Suncoast Credit Union Mortgage Rates

Looking forward to getting the best mortgage rates for refinancing purposes then Suncoast Credit Union should be on top of your priority list.

Suncoast Credit Union is the leading credit union in the state of Florida, the ninth-largest in the United States based on membership, and the 10th largest in the United States based on its $12 billion in assets. Chartered in 1934 as Hillsborough County Teachers Credit Union, Suncoast Credit Union currently runs 73 full-service branches and assists more than 895,000 members in 39 Florida counties. Ever Since its founding in 1990, the Suncoast Credit Union Foundation has raised and donated more than $29 million to organizations and programs that support the health, education, and emotional well-being of children in the communities that the credit union serves.

The article will explore Suncoast credit union mortgage rates and refinance rates, and why is Suncoast Credit Union a good bank.

Is Suncoast Credit Union a Good Bank?

Suncoast Credit Union is a robust choice for those who meet the criteria for membership. You have your pick of savings accounts, checking accounts – even auto loans, credit cards, and mortgages. For a regional credit union, it has all the offerings of a larger bank chain. Even better, it runs as a not-for-profit. That can entail better loan terms and community engagement. Suncoast is also known for managing charitable organizations and even has solar-powered buildings in an attempt to support energy efficiency and green initiatives.

Do Credit Unions have Lower Mortgage Rates?

When determining where to get your mortgage, there are many factors you should be concerned about.

You want to work with a lender that can make your experience as easy and straightforward as possible. You want a smooth process so you can close on time without too much back and forth. You want an experienced company to help you obtain the most suitable financing for you. You want the best terms and interest rates you can get.

With so many banks, credit unions, and other lenders saying that they can assist you to get the mortgage you want and need, why is it that when it comes to interest rates, credit unions stand out as having the finest option?

Well, interest rates are one of the most crucial factors in a mortgage, and credit unions pride themselves on offering the lowest rates possible to their members. Though, that isn’t the only reason why you might love securing your loan at a credit union.

The Credit Union Mortgage Process

The reason why you might choose working with a credit union to obtain your mortgage starts before a mortgage rate is even defined. It often starts with the process.

Better Mortgage Process

If you’re currently a member of a credit union, they have access to your financial data, so there’s often less information that needs to be given during the application. This often leads to a more convenient and quicker approval process.

Additionally, high-quality customer service credit unions are recognized for having what you need to make it through a time that might be a bit hectic. While purchasing a home can be exhilarating, the process can sometimes be time-consuming and exhausting, so working with people who endeavor to make it as smooth as possible for you makes everything better.

Additional Mortgage Offers

Credit unions also propose various types of financing connected to your mortgage, such as a home equity loan and home equity line of credit (HELOC).

You can contemplate taking out either of these options at the same time as your primary mortgage and utilize the funds to make a larger down payment. In doing so, you may escape paying monthly private mortgage insurance, also known as PMI.

A credit union that you have a history with or even one that you don’t, might be able to accept you for these financing opportunities with your initial loan instead of waiting until later down the line to do so.

Less Likely To Sell Your Mortgage

While you might at first get your mortgage with the lender you want, it doesn’t imply you’ll be paying them every month for the life of your loan. Many companies that take on your loan originally

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will sell it to another company at some point. When this occurs, you have no power over the chosen company. It’s just a part of the mortgage procedure.

Though, when you get hold of your mortgage from a credit union, they are less likely to sell it to a third-party. When they have the objective of holding your loan, they can be more flexible when taking into account borrowers with a less than perfect financial history, such as having a higher debt-to-income ratio.

The Advantage of Lower Credit Union Mortgage Rates

There’s no skepticism that credit unions are recognized for extending lower mortgage rates to their members. But why?

The key reason is that credit unions are not-for-profit organizations. Unlike banks and other online lenders, their not-for-profit status permits them to offer lower interest rates to their members. Members are also part owners, so as a member, you have a right to vote on what’s vital to you.

