's lower than the interest rate on a similar fixed-rate mortgage for a specified time duration. When that time period ends, the rates of interest might alter, which may alter the amount of your regular monthly payment.

At SCCU, we offer a variety of ARMs to match our members' needs, including options that provide rate change after 5, 7, or ten years22. For instance, a 5/1 ARM has a fixed rates of interest for the first five years of the loan. After the preliminary five-year duration, the interest rate and payment might adjust 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, however the bright side is that borrowers have a large range of mortgage types from which to select. If you are considering an ARM loan, however, it is necessary to comprehend a few of the prospective downsides:

- Adjustable-rate mortgage rates can and are most likely to change over the life of the loan. An ARM rate may be low for an initial duration however could go up afterwards.
- Some adjustable-rate mortgages consist of prepayment charges, so you will desire to ask potential lending institutions for a clear answer on this.
- Some adjustable-rate mortgages will have a balloon payment at maturity, which might be a significant amount of money.

What are adjustable-rate mortgage change caps?

Adjustable-rate mortgages have caps, or limits, on just how much the rates of interest can increase from one modification date to the next. These adjustment caps secure customers from severe changes in rates. Lenders might have 3 types of caps:

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

What is an ARM loan modification period?

Typically, the month-to-month payment and interest rates on adjustable-rate mortgages change at specified intervals, such as every month or year or every 3, 5, or seven years. The length of time between each interval-at which time the rate of interest can be adjusted-is called the adjustment duration.

What concerns should customers ask about adjustable-rate mortgages?

Securing a mortgage of any type is frequently among the largest monetary transactions many people will make, so putting in the time to ask possible lenders the right questions is necessary. To ensure you understand the regards to an adjustable-rate mortgage, ask lending institutions these questions:

- What is the preliminary interest rate and for how long does it apply?
- How typically will my interest rate be adjusted?
- What is the index that the ARM rate is based upon?
- What is the loan provider's margin (an additional amount that loan providers include to the index rate)?
- How high or low could the interest rate go?
- What is the cap on the payment?
- Is there a penalty for settling the loan early?
- If there is a balloon payment, when would it be due and just how much would it be?
- Does the preliminary monthly payment include taxes and insurance?

Which is better: A set- or adjustable-rate mortgage?

Each kind of mortgage has its benefits and drawbacks, and ultimately, the mortgage that's better is the one that's finest for you. Here are a couple of things to think about when weighing your home financing options: Adjustable-rate mortgages are at first based on short-term rate of interest that are normally lower than rate of interest on fixed-rate mortgage. That means ARM rates may initially supply lower month-to-month payments and may give you the opportunity to buy a more expensive house. But, after the initial rate duration, your rate might alter, affecting your regular monthly payment. There are likewise more kinds of variable-rate loans, so you might have more options when searching for home financing that fulfills your individual requirements.

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

Contact our Express Services group to read more about all of the mortgage alternatives SCCU uses our members.

Who should consider an adjustable-rate mortgage?

ARM loans may be the ideal choice for your borrowing requires if:

- Your income is presently enough or is most likely to increase enough for you to be able to conveniently make greater monthly payments should your ARM rates of interest boost at any adjustment duration.
- You prepare to remain in your home for simply a couple of years, so the possibility of paying greater month-to-month payments in years to come is not an issue.

- Yes
- No

MORTGAGE: Mortgage loans are come from by Space Coast Cooperative Credit Union, and go through credit approval, confirmation and security assessment. Programs, deals, rates, terms, and conditions go through change or cancel without notification. Certain restrictions use.

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% deposit) Loans surpassing 80% of the evaluated worth of the home require private mortgage insurance coverage. Member responsible for any funds needed for closing expenses 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 ® Credit 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.
- Connect with 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 loved ones 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 = Interest Rate. ^ APY = Annual Percentage Yield.

Space Coast Credit Union (SCCU) © 2025

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