Introducing STCU's $0 cost home loan
Refinance today with no closing costs!*
Take advantage of today's low rates and refinance your home loan at STCU with $0 closing costs. Apply now.
If steep closing costs have kept you from refinancing, this is a great time to act. Lower your rate and refinance your home loan with a 10-year mortgage on a 20-year term -- and pay $0 at closing. (See important disclosures below.)
The 20-year term keeps your monthly payments down, as you lock in a lower rate and reduce your overall mortgage debt. Great for those who want a lower rate. Great for paying off your home loan fast.
The no-cost home loan is available to every STCU member (you can join us!) who meets the following qualifications:
- Refinancing a single family home in Washington, Idaho, or Oregon.
- Primary residences only. (No investment, condo, second homes, or manufactured homes.)
- Loans up to $250,000.
- Have at least 25% equity in your home.
- Online application only.
STCU is among the first in the Inland Northwest to offer the no-cost first mortgage. Using conservative underwriting guidelines and streamlined online applications, we can offer this deal to our valued, qualified members.
Has the price of closing fees kept you from refinancing? Apply today at STCU!
*Important disclosures for the no-cost home loan.
There are no closing costs associated with this loan unless it is determined by STCU that an appraisal and/or title insurance is necessary. You will be required to pay any pre-paid items at closing (interest from the day of funding and pre-collected escrows).
20/10 fixed loan
This is a 20-year fixed home loan, using the 15-year rate, with a 10-year balloon. That means it allows for the amortization of payments over a 20-year period with a balance due in 10 years. The interest rate is fixed for the 10-year term of the loan, providing for monthly payments that do not change. (See example below.) At the end of the 10-years, the balance remaining is due in full. You may have the right to refinance the remaining balance due with STCU, subject to certain conditions.
Rates are subject to change without notice. To lock a rate, an
application must be submitted and rate lock agreement must be signed.
Payment example
Assuming a loan amount of $180,000, and an estimated property value of $240,000, with an interest rate of 4.250%, the monthly payment schedule would be 119 payments of $1,114.62 and one final payment of $109,924.85. If an escrow account is required or requested, the actual monthly payment would also include amounts for real estate taxes and homeowner's insurance premiums.
