1st Mortgage Loans
Before you choose a mortgage lender, consider what kind of relationship you want to have in this most important financial decision. Southern Credit Union offers very competitive rates and exceptional service. Here is one member's story:
Recently, a young family decided to refinance their mortgage. They lived in their home about 10 years with an existing bank mortgage at 10.5% interest. They heard that it was a great time to refinance at a lower interest rate and hoped to pay off higher credit card debt and still have a lower payment. When they began to look at mortgage options, it became apparent the advertised rates were difficult to qualify for and in other instances, there were lots of fees and penalties for early payoff. The couple agreed to the terms of a mortgage company but were very uncomfortable at the closing.
On a refinanced mortgage, the borrowers have a three day right of recession. During this three day period, the members spoke to a credit union representative and lamented the actions they were taking. After learning that Southern Credit Union offered mortgage loans, the member brought the loan disclosure in for review. Our loan manager, Charlie Young, NMLS#806656, discovered the deal was not as sweet as the borrowers were led to believe. Mr. Young pointed out that they were being charged about $3,700 in closing costs and the mortgage carried a severe penalty for the first three years of the loan should they choose to pay it off early. Also, the great deal turned out to be a 15 year balloon note! The good news is that the credit union was able to make an analysis and the members acted on their right of recession.
The members ended up with a Southern Credit Union 15 year fixed mortgage with an interest rate 1.85% less than the mortgage company charged. The couple also received about $4,000 more to pay off all their outstanding credit and they saved $3,700 in closing costs! The moral of the story – call Southern Credit Union FIRST!
Southern Credit Union offers First and Second Mortgages. Before you refinance your home with another lender, let us review your documents. We may save you thousands of dollars in closing costs with no strings. Call Charlie in Chattanooga or Lisa in Knoxville and let us tell you about the Southern Credit Union difference: we only charge the minimum fees such as appraisal, recording fee, application fee and title search; we do NOT charge for discount points, origination fees or brokerage fees.
Features of Southern Credit Union Mortgages:
- Lending cannot exceed 80% of equity. Equity is determined by an appraisal.
- First Mortgage rates as low as 4.5% APR.*
- Terms up to 15 years depending on amount borrowed.*
- In some cases Credit Disability and Credit Life Insurance available on loans.
- No penalties for early payoff.
- Reduced closing costs.
- No points.
- We don't sell our mortgages to third party companies.
- The calculator will provide an estimated payment for you.
- Our real estate loans are closed ended. This means you borrow a stated amount of money at one time.
*Southern Credit Union is an equal housing lender. All loans are subject to qualifying requirements. All rates and terms subject to change. Rates and terms subject to credit score. APR is annual percentage rate. SCU is an NMLS lender #818549.