What is a Cooperative credit union?

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  SCCU Routing Number: 263177903
  
  use your SCCU Visa® & reg; Debit
  
  Card.
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  With low variable rates, digital wallet payment options, and no yearly fees, members conserve more with an SCCU Visa® & reg; credit card.
  
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  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 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 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.
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• Travel Notice & Tips.
• TCM Bank MasterCard Access.
• Rates.
• Check Application Status
  
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• 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.
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  - 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
  
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• Additional Contact Information.
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  Scam Alert! Don't give out your details. SCCU will NEVER call, text, or email you to request sensitive details, such as your Electronic banking passwords or account/card numbers. Discover more.
  
  1. Personal.

2. Mortgage Products.
3. Adjustable-Rate Mortgage
   
   Adjustable-Rate Mortgage
   
   Benefit from lower preliminary payments and begin building equity
   
   SCCU provides a variety of Adjustable-Rate Mortgages (ARMs) to help 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 completely understand how they work. We'll work with you to determine what choice is best for your circumstance. Our skilled mortgage officers can discuss the information so that you'll feel positive with your ARM.22
   
   Product Features
   
   - Approximately 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
  
  Up to 30 Years
  
  None
  
  $ 1,100 plus.25% of loan amount
  
  No Closing Costs; Jumbo; Construction
  
  - Calculators.
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• Other Mortgage Options.
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• How Adjustable-Rate Mortgages Work (+ Benefits And Drawbacks)
  
  How do I make an application for 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 a rates of interest that can increase or down at specified time intervals. Typically, an ARM starts with a rates of interest that's lower than the interest rate on a similar fixed-rate mortgage for a specified period. When that time period expires, the interest rate might alter, which may alter the amount of your regular monthly payment.
  
  At SCCU, we provide a variety of ARMs to fit our members' needs, including alternatives that offer rate modification after 5, 7, or ten years22. For example, a 5/1 ARM has a fixed interest rate for the first five years of the loan. After the initial five-year period, the rates of interest and payment might change every 12 months. The rate of interest can't increase or decrease more than 2 percent at one adjustment and can't increase more than 5 percent over the life of the loan. To discover more, please reach out to us.
  
  What are the downsides of an ARM loan?
  
  Adjustable-rate mortgages (ARMs) are not for everyone, but fortunately is that borrowers have a wide range of mortgage types from which to pick. If you are considering an ARM loan, nevertheless, it is very important to comprehend some of the possible disadvantages:
  
  - Adjustable-rate mortgage rates can and are likely to alter over the life of the loan. An ARM rate might be low for an initial period but might go up later on.
• Some adjustable-rate mortgages include prepayment penalties, so you will wish to ask possible loan providers for a clear answer on this.
• Some adjustable-rate mortgages will have a balloon payment at maturity, which might be a substantial quantity of money.
  
  What are adjustable-rate mortgage change caps?
  
  Adjustable-rate mortgages have caps, or limits, on how much the rates of interest can increase from one adjustment date to the next. These change caps secure debtors from extreme modifications in rates. Lenders might have three types of caps:
  
  - The initial modification that occurs after the preliminary fixed-rate term is reached
• Subsequent adjustment caps that manage just how much the rate can increase at one time in modification durations that follow the very first change
• A cap on the modification for the life of the loan, or what the overall rate of interest increase will ever be
  
  What is an ARM loan change duration?
  
  Typically, the regular monthly payment and rate of interest on adjustable-rate mortgages alter at specified intervals, such as each month or year or every 3, 5, or seven years. The length of time in between each interval-at which time the interest rate can be adjusted-is known as the modification duration.
  
  What concerns should debtors ask about adjustable-rate mortgages?
  
  Securing a mortgage of any type is typically one of the biggest financial transactions many people will make, so putting in the time to ask prospective lending institutions the right concerns is crucial. To make sure you comprehend the regards to an adjustable-rate mortgage, ask lenders these questions:
  
  - What is the preliminary rate of interest and the length of time does it use?
• How often will my rate of interest be changed?
• What is the index that the ARM rate is based upon?
• What is the lending institution's margin (an extra quantity that loan providers contribute to the index rate)?
• How high or low could the rates 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 just how much would it be?
• Does the preliminary monthly payment consist of taxes and insurance coverage?
  
  Which is much better: A fixed- or adjustable-rate mortgage?
  
  Each kind of mortgage has its advantages and disadvantages, and ultimately, the mortgage that's much better is the one that's finest for you. Here are a few things to think about when weighing your home financing options: Adjustable-rate mortgages are initially based on short-term interest rates that are usually lower than interest rates on fixed-rate mortgage. That implies ARM rates may initially provide lower month-to-month payments and might offer you the chance to acquire a more costly home. But, after the initial rate period, your rate might alter, impacting your monthly payment. There are likewise more kinds of variable-rate loans, so you may have more options when looking for home funding that fulfills your individual requirements.
  
  The most crucial benefits of fixed-rate mortgages consist of knowing exactly what your monthly home payments will be over time and that you won't have any unpleasant rates of interest in the future. Fixed-rate mortgages are also simpler and easier to understand.
  
  Contact our Express Services group to read more about all of the mortgage alternatives SCCU uses our members.
  
  Who should think about an adjustable-rate mortgage?
  
  ARM loans might be the best option for your borrowing needs if:
  
  - Your earnings is presently enough or is likely to increase enough for you to be able to comfortably make greater regular monthly payments ought to your ARM rates of interest boost at any adjustment duration.
• You prepare to remain in your home for just a couple of years, so the possibility of paying greater month-to-month payments in years to come is not an issue.
  
  - Yes
• No
  
  MORTGAGE: Mortgage loans are originated by Space Coast Credit Union, and are subject to credit approval, verification and security examination. Programs, offers, rates, terms, and conditions go through alter or cancel without notice. Certain constraints apply.
  
  These mortgage loan programs constitute very first mortgage liens protected 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 evaluated value of the home require personal mortgage insurance coverage. Member accountable for any funds required for closing expenses and pre-paid escrow.
  
  - Compare Checking Accounts
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• 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.
• Contact Us!
  
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  - Brevard: 321-752-2222.
• Broward: 954-704-5000.
• Miami-Dade: 305-882-5000.
• All Other Areas: 800-447-7228
  
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• Sitemap. -. SCCU Routing Number: 263177903. NMLS #: 403370
  
  Space Coast Cooperative credit union subscription is open to relatives of existing 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.
  
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