Low-interest rates are often a common aspiration amongst members. A lower interest rate of even a few tenths of a point can spare you tens of thousands of dollars over the life of your mortgage.

Along with saving thousands of dollars based on interest, you’ll also face savings with lower closing costs and fees during the mortgage process.

When getting financing for your next home, you want a lender with excellent customer service, experienced staff, a simple loan process, and low mortgage rates. A credit union can provide you all of that and more.

Does Suncoast Credit Union do Mortgages?

From purchasing a new home to refinancing an existing property, Suncoast’s collection of services is constructed to meet all of your home financing needs.

Suncoast Online Mortgage Center has all the information and resources you require to make purchasing a home easier. When you’re prepared to start the process of purchasing a new home, there are a few things you need to do to get started:

  • Get preapproved. Preapproval can speed up the home-purchasing process and be the difference between getting the home of your desires and watching another bidder walk away with it.
  • Lock your mortgage rate while you look for a home. Suncoast’s Lock and Shop feature let you lock your interest rate for 30 days when you get preapproved for a mortgage. If rates rise up, you’ll keep the locked rate. If rates go down, you’ll get the lower rate.
  • Discover low rates. Get low rates and fewer fees at Suncoast.
  • Obtain customized, comprehensive customer service from their experienced staff of Mortgage Loan Consultants.
  • Make Use Of their collection of insurance products. They offer homeowners, title, private mortgage, flood, windstorm, and interior condominium insurance plans.
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  • Get loan status updates. They keep you informed throughout the entire mortgage process with automated email communications that tell you where your loan is now, what the next steps are, and what to anticipate from your mortgage team.
  • Save on closing costs for a home equity loan. Get up to $1,000 toward closing costs when you get hold of a home equity loan from Suncoast.
  • On-Time Closing Guarantee.

Suncoast Credit Union Refinance Mortgage Rates

Refinancing can be good if you’re experiencing home improvement or debt consolidation, or if you intend to lower your monthly payment.

Some of the reasons to refinance can include:

  • Pay off your balloon payment or interest-only mortgage
  • Take cash out to add a room or swimming pool, increasing the value of your home
  • Lower your interest rate and your monthly payment
  • Develop equity faster by shortening the term of your loan

Suncoast offers the best rates:

Loan rates
RATE POINTS APR PAYMENT

 

30 Year Fixed
3.250% 0 3.295% $653

 

20 Year Fixed
2.750% 0 2.812% $813

 

15 Year Fixed
2.500% 0 APR2.580% $1,000

 

10 Year Fixed
2.250% 0 2.366% $1,397

 

30 yr Jumbo Fixed
3.250% 0 3.258% $3,482

 

15 yr Jumbo Fixed
2.625% 0 2.639% $5,382

 

Suncoast Community Heroes 30 Year Fixed
3.250% 0 3.295% $653

 

Suncoast Community Heroes 7/1 ARM
2.750% 0 2.997% $612

 

Suncoast Community Heroes 3/3 ARM
2.750% 0 2.794% $612

 

FIRST TIME HOMEBUYER 10/1 ARM
2.750% 0 3.287% $612

 

7/1 ARM
2.750% 0 2.997% $612

 

5/5 ARM
3.000% 0 2.962% $632

 

Right Time 3/3 ARM
2.750% 0 2.794% $612

The sample payment amounts do not contain amounts for taxes and insurance premiums. Your monthly payment obligations will be higher. Rates above are signs only and are subject to adjustment without notice. Your actual rate and/or points may be changed, as many considerations go into offering you a mortgage loan.

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What Credit Score is Needed for Suncoast Credit Union?

Your credit score can have a major effect on your life. Not only do creditors usually check your score when determining whether or not to accept your loan application and what interest rate to charge you if you are approved, but landlords, insurance companies, and even employers often verify it as well. Having a good score can assist you to accomplish your goals quickly and at the lowest possible cost.

