Buying a house is stressful enough, so you should pick a mortgage company that makes financing pain free. If you are a Florida resident seeking a mortgage to buy or refinance a home, you are in luck, because Suncoast Credit Union does just that.
Related: Buying a house? Make sure you’re prepared by reading our complete guide on how to buy a home.
Who Is Suncoast Credit Union?
Based in Tampa, Florida, Suncoast Credit Union prides itself in its unique approach to lending. This approach includes offering lower rates on loans, including free services like online banking, and providing great customer service.
The company has grown from the Hillsborough County Teachers Credit Union to one of the largest credit unions in the United States. With locations across Florida, Suncoast offers a range of deposit, lending, and investment services. Although the company has grown, it still makes extensive efforts to support the local community.
Credit Unions Vs. Banks
Credit unions like Suncoast differ from traditional banks like Chase or Wells Fargo. Banks are in business to make a profit while credit unions are considered a co-operative. This means their profits are given back to the members.
Because of this, Suncoast Credit Union can offer lower interest rates on loans, higher interest on savings accounts, and free services like mobile banking.
Suncoast Mortgage Options
That’s enough history – we know you’re here to learn how Suncoast Credit will save you money on your mortgage. You’re in luck, because there are plenty of mortgage options to fit your needs. We can’t list them all, so we’ve picked the ones we think you’ll find most interesting.
Community Heroes Mortgage
First responders, military, nurses, and school employees can take advantage of the “heroes” option. There is no loan origination fee, down payment, or Private Mortgage Insurance (PMI). You can finance up to 100-percent of your home, and Suncoast will loan up to $2,000 of closing costs.
Six Month Safelock
If you’re purchasing in a newly constructed home, consider this your warranty. Suncoast will secure current rates while the builder finishes your home for up to six months. If rates do go up, they won’t affect you.
First-time home buyers
Suncoast offers a First Time Homebuyer 10/1 ARM program. This means you can maintain your interest rate for 10 years or more. You can also receive up to 97-percent financing. In other words, you can get a loan with 1 percent of your own funds and a 2-percent gift from an immediate family member. Plus, there is no PMI needed.
Jumbo Mortgage Loan Options
If your dream home is upwards of $700,000, you can take advantage of some special deals. Get up to 95-percent financing for 15- or 30-year fixed rates up to $850,000, or up to $679,650 on adjustable rates. For that million-dollar beauty? Secure it with 80-percent financing. This applies to both new construction loans and refinances.
Mortgage Features Unique To Suncoast
In addition to low rates and diverse product offerings, Suncoast’s loans offer unique features, setting them apart from the competition. We’ve listed our favorites below.
Your rate is guaranteed during your home search with Suncoast’s “Lock and Shop” feature. You can lock in your interest rate for 60 days when you are approved for a mortgage. Lock and Shop is available for all fixed- and adjustable-rate mortgages up to $1 million.
On-Time Closing Guarantee
Make sure your closing is smooth with an on-time closing guarantee. If Suncoast doesn’t meet your mortgage closing date, it will credit you up to $1,000.
Automated Loan Updates
Throughout the process, Suncoast sends sends automated email updates. This keeps you from guessing on the status of your loan.
Tip: Suncoast offers some of the lowest rates in the industry. Find the product that fits your needs, then consult a Mortgage Loan Consultant to find out how you can save the most money.
Find Your Dream Home With Suncoast Realty
We know very few lenders that also offer sales, but Suncoast seeks to change this. Suncoast Realty Solutions will make your sale or purchase a breeze – talk about convenience!
The Home Buying Process
If you’re a current homeowner or first-time buyer, Suncoast has all the resources you need to easily get a mortgage. When you’re ready to buy, the process is easy.
- Get Pre-approved – Have your lender give you a pre-approval letter to show to buyers. This also speeds up the loan process after you find the perfect home.
- Find A Home – Using Suncoast Realty or your own agent, find the perfect home that fits you and your family.
- Select Loan Type – After your home offer is accepted, pick the mortgage that fits your budget and payment needs.
- Apply For The Loan – Submit all necessary paperwork to your lender. This includes ID, income documentation, etc.
- Credit Approval – Your lender will run a credit check and verify your income. DO NOT take out any loans during this time, even a credit card!
- Processing Loan – After the lender receives your documents, they will ensure you meet underwriting standards.
- Final Loan Approval – A loan committee usually meets to approve bigger loans, and an in-house underwriting team will do one final check to ensure your credit and income has not changed since submitting your loan application.
- Closing – Suncoast will write a check, file a lien, and you take delivery of your home!
Tip: Get pre-approved. This can speed up the home-buying process. If you’re pre-approved, sellers will be more willing to move forward with you than other bidders who may not be able to obtain a loan.
Refinance Your Home
Refinancing can be a great option to save on your home if it has increased in value or you are eligible for a lower rate. This can help greatly to finance home improvements or consolidate debt. It can even lower your total monthly payment. Suncoast can help pay off your interest-only mortgage or get the cash you need to finally install that in-ground swimming pool.
Who Can Join Suncoast Credit Union?
Suncoast serves anyone who lives, works, goes to school, or worships in these Florida communities covering Lee, Pasco, Sumter and Hillsborough Counties:
- East Tampa Community
- West Tampa
- Hillsborough (main office on E Hillsborough Ave)
- South Tampa
- Citrus Park
- Town ‘n’ Country
Become A Suncoast Member
Immediate family of existing members are also eligible to join. Interested members can apply online or at a branch location. Applications take about ten minutes and require the following information:
- A government-issued photo ID (like your driver’s license)
- If opening a personal savings or checking account, have your Social Security Number and an existing credit or debit card to fund the account
- Include the secondary applicant’s information for join accounts
- For business accounts, have your current Sunbiz filing and an estimate of current monthly transactions
- Apply for a mortgage or refinance your home
Should You Finance Your Home With Suncoast?
In addition to helping the community, Suncoast credit union offers all types of loans at competitive rates. If you are a Floridian seeking to finance your first home or refinance your current home, you should give Suncoast Credit Union a look.