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 Line of Credit.- 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 provides ideas to make your experience as basic 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 options, and no yearly fees, members conserve more with an SCCU Visa® & reg; credit card.

- Digital Banking.
- Online 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 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 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 Charge 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 ® Credit Card Help.
- Travel Notice & Tips.
- TCM Bank MasterCard Access.
- Rates.
- Check Application Status

- Digital Banking.
- Online 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 information. SCCU will NEVER call, text, or email you to demand sensitive information, such as your Electronic banking passwords or account/card numbers. Find out more.

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

Adjustable-Rate Mortgage

Benefit from lower preliminary payments and start building equity

SCCU provides a variety of Adjustable-Rate Mortgages (ARMs) to assist you start building 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 deal with you to determine what choice is best for your situation. Our knowledgeable mortgage officers can discuss the details so that you'll feel positive with your ARM.22

Product Features

- As much as 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

As much as thirty 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.
- Online Banking.
- How Adjustable-Rate Mortgages Work (+ Pros and Cons)

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

You may apply online or reach out to us.

An adjustable-rate mortgage-also described as an ARM or variable rate mortgage-is a mortgage that has a rate of interest that can go up or down at defined time periods. Typically, an ARM begins with a rates of interest that's lower than the rate of interest on a comparable fixed-rate mortgage for a defined period. When that time duration expires, the rate of interest might change, which might change the amount of your monthly payment.

At SCCU, we provide a range of ARMs to fit our members' needs, consisting of alternatives that provide rate change after 5, 7, or ten years22. For example, a 5/1 ARM has a set rate of interest for the first 5 years of the loan. After the initial five-year duration, the rate of interest and payment might adjust every 12 months. The rates of interest can't increase or decrease more than 2 percent at one modification and can't increase more than 5 percent over the life of the loan. To get more information, please reach out to us.

What are the drawbacks of an ARM loan?

Adjustable-rate mortgages (ARMs) are not for everyone, but the bright side is that debtors have a vast array of mortgage types from which to choose. If you are considering an ARM loan, nevertheless, it is necessary to understand some of the potential disadvantages:

- Adjustable-rate mortgage rates can and are likely to change over the life of the loan. An ARM rate might be low for an initial duration but could increase later on.
- Some adjustable-rate mortgages consist of prepayment penalties, so you will wish to ask potential lenders for a clear answer 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 change caps?

Adjustable-rate mortgages have caps, or limits, on just how much the interest rate can increase from one modification date to the next. These change caps protect debtors from extreme changes in rates. Lenders might have three types of caps:

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

What is an ARM loan modification duration?

Typically, the regular monthly payment and rates of interest on adjustable-rate mortgages change at specified periods, such as each month or year or every 3, 5, or 7 years. The length of time between each interval-at which time the interest rate can be adjusted-is called the adjustment duration.

What questions should borrowers ask about adjustable-rate mortgages?

Securing a mortgage of any type is often one of the biggest monetary transactions the majority of people will make, so putting in the time to ask prospective lenders the right questions is necessary. To ensure you understand the regards to an adjustable-rate mortgage, ask lending institutions these questions:

- What is the preliminary rate of interest and for how long does it use?
- How typically 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 extra amount that loan providers add to the index rate)?
- How high or low could the interest rate go?
- What is the cap on the payment?
- Is there a charge for paying off the loan early?
- If there is a balloon payment, when would it be due and how much would it be?
- Does the initial regular monthly payment consist of taxes and insurance?

Which is much better: A set- or adjustable-rate mortgage?

Each type of mortgage has its pros and cons, and eventually, the mortgage that's much better is the one that's finest for you. Here are a few things to consider when weighing your home funding choices: Adjustable-rate mortgages are at first based on short-term rate of interest that are usually lower than interest rates on fixed-rate mortgage. That suggests ARM rates might at first provide lower month-to-month payments and may offer you the opportunity to buy a more costly home. But, after the initial rate duration, your rate could alter, impacting your regular monthly payment. There are likewise more kinds of variable-rate loans, so you may have more options when looking for home financing that meets your private needs.

The most crucial benefits of fixed-rate mortgages include knowing precisely what your month-to-month home payments will be over time which you won't have any undesirable rate of interest surprises in the future. Fixed-rate mortgages are also easier and much easier to understand.

Contact our Express Services team for more information about all of the mortgage choices SCCU uses our members.

Who should think about an adjustable-rate mortgage?

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

- Your income is currently enough or is most likely to increase enough for you to be able to easily make greater monthly payments need to your ARM interest rate boost at any change duration.
- You prepare to remain in your home for just a couple of years, so the possibility of paying greater monthly payments in years to come is not a concern.

- Yes
- No

MORTGAGE: Mortgage loans are originated by Space Coast Cooperative Credit Union, and go through credit approval, verification and collateral examination. Programs, offers, rates, terms, and conditions are subject to alter or cancel without notification. Certain limitations apply.

These mortgage loan programs constitute very first mortgage liens protected by the home and residential or commercial property. Your down payment is figured out by the Loan-to-Value ratio. (90% LTV = 10% deposit) Loans exceeding 80% of the evaluated worth of the home require personal mortgage insurance. Member responsible for any funds needed for closing costs 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 ® Charge 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.
- Terms.
- 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 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

Your Privacy

This site utilizes cookies to enhance user experience. For more information about how we use cookies, and your choices for pulling out of the collection of cookies, please visit our Website Terms & Conditions. By continuing to utilize this website, you accept the terms of our Online Privacy Policy and our usage of cookies.