Suncoast Credit Union offers personal, mortgage, and auto loan approval to credit score from 640+. The catch is you need a score of 700+ for competitive rates that won’t expense you a ton.

How to Improve Your Score?

Following these practices can improve your score:

Always pay on time: Your payment history makes up the biggest chunk of your credit score, so making your payments on time is very critical.

Pay down current debt: Even if you have never skipped a payment, a large debt burden will lower your score. Discover ways that can help you lower your interest rates and free up cash to make more than the minimum payments.

Avoid taking on extra debt: Besides paying down current debt, make an attempt to not take on more debt in the future. For revolving credit, preferably you should not charge more than you can pay off in full the next month, but at the very least, seek to maintain the balance well under half of the credit limit.

Check your report for mistakes (and report them): Many reports contain score-lowering errors, so make sure to verify your credit report from the three bureaus at least annually. You can obtain a free copy of your report once a year from the Annual Credit Report Request Service.

Keep your old accounts: A long credit history with the same accounts signifies stability.

Restrict balance transfers: While transferring balances to “teaser rate” cards can be a way to effectively get out of debt, it can also have a negative effect on your credit score. The accounts will be new and likely have balances near to the limit to maximize the benefit of the low rate – two factors that lower your score.

Avoid excess credit applications: When you apply for credit, your score declines just a bit. If you do it often, a creditor may see it as a signal that you need to depend on credit to pay your debts.

Be patient: It may feel like credit errors can bother you forever, but keep in mind that your payment history from the past two years is much more crucial than what occurred before that. Also remember that most negative information is deleted from your report after seven years.

Suncoast Credit Union Mortgage Calculator

Whether you’re saving for college or saving for retirement, or trying to pay your debts, Suncoast has calculators to assist you to strategize for a financially safe future.

Car Loan Calculator

Make use of this calculator to determine your monthly car loan payment or your car purchase price.

Loan Payment Calculator

Enter your preferred payment — and let the calculator determine your loan amount. You can then analyze your principal balances by payment, a total of all payments made, and total interest paid.

Mortgage Amortization Calculator

Use this calculator to produce an estimated amortization schedule for your current mortgage.

ARM vs Fixed-Rate Mortgage

Use this calculator to compare a fixed rate mortgage to two kinds of ARMs, a Fully Amortizing ARM and an Interest Only ARM.

Home Equity Line of Credit Calculator

Use this calculator to ascertain the home equity line of credit amount you may be eligible to receive.

Debt Consolidation Calculator

Should you consolidate your debt? This calculator is created to help establish whether debt consolidation is right for you.

Credit Card Payoff Calculator

Make Use Of this calculator see what it will take to pay off your credit card balance, and what you can modify to meet your repayment goals.

Retirement Income Calculator

Use this calculator to decide how much monthly income your retirement savings may offer you in your retirement.

Investment Goal Calculator

What will it take to achieve your investment goal? Make Use Of this investment goal calculator to decide how much your investment might increase before taxes, after taxes and after taxes and inflation.

College Savings Calculator

Saving for your children’s education involves a long-term plan. Utilize this calculator to help build or fine-tune your education savings plan.

403(b) Savings Calculator

Utilize this calculator to assist make a 403(b) savings plan for retirement.

Charles Bains

Charles Bains

Charles Bains started his insurance career as a marketing intern before pounding the pavement as a commercial lines agent in Orlando, FL. As an industry journalist, his articles have appeared in a variety of trade publications. His insurance television career, short-lived but glorious, once saw him serve as the expert adviser on an insurance-themed infomercial (yes, you read that correctly). Having recently worked for various organizations, coupled with his broader insurance knowledge, Charles is able to understand our client’s needs and guide them accordingly. He is a gem for Insurance Noon as his wide area of expertise and experience have been beneficial in conducting further researches to come up with solutions and writing them in a manner which is easy for everyone including beginners to comprehend.

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