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Mortgage Refinance

Close-up of a real estate agent giving to a couple keys of their new home
Refinancing Your Mortgage

Looking to lower your monthly mortgage payments? SCU Credit Union makes refinancing easy with no hidden costs and flexible options designed just for you. Our refinance options include Conventional, Jumbo, and our exclusive 'On the House' mortgage.

Mortgage Refinance

Refinancing your mortgage is an excellent way to lower your monthly payments, take advantage of better interest rates, or unlock the equity in your home. At SCU Credit Union, we’re proud to offer flexible mortgage refinance solutions tailored to your needs, whether you're looking for a long-term fixed rate or a short-term payoff option. With a full suite of products and personalized service, we're here to make the process smooth and stress-free, so you can maximize your savings.

Flexible Mortgage Options


Refinance with Conventional and Jumbo Fixed or Adjustable Rate mortgages, or explore our low-rate “On the House” mortgage for terms up to 12 years.

“On The House” Refinance Fixed Rate Mortgage


  • No points
  • No closing costs
  • Option to take cash out
  • No pre-payment penalty
  • Interest rate and payment are fixed for the life of the loan
  • Conventional or Jumbo option

“On The House” Refinance 5/5 Adjustable Rate Mortgage


  • No points
  • No closing costs
  • Option to take cash out
  • No pre-payment penalty
  • Adjustment index is the 5-year U.S. Treasury Bill, with a margin of 2.75%
  • Maximum adjustment cap per 5-year period is 2%; Lifetime adjustment cap is 4%
  • Conventional or Jumbo option
  • Term from 7 to 12 years

Fixed Rate Mortgage

Enjoy predictable payments and financial stability with a fixed-rate mortgage.

Highlights


  • Stable, predictable monthly payments for the life of your loan.
  • Protection from rising interest rates, providing peace of mind.
  • Choose from a variety of term lengths—10, 15, 20, or 30 years.

Great Additional Benefits


We service mortgages locally, meaning your loan stays with SCU Credit Union—from origination to servicing.

Adjustable Rate Mortgage

Get lower initial payments and flexible terms with an adjustable-rate mortgage tailored to you

Highlights


  • Flexibility to adjust to market conditions, offering potential savings in the initial years of the loan
  • Competitive interest rates that can be lower than fixed-rate mortgages, making homeownership more affordable
  • Ideal for first-time homebuyers or short-term homeowners, with lower initial monthly payments to ease budgeting

Better Mortgages Start Here


Our adjustable rate first mortgages are used for the purchase or refinance of owner-occupied properties, condominiums and vacation homes located within Massachusetts or Rhode Island. Adjustable Rate Mortgages (ARMs) assist you in customizing a mortgage to satisfy your personal circumstances. Jumbo Adjustable Rate Mortgages are available for larger mortgage amounts. 

Mortgage | Frequently Asked Questions