​MORTGAGE LOAN RATES & TERMS APPLICABLE TO PURCHASE TRANSACTIONS ONLY

​(REFER TO REFINANCE RATE SHEET FOR REFINANCE RATES)

Rates quoted are effective as of 2/7/2023 and are subject to change without notice.

PLEASE BE ADVISED: Today’s rates assume the following:

  • The purchase of a single-family, primary residence
  • A minimum credit score of 740
  • The loan rates assume a 95.01% loan-to-value for SchoolsFirst FCU HomeAccess™, 80.01% for the No PMI programs, and 60% for all others.

The rate you may qualify for is based on a variety of factors. In addition to property type, credit history, and loan-to-value, other factors may include loan purpose, loan amount, occupancy, lien(s), income and other financial obligations. Please see “Mortgage Loan Pricing Information" below.

Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. The APR shown includes an estimate of 30 days of prepaid interest. All programs, loan rates, APR, points, and terms listed are subject to change without notice. All loans are subject to approval. APR = Annual Percentage Rate.

To apply, visit our website at www.schoolsfirstfcu.org, call 800.462.8328, ext. 8288, or email the Real Estate Lending department at realestateinfo@schoolsfirstfcu.org. Other interest rate and point options are available. Please call for details.

SchoolsFirst FCU Home360℠

Ask your home loan consultant about the benefits of SchoolsFirst FCU Home360℠ :

  • Members buying a property with a purchase price of at least $150,000 can receive a 20% rebate from the commission of a participating real estate agent.†
  • Members selling a property with a sale price of at least $150,000 will pay a flat 1.5% listing fee (as opposed to the typical 3%).††
  • A 20% discount on escrow services with Hallmark Escrow Co., Inc., Next Level Escrow, Coast Cities Escrow, or Escrow Options Group, Inc. at the close of transaction.†††
  • My Home Savings: Allows home buyers to earn a competitive dividend rate on money you save for a down payment. See below for current rates and terms.

†Rebate payment is made by First Team Real Estate or HomeSmart Evergreen Realty. Rebate is credited to your benefit at the close of transaction. Using SchoolsFirst FCU for a mortgage loan is not a requirement to earn the rebate. First Team Real Estate and HomeSmart Evergreen Realty are not affiliated with SchoolsFirst FCU. Ask for details. All rebates are subject to limitations, lender guidelines and other requirements.

††Discounted 1.5% listing fee is for a residential property sale in California when the home is sold and closes escrow. Does not include commission owed to buyer’s agent (up to 3%). Sales price must be greater than $150,000.

†††Escrow services discount available only on an escrow serviced by Hallmark Escrow Co., Inc., Next Level Escrow, Coast Cities Escrow, or Escrow Options Group, Inc. (collectively, the “escrow companies”). On-time closing guaranty will be paid by the escrow companies at the close of transaction. The escrow companies are not affiliated with SchoolsFirst FCU. Check with the seller of the property regarding selection of the escrow company.

FHA Fixed-Rate Mortgages

Rates below are applicable with loan amounts of $50,00 - $1,089,300

Fixed-Rate Mortgages: FHA
Program Interest Rate APR1 Points Estimated Payment Per $1,000 Borrowed1
15 Year 4.875%
5.125%
5.375%
6.27%
6.37%
6.47%
1.000
0.000
-1.000
$7.85
$7.98
$8.11
30 Year 5.625%
5.875%
6.125%
6.81%
6.97%
7.13%
1.000
0.000
-1.000
$5.76
$5.92
$6.08
Fixed-Rate Mortgages: FHA
Program
15 Year
Interest Rate APR1 Points Estimated Payment Per $1,000 Borrowed1
4.875% 6.27% 1.000 $7.85
5.125% 6.37% 0.000 $7.98
5.375% 6.47% -1.000 $8.11
30 Year
Interest Rate APR1 Points Estimated Payment Per $1,000 Borrowed1
5.625% 6.81% 1.000 $5.76
5.875% 6.97% 0.000 $5.92
6.125% 7.13% -1.000 $6.08

Eligible properties primary residence single-family homes, condominiums, and manufactured homes. Minimum down payment 3.5%. Mortgage Insurance is required on all FHA loans. 

