Mortgage Loans & Refinancing

Buying or refinancing a home can be exciting. But let’s face it – it can also be confusing. That’s why our experienced mortgage lenders will take their time and explain the total process to you. We’ll break it down into manageable steps.

SCU’s Mortgage Products

Southbridge Credit Union offers a variety of fixed and adjustable home mortgage products for your new purchase or refinancing needs. And, it’s important to note that our mortgage products are locally serviced by SCU.

Fixed Rate Mortgage

We offer a fixed rate mortgage with a monthly or bi-weekly payment schedule. This ensures the monthly principal and interest payments remain the same throughout the life of the loan. The most common mortgage terms are 30 and 15 years. With a 30 year fixed rate mortgage, your monthly payments are lower than they would be on a 15 year fixed rate, but the 15 year loan allows you to repay your loan twice as fast and save more than half the total interest costs. If you like to know exactly what each payment amount will be, then a fixed rate mortgage is right for you!

Adjustable Rate Mortgage

Don’t care if your monthly payments fluctuate? Then let us introduce you to the adjustable rate mortgage known as ‘ARM’. The adjustable rate mortgage has an interest rate that is adjusted periodically during the term of the loan. Generally, these changes are determined by a margin and an index so that the interest rate changes, up or down, are based on market conditions at the time of the change. Most often these interest rate changes are limited by a rate change cap and a lifetime cap. Southbridge Credit Union offers 1 year, 3 year, 5/1 year, 7/3 year, and 10/5 adjustable rate mortgages.

Construction Permanent Mortgage

Building a new home? A construction permanent mortgage from SCU is the right one for you. We offer 80% loan-to-value financing, and once your home is completed, the mortgage is automatically converted to permanent financing. For rates, please call 888-599-2265 and ask to speak with our lending center.

Subject to credit approval. Rates subject to change without notice. Maximum loan amount is $1,500,000.00. SCU may lend up to 80% of the loan-to-value of the appraised value as built. Applicant to pay for closing cost. Closing fees apply. Property Insurance is required to open and maintain the construction mortgage. Construction loan is only for owner-occupied 1-4 family dwellings. Membership to SCU requires a one-time dividend-earning deposit of $5.00 in a prime share account. Equal Housing Opportunity. Equal Opportunity Employer. Federally insured by NCUA. NMLS ID#: 616673.
Vacation Property Mortgage

Have you found your dream vacation home? Perhaps it’s by the beach or the grandchildren. Southbridge Credit Union wants to help make your dreams come true. We’ll help you choose the perfect mortgage for your individual situation and walk you through each step of the process. For rates, please call us at 888-599-2265 and ask to speak with our lending center.

Land Mortgages

Found the perfect location for your new home but you’re not ready to build the home of your dreams? At Southbridge Credit Union, we offer land mortgages to purchase the land without rushing to build it right away. Once the land is paid off, you will be ready to build with a construction permanent mortgage through Southbridge Credit Union.