Schools First Mortgage Loan Programs
Whether you are purchasing your first home or refinancing your current one, Schools is committed to finding the best loan product for your financial needs. Our loan counselors are available to answer any specific questions that you may have. Higher rates and/or fees may apply.
Fixed-Rate First Mortgage
- 15- and 30-year terms
- Interest rate and monthly payments are fixed throughout the term of the loan.
Short-Term, Low-Rate Mortgage — This mortgage loan has it all — including new LOWER rates! With no closing costs1,2 or points, this loan can't be beat. Choose your term:
- 5 years at 2.875% APR3
- 7 years at 3.175% APR3
- 10 years at 3.375% APR3
Finance up to 80% of your home's value4,5,6 and interest may be tax deductable!7
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 APR=Annual Percentage Rate. All loans are subject to credit approval and Credit Union policies and procedures. 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 Consult your tax advisor regarding the deductibility of interest.