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

School Employee Special No PMI Fixed-Rate Mortgage: Conforming

Loan amounts from $50,000 - $1,000,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

School Employee Special No PMI Fixed-Rate Mortgage: Conforming
ProgramInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
30 Year5.750%
6.000%
6.250%
5.93%
6.09%
6.24%
1.000
0.000
-1.000
$5.84
$6.00
$6.16
School Employee Special No PMI Fixed-Rate Mortgage: Conforming
Program
30 Year
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
5.750%5.93%1.000$5.84
6.000%6.09%0.000$6.00
6.250%6.24%-1.000$6.16

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment 5%. Condominium subject to additional rate adjustment. Must be an eligible school employee to qualify.

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

School Employee Special No PMI Fixed-Rate Mortgage: Jumbo

Loan amounts from $1,000,001 - $1,500,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

School Employee Special No PMI Fixed-Rate Mortgage: Conforming, High-Cost Area
ProgramInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
30 Year5.500%
5.750%
6.000%
5.67%
5.83%
5.99%
1.000
0.000
-1.000
$5.68
$5.84
$6.00
School Employee Special No PMI Fixed-Rate Mortgage: Conforming, High-Cost Area
Program
30 Year
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
5.500%5.67%1.000$5.68
5.750%5.83%0.000$5.84
6.000%5.99%-1.000$6.00

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment 5% on loan amounts up to $1,000,000 and 10% on loan amounts up to $1,500,000. Condominium subject to additional rate adjustment. Must be an eligible school employee.

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

SchoolsFirst FCU HomeAccess: Conforming

Loan amounts from $50,000 - $726,200
APR includes PMI. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

First-Time Home Buyer: Conforming
ProgramInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
30 Year5.625%
5.875%
6.125%
6.38%
6.54%
6.70%
1.000
0.000
-1.000
$5.76
$5.92
$6.08
First-Time Home Buyer: Conforming
Program
30 Year
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
5.625%6.38%1.000$5.76
5.875%6.54%0.000$5.92
6.125%6.70%-1.000$6.08

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

SchoolsFirst FCU HomeAccess: Conforming, High-Cost Area

Maximum Loan Amount: Based on county where property is located.1
Minimum Loan Amount: $726,201
APR includes PMI. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

First-Time Home Buyer: Conforming, High-Cost Area
ProgramInterest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
30 Year5.375%
5.625%
5.875%
6.13%
6.29%
6.45%
1.000
0.000
-1.000
$5.60
$5.76
$5.92
First-Time Home Buyer: Conforming, High-Cost Area
Program
30 Year
Interest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
5.375%6.13%1.000$5.60
5.625%6.29%0.000$5.76
5.875%6.45%-1.000$5.92

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.

1Los Angeles and Orange Counties = $1,089,300; Riverside & San Bernardino Counties = $726,200; San Diego County = $977,500; El Dorado, Placer and Sacramento Counties = $763,600; Ventura County = $948,750. Please contact a home loan consultant for other county loan limits.

2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

Fixed-Rate Mortgages: Conforming

Loan amounts from $50,000 - $726,200
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

Fixed-Rate Mortgages: Conforming
ProgramInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
15 Year4.875%
5.125%
5.375%
5.15%
5.25%
5.35%
1.000
0.000
-1.000
$7.84
$7.97
$8.10
30 Year5.625%
5.875%
6.125%
5.80%
5.96%
6.12%
1.000
0.000
-1.000
$5.76
$5.92
$6.08
Fixed-Rate Mortgages: Conforming
Program
15 Year
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
4.875%5.15%1.000$7.84
5.125%5.25%0.000$7.97
5.375%5.35%-1.000$8.10
30 Year
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
5.625%5.80%1.000$5.76
5.875%5.96%0.000$5.92
6.125%6.12%-1.000$6.08

Eligible properties are primary residence single-family homes, condominiums and manufactured homes. Minimum down payment 3%. PMI required for down payment less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs. Second home programs also available. 

