​MORTGAGE LOAN RATES & TERMS APPLICABLE TO REFINANCE TRANSACTIONS ONLY

​(REFER TO PURCHASE RATE SHEET FOR PURCHASE 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 refinance of a single-family, primary residence
  • Credit score of 740 for conventional loans and 620 for FHA loans
  • The loan rates assume the following loan-to-value ratios: 95.01% loan-to-value for SchoolsFirst FCU HomeAccess™, 97.75% for FHA, 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 LTV, other factors may include loan purpose, loan amount, occupancy, lien(s), income and other financial obligations. Please see “Mortgage Loan Pricing Information" for details. All loans are subject to approval.

Payment examples do not include the cost of property taxes or insurance, so the actual payment obligation will be greater. All programs, loan rates, APR, points, and terms listed are subject to change without notice.

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.

Typical loan processing time: 45 days (completed application to funding).

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 5.125%
5.375%
5.625%
6.23%
6.33%
6.43%
1.000
0.000
-1.000
$7.98
$8.11
$8.24
30 Year 5.875%
6.125%
6.375%
6.77%
6.93%
7.09%
1.000
0.000
-1.000
$5.92
$6.08
$6.24
Fixed-Rate Mortgages: FHA
Program
15 Year
Interest Rate APR1 Points Estimated Payment Per $1,000 Borrowed1
5.125% 6.23% 1.000 $7.98
5.375% 6.33% 0.000 $8.11
5.625% 6.43% -1.000 $8.24
30 Year
Interest Rate APR1 Points Estimated Payment Per $1,000 Borrowed1
5.875% 6.77% 1.000 $5.92
6.125% 6.93% 0.000 $6.08
6.375% 7.09% -1.000 $6.24

Eligible properties primary residence single-family homes, condominiums and manufactured homes. 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.

Fixed-Rate Mortgages: Conforming

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

Fixed-Rate Mortgages: Conforming
ProgramsInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
10 Year5.125%
5.375%
5.625%
5.53%
5.57%
5.60%
1.000
0.000
-1.000
$10.60
$10.70
$10.90
15 Year5.125%
5.375%
5.625%
5.41%
5.51%
5.61%
1.000
0.000
-1.000
$7.97
$8.10
$8.24
30 Year5.875%
6.125%
6.375%
6.05%
6.21%
6.37%
1.000
0.000
-1.000
$5.92
$6.08
$6.24
Fixed-Rate Mortgages: Conforming
Programs
10 Year
InterestAPR1PointsPayment per $1k1
5.125%5.53%1.000$10.60
5.375%5.57%0.000$10.70
5.625%5.60%-1.000$10.90
15 Year
InterestAPR1PointsPayment per $1k1
5.125%5.41%1.000$7.97
5.375%5.51%0.000$8.10
5.625%5.61%-1.000$8.24
30 Year
InterestAPR1PointsPayment per $1k1
5.875%6.05%1.000$5.92
6.125%6.21%0.000$6.08
6.375%6.37%-1.000$6.24

Eligible properties are primary residence single-family homes, condominiums and manufactured homes. Maximum LTV is 97%; PMI is required for Loan-to-Value above 80%. 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 tax or insurance, so the actual obligation will be greater.

Fixed-Rate: Conforming, High-Cost Area

Fixed-Rate Mortgages: Conforming, High-Cost Area
ProgramsInterest RateAPR2PointsEstimated Payment Per $1,000 Borrowed2
15 Year5.250%
5.500%
5.625%
5.54%
5.64%
5.69%
1.000
0.000
-0.500
$8.04
$8.17
$8.24
30 Year5.750%
6.000%
6.125%
5.93%
6.09%
6.17%
1.000
0.000
-0.500
$5.84
$6.00
$6.08
Fixed-Rate Mortgages: Conforming, High-Cost Area
Programs
15 Year
InterestAPR2PointsPayment per $1k2
5.250%5.54%1.000$8.04
5.500%5.64%0.000$8.17
5.625%5.69%-0.500$8.24
30 Year
InterestAPR2PointsPayment per $1k2
5.750%5.93%1.000$5.84
6.000%6.09%0.000$6.00
6.125%6.17%-0.500$6.08

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum LTV is 90%. PMI is required for Loan-to-Value above 80%.

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 tax or insurance, so the actual obligation will be greater.

Fixed-Rate Mortgages: Jumbo
ProgramsInterest RateAPR1PointsEstimated Payment Per $1,000 Borrowed1
15 Year

(Loan Amounts: See Below2)

5.125%
5.375%
5.625%
5.41%
5.51%
5.61%
1.000
0.000
-1.000
$7.97
$8.10
$8.24
30 Year

(Loan Amounts: See Below2)

5.625%
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: Jumbo
Programs
15 Year

(Loan Amounts: See Below2)

InterestAPR1PointsPayment per $1k1
5.125%5.41%1.000$7.97
5.375%5.51%0.000$8.10
5.625%5.61%-1.000$8.24
30 Year

(Loan Amounts: See Below2)

InterestAPR1PointsPayment per $1k1
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 single-family homes and condominiums; manufactured homes do not qualify. 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 maximum LTV of 90%; Loan Amounts up to $2,500,000 available with a maximum LTV of 80%.

