Put Your Mortgage on the Path to Retirement
Are you planning on retiring within the next 15 years? If so, will you still be making mortgage payments?
Refinance your current mortgage loan to a 10 or 15-year fixed rate loan, and your mortgage will retire with you!
15-Year Fixed Rate Loans as low as 2.875% (2.957% APR)*
10-Year Fixed Rate Loans as low as 2.625% (2.743% APR)*
All APRs listed assume a loan amount of $180,000; your APR may be different
Not convinced? Consider these facts:
If you purchased a home five years ago and financed $190,000 with a 30-year fixed rate loan at 6.50% APR:
- If you retire in 15 years, you'll still be making mortgage payments for the next ten years
- You will pay an additional $202,460-$217,481 in interest before your loan is paid off
- Your monthly payment is $1,200.93
If you refinance the balance of your loan to a 15-year fixed rate mortgage at 2.875% (2.957% APR)*:
- When you retire, so will your mortgage
- You will pay $41,805.77 in interest over the life of your new loan
- Your monthly payment will be $1,232.25
If you refinance the balance of your loan to a 10-year fixed rate mortgage at 2.625% (2.743% APR)*:
- When you retire, so will your mortgage
- You will pay $24,853.09 in interest over the life of your new loan
- Your monthly payment will be $1,707.11
Apply today while interest rates are still low!
2 Easy Ways to Apply:
By Phone with Express Sales
Monday - Friday 8:00am - 6:30pm
Saturday 9:00am - 3:00pm
Brevard: 321-752-2222, option 3
Broward: 954-704-5000, option 3
Miami-Dade: 305-882-5000, option 3
All Other Areas: 800-447-7228, option 3
Mortgage loans originated by Space Coast Credit Union. Mortgage programs constitute first mortgage liens secured by the home and property. Loans are subject to credit approval, verification, and collateral evaluation. Programs, offers, rates, terms, and conditions are subject to change or cancellation without notice. The down payment is determined by the Loan to Value ratio (90% LTV= 10% down payment). Loans exceeding 80% of the appraised value of the home require private mortgage insurance. Member responsible for any funds needed for closing costs and pre-paid escrow.
*Rates current as of March 28, 2013 and are subject to change. APR is Annual Percentage Rate and is affected by your credit quality, loan selected, and loan to value (LTV). Qualified borrowers only; our usual credit criteria apply. The interest example, which is updated twice daily, shows a comparison of rates and APRs available from Space Coast Credit Union. Rates displayed are reflective of the lowest rates and corresponding APRs from Space Coast Credit Union. Rates shown reflect the payment of pre-paid finance charges for the following consumer segment: 720+ FICO, $150,000 loan amount, LTV =60%, single family detached home, primary residence. The displayed rates were available on March 28, 2013 and are not intended to reflect rates that are currently available. Your loan rate will be dependent upon the specific characteristics of your loan transaction and your credit profile upon the time of closing. Interest rates are subject to change based on fluctuations in interest rate markets.
