Mortgages
Get Lower Rates On Home Loans And Flexible Mortgage Refinance OptionsYour Benefits With Service Credit Union
- Competitive Interest Rates
- Access to Mortgage Assistance Programs
- Superior 24/7 Member Service
- Low Closing Costs
- Appraisal Rebate* of up to $695 for purchase loans
Mortgage Rates as Low as**
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:
Mortgage Pre-Approval
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.
Property/Home Shopping
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:
– Appraisal
– 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.
Underwriting
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.
Closing
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.
Ownership
You’re now the proud owner of your new home or property.
Congratulations!
Types of Mortgages
HomeAdvantage®
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!
First-Time Home Buyer
Buying your first home with confidence! Our experienced loan experts will help you determine how much house you can afford and check if you qualify for one of our zero-down loans with no private mortgage insurance (PMI). Learn more about First-Time Home Buyer Loans.
Jumbo Mortgages
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 $806,500 (in most locations).
VA Loans
VA Home Loans are government-backed mortgages to help active or retired military members buy or refinance a primary residence. VA Loans feature low or even no down payments and don’t require monthly mortgage insurance.
Learn more about VA Loans.
Real Estate Rehab Loans
Planning to buy a house that needs immediate renovation? This unique program gives you cash for both the purchase and the renovation in one simple fixed-rate mortgage.
Learn more about Real Estate Rehab Loans.
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.
Mortgage Assistance
We are proud to offer a variety of mortgage assistance options to eligible applicants, from down payment and closing cost assistance of up to $25,0001 to below-market rates for portfolio accessory dwelling units (ADUs).
First Responder Mortgage
First responders who go beyond the call of duty in our communities each day deserve a mortgage that does, too. We are proud to offer a no-PMI program with special benefits available to those serving our communities with eligible state, local, and federal agencies.***
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:
$85,000
$125,000
$300,000
$500,000
How much you pay, out of pocket, is determined by your down payment.
FAQ
How long does the process take?
We routinely process and close mortgage applications within 30 days. For home equity loans and home equity lines of credit, our goal is to close your loan within 10 days. However, there are many variables that determine the length of the process, including how fast you respond to our requests for documentation.
What is your minimum credit score?
For first mortgages, we generally require a score of 620 or higher, although there are some programs, such as VA, that will allow for a lower score. For equity loans and home equity lines of credit, we require a score of 680 or higher.
Do you do loans outside of NH/ME/VT/MA?
Yes, we are a national lender! We do mortgages in all states with the exception of Alaska and Hawaii. Not all programs are available in all states. Construction and land loans are available only in NH, MA and ME.
Will my loan be sold?
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, with the exception of state housing agency loans. Even if you loan is sold, you will still make your payments to Service Credit Union, with the exception of state housing agency loans which are serviced by the housing agency.
Can I have a co-signer?
Generally, we require a co-borrower vs. a co-signer, although some programs, such as state housing agency loans, do allow a co-signor.
Do you offer bridge loans?
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.
Do you finance manufactured homes?
Yes, subject to conditions on certain loan products. The manufactured house must be:
- Your primary or secondary residence
- Attached to a permanent foundation
- Classified as real estate
- On an individual lot (not in a park) which will be owned by the buyer
- Manufactured after June 14, 1976
Do you finance investment properties?
Yes, up to 4 residential units. Not all programs/products are eligible. Title must not be in name of a corporation or LLC.
Related Mortgage Lending Blog Posts
*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. Rates vary based on creditworthiness and/or other factors. Rates are subject to change. VA rates assume a loan amount of $250,000 and no down payment. Conventional jumbo loans assume a loan amount of $806,500 and a 40% down payment. VA jumbo assumes a loan amount of $806,500 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.
***Member must be eligible state, local, or federal law enforcement, firefighters, emergency medical response personnel, or pensioned retirees of those professions. Offer eligible for owner occupied, primary residences only. Service Credit Union will offer up to $1,000 toward closing costs for approved eligible loans. Closing cost credit can be combined with other closing cost credit offers, with a max credit not to exceed $1,500. Property insurance is required. Subject to credit report, title, recording, settlement, and appraisal fees. Certain costs associated with the transaction will be the members responsibility regardless of property listing status, including but not limited to per diem interest, taxes of any kind, and insurance premiums. Other conditions may apply, please ask your loan originator for details. Subject to credit worthiness and dwelling requirements. Must be an existing member or eligible for membership.
****Cash assistance offer only available on qualifying loan products for applicants who meet income and property requirements. Property must be located in New Hampshire. Applicable cash assistance will be applied as a credit on the closing disclosure and is not transferable. Additional restrictions may apply. Offer subject to change or be discontinued at any time without notice.