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

Fixed-Rate Mortgages: Conforming, High-Cost Area

Maximum Loan Amount: Based on county where property is located.1
Minimum Loan Amount: $726,201
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

Fixed-Rate Mortgages: Conforming, High-Cost Area
ProgramInterest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
15 Year5.000%
5.250%
5.375%
5.28%
5.38%
5.43%
1.000
0.000
-0.500
$7.91
$8.04
$8.10
30 Year5.500%
5.750%
5.875%
5.67%
5.83%
5.91%
1.000
0.000
-0.500
$5.68
$5.84
$5.92
Fixed-Rate Mortgages: Conforming, High-Cost Area
Program
15 Year
Interest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
5.000%5.28%1.000$7.91
5.250%5.38%0.000$8.04
5.375%5.43%-0.500$8.10
30 Year
Interest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
5.500%5.67%1.000$5.68
5.750%5.83%0.000$5.84
5.875%5.91%-0.500$5.92

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment of 10%. Private Mortgage Insurance (PMI) is required for down payments less than 20%. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs.

1Los Angeles and Orange Counties = $1,089,300; Riverside & San Bernardino Counties = $726,200; San Diego County = $977,500; El Dorado, Placer and Sacramento Counties = $763,600; Ventura County = $948,750. Please contact a home loan consultant for other county loan limits.

2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

Fixed-Rate Mortgages: Jumbo

Loan amounts from $726,201 - $2,500,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

Fixed-Rate Mortgages: Jumbo
ProgramInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
15 Year (Loan Amounts: See Below2)4.875%
5.125%
5.375%
5.15%
5.25%
5.35%
1.000
0.000
-1.000
$7.84
$7.97
$8.10
30 Year (Loan Amounts: See Below2)5.375%
5.625%
5.875%
5.55%
5.71%
5.87%
1.000
0.000
-1.000
$5.60
$5.76
$5.92
Fixed-Rate Mortgages: Jumbo
Program
15 Year (Loan Amounts: See Below1)
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
4.875%5.15%1.000$7.84
5.125%5.25%0.000$7.97
5.375%5.35%-1.000$8.10
30 Year (Loan Amounts: See Below2)
Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
5.375%5.55%1.000$5.60
5.625%5.71%0.000$5.76
5.875%5.87%-1.000$5.92

Eligible properties are single-family homes and condominiums; manufactured homes do not qualify. Private Mortgage Insurance (PMI) is required for down payments less than 20%. Condominium subject to additional rate adjustment.

1APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

2Loan amounts greater than $2,000,000 subject to additional rate adjustment of 0.25%. Loan Amounts up to $1,500,000 available with a max loan-to-value of 90%; up to $2,500,000 require larger down payments. 

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

​Fixed-Rate Mortgages: Investment Properties

Maximum Loan Amount: Based on county where property is located.1
Minimum Loan Amount: $50,000
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.

  Fixed-Rate Mortgages: Investment Properties

Investment Properties
Programs Interest Rate APR2 Points Estimated Payment Per $1,000 Borrowed1
15 Year 5.750%
5.875%
6.000%
5.97%
6.02%
6.07%
0.500
0.000
-0.500
$8.30
$8.37
$8.44
30/15-Year Balloon

Based on a loan size of $1,000, with an interest rate of 6.750%, the estimated payoff after 15 years is RECODEZRHAP-P-NOO-30N15|Balloon_PO

6.625%
6.750%
6.875%
6.77%
6.85%
6.92%
0.500
0.000
-0.500
$6.40
$6.49
$6.57
Investment Properties
Program
15 Year
Interest RateAPR 2PointsEstimated Payment Per $1,000 Borrowed1
5.750%5.97%0.500$8.30
5.875%6.02%0.000$8.37
6.000%6.07%-0.500$8.44
30/15-Year Balloon

