Real Estate Loans

Are you looking to purchase a home? Thinking about refinancing your existing home mortgage? Can’t decide between a fixed or adjustable rate mortgage?

Sarasota Coastal Credit Union has the right loan for you, at the right price! With convenient terms from 10 to 40 year fixed, your credit union can establish monthly payments that meet your budget. In addition to competitive interest rates and points, you’ll be able to borrow money from people that you know and trust—your credit union.

Why a Credit Union Home Loan?
At Sarasota Coastal Credit Union, members’ needs come first. Our loan programs are designed to fit your needs. We offer a wide variety of products, each with special benefits. We also offer flexible underwriting guidelines. Once your loan closes, we have ACH capability, assuring that your payment is automatically made on time.

Apply for a mortgage or check the status of your application online now.

What Can You Expect from SCCU?

• Simple, easy, member-friendly pre-qualification and pre-approval.
• Funds available for your home loan at competitive interest rates, points and fees.
• Loan payments can be deducted from an outside bank as well as from an account at SCCU.
• Knowledgeable, friendly personnel to help you through the loan process.
• Competitive limits on interest rate adjustments for ARM loans.
• No penalty for paying off your loan ahead of schedule.
• Full disclosure of all terms and conditions.

Pre-Approval
Pre-approval allows you to shop for a home knowing exactly what you can afford. Improved bargaining power with the seller and real estate agent is an added benefit. Pre-approved buyers are able to close on the deal on their new homes more quickly, which saves time and money. Pre-approval is easy, inexpensive, and available at SCCU. You can even apply for your pre-approval online at www.sccu.org – anytime, day or night.

Types of Available Loans:
SCCU has mortgage loans to fit your needs. Following is a list of loans with brief descriptions. If you need more information, visit our website, call, or come in and speak with one of our mortgage specialists today.

Fixed Rate
Fixed rate loans are the traditional mortgages. The rate never changes and your payment remains the same for the entire life of the loan. The rate on a fixed mortgage is generally higher than that of an adjustable rate mortgage, but offers you the security of knowing that principal and interest payments will remain the same throughout the term of the mortgage.

Adjustable Rate
An adjustable rate loan starts out with a lower initial rate. This increases your purchasing power and allows you to qualify for a larger mortgage – and more house – than a fixed rate mortgage. The rate can be adjusted over the life of the loan, subject to periodic and lifetime caps.

We also offer Jumbo Loans and Self-Employed borrower loans.

All mortgages shall be originated in conformity with the standards of the established secondary market. This is not the case on Portfolio loans.

Reverse Mortgages
If you are age 62 or over, a reverse mortgage may be right for you! A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of the equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence. Our reverse mortgage provides these benefits, and it is federally-insured as well. Call Mary Colonese at (941) 907-4024 for more information today.

Contact our Mortgage Staff Today!

• Mary F. Colonese, Mortgage Manager
  (941) 907-4024
• Mike Myers, Mortgage Originator
  (941) 907-4083
• Cherie Picerno, Residential Closing Specialist
  (941)907-4030
• Stefanie Cooper, Mortgage Servicing Specialist
  (941) 907-4046
• Ally Spencer, Underwriter/Mtg. Specialist
  (941) 907-4081

Mortgage Department Fax (941) 924-5125

Apply for a mortgage or check the status of your application online now.

To verify insurance on your real estate loan, please click here and follow the simple instructions.

Try our online coaches...click on the Home Buying Coach to learn more about Mortgage Loans.