What types of mortgages are available at SEFCU?
A. SEFCU offers both fixed-rate and adjustable-rate mortgages. We also offer a number of specialty mortgages, including loans requiring a minimal down payment, such as FHA and the Alt 97 loan programs. SEFCU also offers Florida mortgages for first and second homes in Florida. Two rate types are available: Fixed-rate Mortgages have a fixed interest rate, fixed monthly payment, and are fully amortized – meaning that these loans are completely paid off over a given number of years. A portion of each monthly payment covers interest, a portion of the principal, Private Mortgage Insurance (PMI-if required), as well as taxes and insurance. Adjustable-rate Mortgages (ARMs) have a fluctuating interest rate and the potential for changing payment amounts. ARMs offer a low, initial rate which helps keep the monthly payments down during the early stages of the mortgage. These lower payments are often helpful during the first years of home ownership.
