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 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 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 uses suggestions to make your experience as simple 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 yearly charges, members conserve 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 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 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 Cooperative 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 request sensitive information, such as your Online Banking passwords or account/card numbers. Learn more.

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

Adjustable-Rate Mortgage

Benefit from lower preliminary payments and start developing equity

SCCU uses a range of Adjustable-Rate Mortgages (ARMs) to help you start developing equity while delighting in 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 comprehend how they work. We'll work with you to identify what choice is best for your scenario. Our experienced mortgage officers can explain the information so that you'll feel great with your ARM.22

Product Features

- Up to 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 Rate Of Interest 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 (+ Pros and Cons)

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

You may apply 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 periods. Typically, an ARM starts with a rate of interest that's lower than the rates of interest on a comparable fixed-rate mortgage for a specified period. When that time period expires, the rates of interest might alter, which might change the amount of your monthly payment.

At SCCU, we provide a variety of ARMs to suit our members' needs, consisting of alternatives that use rate adjustment after 5, 7, or ten years22. For example, a 5/1 ARM has a fixed interest rate for the very first 5 years of the loan. After the initial five-year period, the interest rate and payment might adjust every 12 months. The rate of interest can't increase or reduce more than 2 percent at one change and can't increase more than 5 percent over the life of the loan. To find out more, please reach out 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 essential to comprehend some of the possible disadvantages:

- Adjustable-rate mortgage rates can and are likely to change over the life of the loan. An ARM rate may be low for an initial duration but might increase later on.
- Some adjustable-rate mortgages consist of prepayment penalties, so you will wish to ask prospective lenders for a clear response on this.
- Some adjustable-rate mortgages will have a balloon payment at maturity, which could be a considerable quantity of money.

What are adjustable-rate mortgage adjustment 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 safeguard debtors from extreme changes in rates. Lenders may have three types of caps:

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

What is an ARM loan adjustment period?

Typically, the regular monthly payment and rates of interest on adjustable-rate mortgages change at defined intervals, such as every month or year or every 3, 5, or 7 years. The length of time in between each interval-at which time the rates of interest can be adjusted-is known as the modification period.

What concerns should debtors ask about adjustable-rate mortgages?

Securing a mortgage of any type is often among the largest monetary deals the majority of people will make, so taking the time to ask possible lenders the best concerns is essential. To make certain you comprehend the regards to an adjustable-rate mortgage, ask loan providers these questions:

- What is the initial rate of interest and the length of time does it use?
- How often will my rates of interest be adjusted?
- What is the index that the ARM rate is based upon?
- What is the lender's margin (an additional amount that loan providers contribute to the index rate)?
- How high or low could the rate of interest go?
- What is the cap on the payment?
- Exists a charge for settling 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?

Which is better: A fixed- 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 consider when weighing your home financing alternatives: Adjustable-rate mortgages are at first based upon short-term rate of interest that are generally lower than interest rates on fixed-rate mortgage. That means ARM rates might at first offer lower monthly payments and may give you the chance to purchase a more expensive home. But, after the initial rate duration, your rate could change, affecting your regular monthly payment. There are also more kinds of variable-rate loans, so you may have more options when searching for home financing that satisfies your individual requirements.

The most essential advantages of fixed-rate mortgages include understanding exactly what your monthly home payments will be over time which you will not have any unpleasant interest rate surprises in the future. Fixed-rate mortgages are also easier and simpler to comprehend.

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

Who should consider an adjustable-rate mortgage?

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

- Your income is currently sufficient or is most likely to increase enough for you to be able to easily make greater regular monthly payments must your ARM rate of interest boost at any adjustment period.
- You plan to remain in your home for just a few years, so the possibility of paying higher regular monthly payments in years to come is not a concern.

- Yes
- No

MORTGAGE: Mortgage loans are come from by Space Coast Credit Union, and are subject to credit approval, confirmation and collateral assessment. Programs, deals, rates, terms, and conditions undergo change or cancel without notification. Certain constraints use.

These mortgage loan programs constitute first mortgage liens secured by the home and residential or commercial property. Your down payment is identified by the Loan-to-Value ratio. (90% LTV = 10% deposit) Loans surpassing 80% of the appraised worth of the home need 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.
- 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.
- Conditions.
- Privacy Policy.
- Sitemap.
-.
SCCU Routing Number: 263177903.
NMLS #: 403370

Space Coast Cooperative credit union membership is open to relatives of present members and all who work or reside 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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