Your Benefits With Service Credit Union
- Competitive Interest Rates
- Bank Anywhere Technology
- Superior 24/7 Member Service
- Lowest Closing Costs Around
- Appraisal Rebate** of up to $695 for purchase loans
The Mortgage Lending Journey
Applying for a mortgage loan is a complex process. Service Credit Union’s skilled loan officers are here to help you navigate every step of your mortgage lending journey.
Here is a brief overview of what to expect:
Begin working with a lender to get pre-qualified for a mortgage loan. Find your mortgage range and get a better understanding of your loan terms in advance.
Complete All Pre-Approval Documents Early
Save time and reduce stress when making an offer with proactive preparation.
Once you’re pre-approved, you know exactly how much property/home you can afford. This makes working with a real estate agent easier and will help you narrow down your options faster.
Make Your Offer
When you find the property you want you can make a serious offer with confidence. This lets you move fast with ease, and you’ll have an advantage over non-pre-approved buyers.
Contract And Contingencies Agreement
Your real estate agent will assist in making a formal offer, including contingencies such as:
– Home/Property inspection
– Final loan approval
– Purchase agreement
Mortgage Loan Application
Applying for the official mortgage on a property requires some additional documentation. This doesn’t take long, especially with a mortgage pre-approval.
Mortgage Loan Processing
Inspection And Appraisal
With all documentation in place, loan processors open a file to put together a package for the underwriter.
The underwriter makes key decisions regarding your mortgage loan package. After cross-checking and verifying all information for accuracy, the underwriter makes the final decision on your loan.
Loan documents are drawn up and sent to the title company or attorney’s office. You’ll have a three-day review period, a final walk-through, and a closing meeting.
You’re now the proud owner of your new home or property.
Mortgage Rates Today***
Rates effective as of: 2/3/2023 9:17:13 AM (ET).
|PRODUCT||RATE||POINTS||ANNUAL PERCENTAGE RATE|
|30 Year Fixed Rate Mortgage||5.875%||0||6.036%|
|15 Year Fixed Rate Mortgage||5.000%||0.125||5.282%|
|30 Year Fixed VA||5.625%||0||5.784%|
|30 Year Fixed Mortgage Construction Single Close||6.125%||0||6.240%|
|Home Equity Line of Credit 12 Mo Fixed Rate Promo*||3.990%||0||3.990%|
Types of Mortgages
HomeAdvantage® can help you search, buy, sell and save on your next real estate venture! Use it to find the home of your dreams, sell your existing home, research the market, connect with a top local agent, and save money at closing! All this is available to you, at no cost!
Jumbo mortgages are large loans used to buy properties that are more expensive than the typical conventional mortgage loan. Jumbo loans normally carry higher interest rates but we keep our jumbo rates competitive.
Learn more about Jumbo Mortgages.
*The 2023 jumbo loan threshold is $726,200 (in most locations).
Home Construction Loans
We offer a single-close construction loan that allows you to purchase land and construct your home all with one loan. The construction loan offers an interest-only payment for a certain amount of time during the construction of the home.
Learn more about Home Construction Loans.
Calculate Your Estimated Upfront Costs
Total Home Cost
Click on each price tab below to find out what you should aim to save, including a 10% down payment:
How much you pay, out of pocket, is determined by your down payment.
We routinely process and close mortgage applications within 30 days. However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.
It depends on many variables, including down payment amount, loan program, and property type. We do not have a published minimum credit score, however, if you are putting down less than 20%, and are not using the VA loan program, the minimum credit score is typically 620.
Yes, we are a national lender! We do mortgages in all states with the exception of Alaska, Texas, and Hawaii. Not all programs are available in all states. Construction loans are available only in NH and MA.
While it is possible that your loan will be sold (the standard Fannie Mae promissory note gives the lender the right to sell the loan), it is important to understand that we will still be servicing your loan. We generally do not sell our loans (there are some exceptions), and even if we do, you will still be making your payments to Service Credit Union and we will still be handling your escrow account (if you have one).
Yes; if you have a direct deposit of your net pay into a Service Credit Union checking account, and set up an automatic payment of your new mortgage from your Service Credit Union checking account, you will be offered a $500 credit toward closing costs.*
In certain circumstances, a co-signer is permitted. However, we will require that the occupant borrower be qualified from credit and ability to repay perspective. Generally, we require a co-borrower vs. a co-signer. A co-borrower has the same liability as to the primary borrower.
We do not have a specific bridge loan program. However, we may be able to achieve a bridge loan through the use of a home equity line of credit on the house you will be selling. This will depend on the amount of equity you have and your ability to qualify to carry the debt for your existing mortgage (if any), the home equity line of credit, and the mortgage on your new home.
We do not offer loans for rental properties.
We do not offer loans for manufactured housing (mobile homes) regardless of whether or not they are permanently attached to a foundation.
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*Rates shown are Annual Percentage Rate (APR). HELOC promotional rate of 3.99% APR is fixed for the first 12 months. After the promotional period, the rate will vary based on the Wall Street Journal Prime “Prime” rate published on the last business day of the month, 7.75% APR as of 2/2/2022. APR may increase after the loan is closed; maximum APR is 17.125%. Minimum line of credit is $10,000. Property insurance is required. During the 10-year draw period a Home Equity Line of Credit with a balance of $10,000 and APR of 3.99% for the first 12 billing cycles will result in 12 interest only payments of $33.25. After the promotional period a balance of $10,000 and variable APR of 7.750% will result in 108 interest only payments of $64.58, followed by 179 payments of $94.13 and one (1) final payment of $93.31 during the repayment period. Payment example does not include taxes and insurance; actual payment obligation will be greater. During draw period minimum payment required is interest only. Closing costs will apply to home equity lines of credit secured by properties that are listed for sale. Properties currently on the market will be subject to credit report, title, recording, settlement, and appraisal fees (approximately $900). Existing Service Credit Union HELOC’s are not eligible for this promotion. An early termination fee of $400 applies if paid off and closed within 36 months of opened. The fee will be waived if refinanced with Service Federal Credit Union, increasing the original line of credit amount by at least $10,000, or if the borrower paid closing costs for the home equity line of credit. Subject to credit worthiness and dwelling requirements. Must be an existing member or eligible for membership. Promotion runs from 11/03/2022-03/31/23 and is subject to change or be discontinued without notice.
**Appraisal rebate of up to $695 will be applied for purchase loans only. A purchase loan is the financing connected to the purchase of a property involving the transfer of title from seller(s) to buyer(s). Applicant(s) will be required to pay estimated cost of the appraisal up front. Rebate will be applied as a credit at closing towards the total amount paid for the appraisal associated. Credit will not exceed amount paid and cannot be transferred or exchanged for cash equivalent. Subject to change or be discontinued at any time.
***The displayed rates for conventional loans assume a loan amount of $250,000 for a single-family, owner-occupied purchase transaction with a down payment of 40% and a credit score of 740 or higher. VA rates assume a loan amount of $250,000 and no down payment. Conventional jumbo loans assume a loan amount of $726,200 and a 40% down payment. VA jumbo assumes a loan amount of $726,200 with no down payment. Payment examples can be obtained by clicking the calculate payments button above and do not include taxes or insurance premiums. Payment obligation will be higher.