Based on a loan size of $1,000, with an interest rate of 6.750%, the estimated payoff after 15 years is RECODEZRHAP-P-NOO-30N15|Balloon_PO

Interest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
6.625%6.77%0.500$6.40
6.750%6.85%0.000$6.49
6.875%6.92%-0.500$6.57

Eligible properties are single-family, multi-unit properties (2-4 units), and condominiums; manufactured homes do not qualify. Investment properties have a maximum Loan-to-Value of 80%.

1Los Angeles and Orange Counties = $1,089,300; Riverside and San Bernardino Counties = $726,200; San Diego County = $977,500; El Dorado, Placer and Sacramento Counties = $763,600; Ventura County = $948,750. Please contact a home loan consultant for other county loan or multi-unit property loan limits.

2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Adjustable-Rate Mortgages

Rates below are applicable with loan amounts of $50,000 - $726,200. Loan amounts of $726,201 - $2,500,000 are available, please contact a home loan consultant for details. Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.

Adjustable-Rate Mortgages Rates
Program Interest Rate1 APR2 Points Margin Caps CMT Index Estimated Payment Per $1,000 Borrowed2
10/1 ARM 5.250% 5.97% 0.000 2.750% 2% initial, 2% periodic, 6% lifetime 4.700% 1st 120 payments $5.52

121 - 132 payments

$6.48
133 - 144 payments $7.47
145 - 156 payments $8.48
7/1 ARM 5.000% 6.29% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 84 payments $5.37
85 - 96 payments $6.42
97 - 108 payments $7.52
109 - 120 payments $8.09
5/1 ARM 4.875% 6.58% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 60 payments $5.29
61 - 72 payments $6.41
73 - 84 payments $7.58
85 - 96 payments $8.18
5/5 ARM

(Rate adjusts every 5 years)

5.000% 5.71% 0.000 2.375% 2% initial, 2% periodic, 6% lifetime 3.590% 1st 60 payments $5.37
61 - 120 payments $6.49
121 - 180 payments $7.53
181 - 240 payments $8.44
Adjustable-Rate Mortgages Rates
Programs
10/1 ARM
Interest Rate1 5.250%
APR2 5.97%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed2
Payments 1-84 $5.52
Payments 85-96 $6.48
Payments 97-108 $7.47
Payments: 109-120 $8.48
7/1 ARM
Interest Rate1 5.000%
APR2 6.29%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed2
Payments 1-84 $5.37
Payments 85-96 $6.42
Payments 97-108 $7.52
Payments: 109-120 $8.09
5/1 ARM
Interest Rate1 4.875%
APR2 6.58%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed2
Payments 1-60 $5.29
Payments 61-72 $6.41
Payments 73-84 $7.58
Payments: 85-96 $8.18
5/5 ARM

(Rate adjusts every 5 years)

Interest Rate1 5.000%
APR2 5.71%
Points 0.000
Margin 2.375%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 3.590%
Est. Payment per $1k borrowed2
Payments 1-60 $5.37
Payments 61-120 $6.49
Payments 121-180 $7.53
Payments: 181-240 $8.44

Eligible properties include primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment of 5% is required. PMI required for down payment less than 20%. Condominium subject to additional rate adjustment. See School Employee Special No PMI Fixed-Rate Mortgage and No PMI Adjustable-Rate Mortgage for No PMI programs. Loan amounts greater than $2,000,000 subject to additional rate adjustment of 0.25%.

Variable rate. APR and payment subject to increase after loan consummation. Rate is fixed for first five, seven or 10 years, depending on program, and adjusts periodically thereafter based on a fully indexed rate.

