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Mortgage Refinance

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Refinancing Your Mortgage

Looking to lower your monthly mortgage payments? SCU Credit Union makes refinancing easy with no hidden costs and flexible options designed just for you. Our refinance options include Conventional, Jumbo, and our exclusive 'On the House' mortgage.

Mortgage Refinance

Refinancing your mortgage is an excellent way to lower your monthly payments, take advantage of better interest rates, or unlock the equity in your home. At SCU Credit Union, we’re proud to offer flexible mortgage refinance solutions tailored to your needs, whether you're looking for a long-term fixed rate or a short-term payoff option. With a full suite of products and personalized service, we're here to make the process smooth and stress-free, so you can maximize your savings.

Flexible Mortgage Options

Refinance with Conventional and Jumbo Fixed or Adjustable Rate mortgages, or explore our low-rate “On the House” mortgage for terms up to 12 years.

“On The House” Refinance Fixed Rate Mortgage

Apply >> (Select Home Equity)

“On The House” Refinance 5/5 Adjustable Rate Mortgage

  • No points
  • No closing costs
  • Option to take cash out
  • No pre-payment penalty
  • Adjustment index is the 5-year U.S. Treasury Bill, with a margin of 2.75%
  • Maximum adjustment cap per 5-year period is 2%; Lifetime adjustment cap is 4%
  • Conventional or Jumbo option
  • Term from 7 to 12 years

Apply Online >> (Select Home Equity)

Fixed Rate Mortgage

Enjoy predictable payments and financial stability with a fixed-rate mortgage.

Highlights

  • Stable, predictable monthly payments for the life of your loan.
  • Protection from rising interest rates, providing peace of mind.
  • Choose from a variety of term lengths—10, 15, 20, or 30 years.

Great Additional Benefits

We service mortgages locally, meaning your loan stays with SCU Credit Union—from origination to servicing.

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Adjustable Rate Mortgage

Get lower initial payments and flexible terms with an adjustable-rate mortgage tailored to you

Highlights

  • Flexibility to adjust to market conditions, offering potential savings in the initial years of the loan
  • Competitive interest rates that can be lower than fixed-rate mortgages, making homeownership more affordable
  • Ideal for first-time homebuyers or short-term homeowners, with lower initial monthly payments to ease budgeting

Better Mortgages Start Here

Our adjustable rate first mortgages are used for the purchase or refinance of owner-occupied properties, condominiums and vacation homes located within Massachusetts or Rhode Island. Adjustable Rate Mortgages (ARMs) assist you in customizing a mortgage to satisfy your personal circumstances. Jumbo Adjustable Rate Mortgages are available for larger mortgage amounts. 

Mortgage | Frequently Asked Questions

  • Can I refinance an ARM with SCU Credit Union if my needs change?

    Absolutely. SCU Credit Union offers refinancing options to help you find the best solution as your financial situation evolves.

  • Can I use a Fixed Rate Mortgage to refinance my current home?

    Yes! Fixed Rate Mortgages are available for both purchasing a home and refinancing an existing mortgage.

  • How can a Fixed Rate Mortgage benefit me?

    Fixed Rate Mortgages protect you from fluctuating interest rates, making budgeting easier and offering long-term financial stability.

  • What is a Fixed Rate Mortgage?

    A Fixed Rate Mortgage is a home loan with an interest rate that remains the same for the life of the loan, providing consistent monthly payments.

  • What happens when the introductory rate on my ARM adjusts?

    After the introductory period, your ARM interest rate will adjust periodically based on market conditions. The rate could go up or down, affecting your monthly payment.

    Our local mortgage consultants provide personalized service to help you choose the best loan option and guide you through the entire process. 

  • What are the benefits to Fixed vs. Adjustable Rate Mortgages?

    Fixed Rate Mortgages allow you to lock in a rate and payment for the term of your mortgage. If you plan to stay in your home for 10 years or more and/or prefer to have fixed, consistent payments then a Fixed Rate Mortgage may be beneficial to you.

    Adjustable Rate Mortgages offer a lower initial rate subject to adjustment after the fixed term. This type of mortgage would be beneficial to you if you only plan to stay in your home for a few years. This would also be a better option for you if you prefer to get a low monthly rate at the beginning of your loan.

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