Residential Mortgage
SCCU provides a range of mortgage loan options, including fixed-rate and adjustable-rate loans, to fit your home financing needs.
Before applying — even online — we recommend speaking with a loan officer to ensure you choose the best loan for your needs. If you’re not yet an SCCU member, you can start your application online or visit your nearest branch.
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Home Equity Line of Credit
Have you considered renovating your home, returning to school, or paying down high-interest debt? A Home Equity Line of Credit (HELOC) could be the right tool for the job.
HELOC Features*:
- Revolving line of credit with no interest paid until the funds are accessed
- Borrow up to $250,000 ($15,000 minimum line)
- No closing cost option
- 5-year draw period, with a 15-year repayment term
- Flexible repayment options and competitive, discounted rates for qualified members
- Loan-to-value up to 90% of your home's appraised value
- Easy access to funds — talk to your loan officer about access options
- No annual fee, no application fee, and no prepayment penalty
- Rates change only four times per year
- Interest may be tax-deductible**
HELOC Online Form
*Restrictions apply. Rate and terms based on credit score and subject to change. The Annual Percentage Rate is a variable rate and the maximum APR that can apply is 18%. Loan-to-value not to exceed 90% of the subject property’s appraised value. Borrowers must make a minimum initial advance of $10,000 and maintain a minimum balance of $8,500.00 for 12 months from the opening date to avoid repayment of closing costs.
Property insurance is required. Flood insurance may be required. If the state and/or county in which the collateral is located charges additional fees and taxes, the borrower may be responsible for payment. See a loan officer for full details.
**Consult a tax advisor regarding the deductibility of interest.
Mortgage Application Resources
Purchasing a home can be complicated — but you don't have to do it alone. Here are some resources to help you prepare:
- GreenPath Housing Services: Our partners at GreenPath Financial Wellness can help you navigate home-buying and make informed decisions. You can review their online resources or consult a Certified Financial Counselor for personalized advice.
- Mortgage Shopping Toolkit: This downloadable PDF from the Consumer Financial Protection Bureau (CFPB) walks you through the home buying process, from preparing for a mortgage to taking care of your home after move-in.
- Mortgage Calculator: This calculator will determine your monthly payment and generate an estimated amortization schedule.
Other Property Loans
SCCU also offers other types of property loans, including those listed below. Please contact one of our loan officers to apply.
Unimproved Property Loan
An Unimproved Property Loan is used to finance the purchase of land with road access and infrastructure, such as utilities, but without a structure. This type of loan is commonly used by buyers who plan to build a home or commercial property but are not yet ready for construction.
Investment Property Loan
An Investment Property Loan is used to finance properties purchased to earn a return, either through rental income or resale (flipping a property). This loan type is ideal for investors looking to buy, renovate, rent, or sell residential properties for profit.
Unlike business loans, a loan secured by a single 1- to 4-family residential investment property is classified as a real estate loan. We offer specialized financing for these properties, with flexible options designed to meet the needs of real estate investors.
Mortgage and HELOC FAQs
What credit score do I need to qualify for a mortgage?
A minimum credit score of 620 is preferred for a mortgage. However, additional factors will be considered. Your income, employment history, and current debts will also be reviewed before a commitment to lend decision is made.
What is the difference between fixed and adjustable-rate mortgages (ARM)?
Fixed-rate loans have interest rates that are locked in when the home loan is created and won't change. It's always possible to refinance if rates drop in the future, however. An adjustable-rate mortgage (ARM) starts with a lower fixed rate for an initial period, which is typically 5-10 years. After that, the rate adjusts periodically based on market conditions.
How long does it take to close on a mortgage?
The time it takes to close on a mortgage is typically 30-45 days. However, delays can occur if additional documentation is needed, if the appraisal comes in lower than expected, or if there are issues with the title search.
What is a HELOC?
A home equity line of credit (HELOC) is a revolving line of credit that allows you to borrow against the equity in your home. It operates similarly to a credit card and you can borrow funds as needed up to your credit limit. You can draw funds during the initial "draw period," which lasts five years, and make interest-only payments during that time. After the draw period, the repayment phase begins, where you start paying back both the principal and interest.
How much can I borrow with a HELOC?
The HELOC loan amount depends on your home’s value and the amount of equity you have. Your credit score, income, and current debts also play a role in determining the total amount you can borrow.
Can I use a HELOC for anything?
Yes, a HELOC can be used for almost any purpose. Many homeowners use a HELOC for home improvements, debt consolidation, education expenses, medical bills, or even as an emergency fund.
Are there any prepayment penalties for your residential mortgages?
Our home loan programs do not have any prepayment penalties. You can make extra payments or pay off your loan early to save on interest.
What is private mortgage insurance (PMI), and do I need it?
Private mortgage insurance (PMI) is a type of insurance that protects the lender if the borrower defaults on their loan. It's typically required for conventional loans when the down payment is less than 20% of the home's purchase price. However, once you reach 20% equity in your home, you can request to have it canceled.
PMI isn’t required for all property loans, and it isn’t just for first-time homebuyers. For example, it’s typically required in the loan terms to purchase a primary residence with a down payment of less than 20%, but not for land. Certain government-backed home loans, like VA loans, also don’t require PMI.
Nationwide Mortgage Licensing System Registered Employees:
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Auto Loans
When shopping for a new set of wheels, your first stop should be at Scenic Community Credit Union. You’ll enjoy a lower rate, a more straightforward loan application, and other benefits by financing your car with your credit union.
Individual Retirement Accounts (IRA)
Whether you're just starting to save for retirement, receiving a pension plan payout, preparing to retire soon, or setting aside funds for your child's education, an SCCU IRA can help you achieve your financial goals.
Credit Cards
Make the purchases you need, anytime and anywhere, with an SCCU credit card. Whether you're a seasoned credit card user or you’re building credit for the first time, we have options tailored for you.