1Lender-paid closing costs option for purchases: If you don’t have the cash to pay the upfront fees, in exchange for a slightly higher rate, we'll pay up to $5,500 of your nonrecurring closing costs, such as your appraisal, inspection, title insurance and origination fees, depending on your loan amount. Even if you have the cash, this option lets you keep some of it on-hand for moving expenses, home furnishings or repairs. 

2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

No PMI Adjustable-Rate Mortgage (ARM)

Loan amounts from $50,000 - $1,500,000
Payment examples do not include the cost of property taxes and insurance, so the actual obligation will be greater.
No PMI Adjustable-Rate Mortgage (ARM)
Program Interest Rate1 APR2 Points Margin Caps CMT Index Estimated Payment Per $1,000 Borrowed2
5/5 ARM with Lender-Paid Closing Costs1

Rate adjusts every 5 years

5.375% 5.17% 0.000 2.500% 2% initial, 2% periodic, 6% lifetime 3.590% 1st 60 payments $5.60
61 - 120 payments $6.75
121 - 180 payments $7.81
181 - 240 payments $8.74
5/5 ARM

Rate adjusts every 5 years

5.125% 5.83% 0.000 2.500% 2% initial, 2% periodic, 6% lifetime 3.590% 1st 60 payments $5.44
61 - 120 payments $6.58
121 - 180 payments $7.62
181 - 240 payments $8.54
5/1 ARM 5.000% 6.69% 0.000 2.875% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 60 payments $5.37
61 - 72 payments $6.49
73 - 84 payments $7.67
85 - 96 payments $8.28
7/1 ARM 5.125% 6.40% 0.000 2.875% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 84 payments $5.44
85 - 96 payments $6.50
97 - 108 payments $7.62
109 - 120 payments $8.18
10/1 ARM 5.375% 6.08% 0.000 2.875% 2% initial, 2% periodic, 6% lifetime 4.700% 1st 120 payments $5.60
121 - 132 payments $6.56
133 - 144 payments $7.56
145 - 156 payments $8.59
No PMI Adjustable-Rate Mortgage (ARM)
Programs
5/5 ARM with Lender-Paid Closing Costs1

Rate adjusts every 5 years

Interest Rate5.375%
APR25.17%
Points0.000
Margin2.500%
Caps2% initial, 2% periodic, 6% lifetime
CMT Index3.590%
Est. Payment per $1k borrowed
Payments 1-60$5.60
Payments 61-120$6.75
Payments 121-180$7.81
Payments: 181-240$8.74
5/5 ARM

Rate adjusts every 5 years

Interest Rate5.125%
APR25.83%
Points0.000
Margin2.500%
Caps2% initial, 2% periodic, 6% lifetime
CMT Index3.590%
Est. Payment per $1k borrowed
Payments 1-60$5.44
Payments 61-120$6.58
Payments 121-180$7.62
Payments: 181-240$8.54
5/1 ARM
Interest Rate5.000%
APR26.69%
Points0.000
Margin2.875%
Caps2% initial, 2% periodic, 5% lifetime
CMT Index4.700%
Est. Payment per $1k borrowed
Payments 1-60$5.37
Payments 61-72$6.49
Payments 73-84$7.67
Payments: 85-96$8.28
7/1 ARM
Interest Rate5.000%
APR26.40%
Points0.000
Margin2.875%
Caps2% initial, 2% periodic, 5% lifetime
CMT Index4.700%
Est. Payment per $1k borrowed
Payments 1-84$5.44
Payments 85-96$6.50
Payments 97-108$7.62
Payments: 109-120$8.18

Eligible properties include primary residence single-family homes and condominiums; manufactured homes do not qualify. Minimum down payment 5%. Variable rate. APR and payment subject to increase after loan consummation. Rate is fixed for first five or seven years, depending on program, and adjusts periodically thereafter based on a fully indexed rate.

1Closing costs paid up to $5,500 depending on the loan amount.  

2APR = Annual Percentage Rate. Disclosed APR includes 30 days of estimated prepaid interest. Rates quoted are based on a loan amount of $350,000 for the stated term.

