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!
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.
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.
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.
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.