​Fixed-Rate Mortgages: Rental 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
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 RECODEZRP-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
Fixed-Rate Mortgages: Investment Properties
Programs
15 Year
InterestAPR2PointsPayment per $1k1
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 RECODEZRP-NOO-30N15|Balloon_PO

InterestAPR1PointsPayment per $1k1
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 real estate loan representative 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 (ARM)

Rates below are applicable with loan amounts of $50,000 - $2,500,000. Please contact a home loan consultant for details. Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.

Adjustable-Rate Mortgages (ARM)
Program Interest Rate APR1 Points Margin Caps CMT Index Estimated Payment Per $1,000 Borrowed1
5/5 ARM

(Rate adjusts every 5 years)

5.250% 5.80% 0.000 2.375% 2% initial, 2% periodic, 6% lifetime 3.590% 1st 60 payments $5.52
61-120 payments $6.66
121-180 payments $7.72
181-240 payments $8.64
5/1 ARM 5.125% 6.66% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 60 payments $5.44
61-72 payments $6.58
73-84 payments $7.77
85-96 payments $8.38
7/1 ARM 5.250% 6.40% 0.000 2.750% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 84 payments $5.52
85-96 payments $6.59
97-108 payments $7.71
109-120 payments $8.28
10/1 ARM 5.500% 6.13% 0.000 2.750% 2% initial, 2% periodic, 6% lifetime 4.700% 1st 120 payments $5.68
121-132 payments $6.65
133-144 payments $7.66
145-156 payments $8.69
Adjustable-Rate Mortgages (ARM)
Programs
5/5 ARM

(Rate adjusts every 5 years)

Interest Rate 5.250%
APR 5.80%
Points 0.000
Margin 2.375%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 3.590%
Est. Payment per $1k borrowed1
Payments 1-60 $5.52
Payments 61-120 $6.66
Payments 121-180 $7.72
Payments: 181-240 $8.64
5/1 ARM
Interest Rate 5.125%
APR 6.66%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-60 $5.44
Payments 61-72 $6.58
Payments 73-84 $7.77
Payments: 85-96 $8.38
7/1 ARM
Interest Rate 5.250%
APR 6.40%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-84 $5.52
Payments 85-96 $6.59
Payments 97-108 $7.71
Payments: 109-120 $8.28
10/1 ARM
Interest Rate 5.500%
APR 6.13%
Points 0.000
Margin 2.750%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-120 $5.68
Payments 121-132 $6.65
Payments 133-144 $7.66
Payments: 145-156 $8.69

Eligible properties are primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum Loan-to-Value is 90% for loan amounts up to $1,500,000. Private Mortgage Insurance (PMI) is required for Loan-to-Value above 80%. Loan amounts greater than $2,000,000 subject to additional rate adjustment of 0.25%.

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

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.

No PMI Adjustable-Rate Mortgage (ARM)

Loan amounts from $50,000 - $1,500,000
Payment examples do not include the cost of property tax or insurance, so the actual obligation will be greater.
No PMI Adjustable-Rate Mortgage (ARM)
Program Interest Rate APR1 Points Margin Caps CMT Index Estimated Payment Per $1,000 Borrowed1
5/5 ARM

(Rate adjusts every 5 years)

5.375% 5.92% 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
5/1 ARM 5.250% 6.78% 0.000 2.875% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 60 payments $5.52
61-72 payments $6.66
73-84 payments $7.86
85-96 payments $8.47
7/1 ARM 5.375% 6.52% 0.000 2.875% 2% initial, 2% periodic, 5% lifetime 4.700% 1st 84 payments $5.60
85-96 payments $6.68
97-108 payments $7.80
109-120 payments $8.38
10/1 ARM 5.625% 6.24% 0.000 2.875% 2% initial, 2% periodic, 6% lifetime 4.700% 1st 84 payments $5.76
85-96 payments $6.74
97-108 payments $7.75
109-120 payments $8.79
No PMI Adjustable-Rate Mortgage (ARM)
Programs
5/5 ARM

(Rate adjusts every 5 years)

Interest Rate 5.375%
APR 5.92%
Points 0.000
Margin 2.500%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 3.590%
Est. Payment per $1k borrowed1
Payments 1-60 $5.60
Payments 61-120 $6.75
Payments 121-180 $7.81
Payments: 181-240 $8.74
5/1
Interest Rate 5.250%
APR 6.78%
Points 0.000
Margin 2.875%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-60 $5.52
Payments 61-72 $6.66
Payments 73-84 $7.86
Payments: 85-96 $8.47
7/1
Interest Rate 5.375%
APR 6.52%
Points 0.000
Margin 2.875%
Caps 2% initial, 2% periodic, 5% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-84 $5.60
Payments 85-96 $6.68
Payments 97-108 $7.80
Payments: 109-120 $8.38
10/1
Interest Rate 5.625%
APR 6.24%
Points 0.000
Margin 2.875%
Caps 2% initial, 2% periodic, 6% lifetime
CMT Index 4.700%
Est. Payment per $1k borrowed1
Payments 1-120 $5.76
Payments 121-132 $6.74
Payments 133-144 $7.75
Payments: 145-156 $8.79

Eligible properties include primary residence single-family homes and condominiums; manufactured homes do not qualify. Maximum Loan-to-Value is 90%. 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.

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.

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, lower Loan-to-Value will improve your loan pricing. The type of property you are refinancing 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 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 non-payment by the borrower. Insurance is required if the loan amount is greater than 80% of a property's appraised 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 refinance transactions. See "Rate Lock Information" page or contact the Real Estate Lending department for details.