Call 800.462.8328, ext. 8288, or visit www.schoolsfirstfcu.org for details.

My Home Savings Share

My Home Savings Share
TermsMinimum Balance to Earn APYDividend RateAPY
6 months
12 months
24 months
$250.002.96%3.00%
My Home Savings Share
Terms
6 months
12 months
24 months
Min. Balance to Earn APY$250.00
Divided Rate2.96%
APY3.00%

APY = Annual Percentage Yield. Variable rate, subject to change daily at our discretion. Limited to existing Members who are buying a home and participating in SchoolsFirst FCU Home360℠; limit one per Membership. A withdrawal within the first six calendar days after opening incurs an early withdrawal penalty of seven days’ dividends. Thereafter, early withdrawals are subject to an early withdrawal fee of $10 and closure of the share; the $10 fee will be waived if the full balance is used for a home purchase. Fees could reduce the earnings on the account. Additional deposits allowed to the maximum balance of $50,000. See SchoolsFirst FCU’s Disclosure & Agreement of Terms and Conditions brochure for additional details about Share Savings Accounts. Rates and program valid as of date and subject to change.

Mortgage Loan Pricing Information

The credit union uses pricing evaluation to determine your mortgage loan interest rate and point combination. This evaluation assesses a group of pricing factors (listed below) specifically related to your mortgage loan. Following the initial evaluation of these pricing factors, you will be given an estimate of what your price will be.

Main Factors That Impact Your Mortgage Loan Price
Credit Score: Your credit score is a number based on information from your credit report including payment history, length of credit history, outstanding balances, and types of credit. Higher scores indicate a more sound credit profile based on maintaining timely payments, low balances, and only opening new credit accounts as needed. FICO is the most commonly used scoring system with a range from 300-850.

Property: The value of the property, determined by an appraisal, compared to the amount you wish to borrow represents your loan-to-value or "LTV." Typically, you will improve your loan pricing by making a larger down payment which lowers your LTV. The type of property you are considering is also important. For example, a multiple-unit property or condominium will have a different price point compared to a single family detached property.

Loan Type/Term: This refers to the type of loan product you select and its corresponding term. For example, a conforming fixed-rate purchase product will have different pricing than a cash-out refinance product based on the credit and property considerations described above.

Rate Lock/Price Confirmation
While you have the option to lock-in your loan interest rate before final approval, doing so does not guarantee your loan price. Any changes specific to your loan, based on the above pricing factors, will be evaluated and may affect your loan price. Your actual loan price will be redetermined at final loan document approval.

Important Mortgage Loan Information

  • Real Estate Lending department: 800.462.8328, ext. 8288.
  • Lending area: State of California.
  • A Loan Estimate summarizing loan settlement costs will be sent within 72 hours after the loan application is received.
  • Loan settlement costs include (but may not be limited to): Origination charge, title insurance, and recording fees.
  • Annual Percentage Rate (APR): Represents a loan's interest rate combined with associated fees charged by the lender, and may be variable.
  • Adjustable-Rate Mortgage (ARM): Loan begins with a fixed rate for a set number of years; the interest rate and monthly payment adjust periodically during the remaining term. (Example: 5/1 ARM has a five-year fixed rate followed by one-year adjustments for the balance of the loan term.)
  • CMT Index: Weekly average of the one-year or five-year Constant Maturity Treasury that determines ARM rate adjustments.
  • Jumbo Loans: Mortgage loans greater than the conforming loan limit are known as Jumbo loans.
  • Private Mortgage Insurance (PMI): A policy that protects the lender against losses that can occur due to nonpayment by the borrower. Insurance is required if the loan amount is greater than 80% of a property's purchase price or value.
  • Rate Lock Policy: Limits apply to the rate lock period and rate locks may not cover the entire period between credit approval and closing in all cases. The standard lock-in period is 45 days on purchase transactions. See "Rate Lock Information" page for more details.