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 Credit Line.- 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 suggestions to make your experience as easy 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 alternatives, and no annual fees, members save more with an SCCU Visa® & reg; charge 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 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 Credit 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 ® Charge Card Help.
- Travel Notice & Tips.
- TCM Bank MasterCard Access.
- Rates.
- Check Application Status

- 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

- 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 info. SCCU will NEVER call, text, or email you to demand sensitive info, such as your Online Banking passwords or account/card numbers. Learn more.

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

Adjustable-Rate Mortgage

Make the most of lower preliminary payments and begin constructing equity

SCCU provides a range of Adjustable-Rate Mortgages (ARMs) to assist you start building equity while delighting in a lower rate and payment up front. Since ARM rates and payments can go lower or higher in the future, you'll need to totally understand how they work. We'll deal with you to determine what choice is best for your circumstance. Our skilled mortgage officers can describe the details so that you'll feel positive 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 Rates Of Interest Guarantee18

Up to 30 Years

None

$ 1,100 plus.25% of loan quantity

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 apply for an adjustable-rate mortgage with SCCU?

You might 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 a rates of interest that can go up or down at specified time periods. Typically, an ARM begins out with a rates of interest that's lower than the rate of interest on a comparable fixed-rate mortgage for a specified period. When that time period ends, the rates of interest might alter, which may change the quantity of your monthly payment.

At SCCU, we use a variety of ARMs to match our members' requirements, consisting of options that use rate adjustment after 5, 7, or ten years22. For instance, a 5/1 ARM has a fixed interest rate for the first five years of the loan. After the preliminary five-year duration, the rate of interest and payment might change every 12 months. The rates of interest can't increase or decrease more than 2 percent at one change and can't increase more than 5 percent over the life of the loan. To learn more, please connect to us.

What are the disadvantages of an ARM loan?

Adjustable-rate mortgages (ARMs) are not for everybody, however the excellent news is that borrowers have a large range of mortgage types from which to choose. If you are thinking about an ARM loan, nevertheless, it is very important to comprehend a few of the prospective downsides:

- Adjustable-rate mortgage rates can and are likely to alter over the life of the loan. An ARM rate might be low for an initial period however might go up later on.
- Some adjustable-rate mortgages include prepayment charges, so you will desire to ask potential lending institutions for a clear response on this.
- Some adjustable-rate mortgages will have a balloon payment at maturity, which might be a substantial quantity of cash.

What are adjustable-rate mortgage adjustment caps?

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

- The preliminary modification that takes place after the preliminary fixed-rate term is reached
- Subsequent change caps that manage just how much the rate can increase at one time in change periods that follow the very first modification
- A cap on the modification for the life of the loan, or what the overall rates of interest boost will ever be

What is an ARM loan change period?

Typically, the monthly payment and interest rates on adjustable-rate mortgages change at specified periods, such as on a monthly basis or year or every 3, 5, or seven years. The length of time in between each interval-at which time the rates of interest can be adjusted-is called the modification period.

What concerns should debtors ask about adjustable-rate mortgages?

Securing a mortgage of any type is often one of the biggest monetary transactions many people will make, so making the effort to ask prospective lending institutions the ideal questions is necessary. To make certain you comprehend the regards to an adjustable-rate mortgage, ask loan providers these concerns:

- What is the preliminary rates of interest and how long does it apply?
- How often will my rate of interest be changed?
- What is the index that the ARM rate is based upon?
- What is the lending institution's margin (an additional amount that lending institutions add 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 how much would it be?
- Does the initial month-to-month payment consist of taxes and insurance?

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

Each kind of mortgage has its pros and cons, and eventually, the mortgage that's better is the one that's best for you. Here are a couple of things to consider when weighing your home financing options: Adjustable-rate mortgages are initially based on short-term rate of interest that are normally lower than rate of interest on fixed-rate mortgage. That indicates ARM rates may at first supply lower regular monthly payments and may offer you the opportunity to acquire a more expensive house. But, after the preliminary rate period, your rate might alter, impacting your month-to-month payment. There are likewise more kinds of variable-rate loans, so you may have more options when trying to find home funding that satisfies your individual requirements.

The most important advantages of fixed-rate mortgages include understanding exactly what your month-to-month house payments will be over time which you will not have any undesirable rate of interest surprises in the future. Fixed-rate mortgages are also simpler and easier to understand.

Contact our Express Services team to learn more about all of the mortgage choices SCCU offers our members.

Who should think about an adjustable-rate mortgage?

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

- Your income is presently adequate or is likely to increase enough for you to be able to easily make higher month-to-month payments ought to your ARM rates of interest increase at any modification period.
- You plan to remain in your home for just a few years, so the possibility of paying greater 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 undergo credit approval, confirmation and security evaluation. Programs, offers, rates, terms, and conditions undergo alter or cancel without notice. Certain restrictions apply.

These mortgage loan programs constitute first mortgage liens secured by the home and residential or commercial property. Your deposit is figured out by the Loan-to-Value ratio. (90% LTV = 10% down payment) Loans going beyond 80% of the assessed worth of the home require personal mortgage insurance. Member accountable for any funds required 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.
- Get In Touch 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 Credit Union subscription is open to loved ones of existing 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

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