Finance Your Home for Less
The real estate market is going strong in the Sacramento region, and a Schools low-rate mortgage loan gives you the power to purchase or refinance for less. Schools home loan experts are at your service to walk you through financing from start to finish.
*Our Short-Term, Low-Rate Mortgage has no closing costs!1,2*
Short-Term, Low-Rate Mortgage Loans
The Short-Term, Low-Rate Mortgage allows you to pay off your home in 5, 7 or 10 years3 at some of our lowest rates. Finance up to 80%4,5,6 with no closing costs and no points.
Fixed-Rate Mortgage Loans
Our fixed-rate mortgage loans are offered in terms of 30, 20, 15 and 10 years7 with as little as 5% down on purchase transactions.
Adjustable-Rate Mortgage Loans
Our 5/1 ARM provides a unique opportunity to have the home you want with the payment you need. Up to 95%8 financing is available.
My Community Mortgage
This mortgage has a fixed rate with a 30-year term7 and flexible qualifications to help with a purchase or refinance. With financing up to 95% loan to value, low private mortgage insurance rates and as little as 5% of your own funds down, this is a great product for first-time homebuyers.
Now through December 31, 2014, receive a special $500 closing credit9 on our 5/1 ARM and 15-year fixed mortgage!
Check current rates.
Contact a Schools real estate professional to discuss your options and begin your application.
Rates, terms and conditions are subject to change. All loans are subject to credit approval and Credit Union policies and procedures.
1 Closing costs paid by the lender include credit report, document preparation, tax service, title and similar fees that are customary and reasonable to a standard refinance transaction.
2 If more than 20% of the original principal amount is paid off within the first 12 months, a prepayment charge equal to the amount of your closing cost or the sum of six (6) months' advance interest on the amount of the excess, whichever is less, will apply.
3 Members are restricted from refinancing a current loan under this program into a new Short-Term, Low-Rate loan on the same property. Representative example: A $100,000 loan with an Annual Percentage Rate of 2.875% and a 60-month term would have a payment of $1,791.32. This program and rate is subject to change and may be discontinued without advanced notice.
4 A 20% down payment is required on purchases.
5 Investment properties will be limited to a combined loan-to-value of 60%.
6 Minimum loan amount restricted to $50,000 and a maximum of $417,000.
7 Standard closing costs apply. A 5% down payment is required on purchase transactions. There is no minimum loan amount. Maximum loan amount is $417,000. Representative example: A $200,000 loan with a rate of 4.375% Annual Percentage Rate would have a payment of $998.57.
8 Standard closing costs apply. The advertised rate is subject to adjustment beginning with the sixth year of the 30-year term. The rate may increase. A 5% down payment is required on owner-occupied properties. A down payment of 20% is required on second homes. Investment properties are ineligible under the 5/1 ARM program. There is no minimum loan amount. Maximum loan amount is $417,000. The 5/1 ARM is determined by adding a Margin of 2.875% to the Index in effect at that time. Representative example: A $200,000 loan with a rate of 2.875%/3.003% Annual Percentage Rate would have a payment of $829.78 for the first 60 months. Based on current market conditions, the representative payment example for the remaining balance of $177,014.33 at a rate of 3.000%/3.046% APR would be $841.31 for the remaining 61-360 months.
9 A $500 closing cost credit will be applied at funding. Loan must be applied for and approved on or before December 31, 2014, and must fund within 60 days of approval. For prequalifications, the loan must fund within 60 days of receipt of the purchase contract.