Are you considering Suncoast Schools Federal Credit Union for your next home loan? Does SSFCU offer competitive rates and fees to their members? The fees you pay when mortgage refinancing have everything to do with how good of a deal you’re getting. Here’s my unbiased review of Suncoast Schools Federal Credit Union to help you make an informed decision when choosing one of the best mortgage lenders for your next home loan.
Does SSFCU offer its members competitive rates and fees?
Suncoast Schools Federal Credit Union is Florida’s largest. Should you trust SSFCU for your next home mortgage loan?
Suncoast Schools Federal Credit Union Profile
Founded in 1934 as a credit union for teachers in Hillsborough County Florida, SSFCU currently has 523,219 members and $4,319,131,036 in assets. Primarily operating on Florida’s west coast, they serve the following counties: Charlotte, Citrus, Collier, Sumter, Glades, Hardee, Hendry, Hernando, Hillsborough, Lee, Levy, Manatee, Pasco, Pinellas, and Desoto.
According to their website, SSFCU is Florida’s largest credit union and the fourteenth largest in the United States. They claim to be a not-for-profit member owned financial cooperative in business to serve their membership. Profits are distributed to members in the form of deposit dividends, lower mortgage refinance rates, and low cost services.
Membership is open to students, county and city employees, hospital workers, and employees of participating businesses.
SSFCU Contact Information
Suncoast Schools Federal Credit Union
PO Box 11904
Tampa, FL 33680
Suncoast Schools Federal Credit Union Review
The SSFCU website still sports the look of 2005; however, it offers a lot of financial information and resources for its members. Mortgage rates are published on the website and at the time of this review a 30-year fixed rate home loan is showing 4%. This is higher than other lenders like Amerisave and credit unions like Navy Federal Credit Union.
There are many options for different term-lengths ranging from ten to forty years. Never get a 40-year mortgage loan by the way the amount you’re leaving on the table for that extra ten years is astronomical. There are also options for Adjustable Rate Mortgages including a 5/5 ARM, a 3/3 ARM, and a 7/1 ARM. If you’re unfamiliar with the Adjustable Rate Mortgage Designation, a 5/5 ARM is fixed for the first five years and resets every five years after that.
Purchase and mortgage refinancing rates published on the SSFCU website were nothing to write home about; shopping on the internet from today’s best mortgage companies will get you more competitive rates. None of the rates published included discount points, which works in your favor at closing.
I was pleased to find that fees were disclosed on the website and the origination fee quoted was only .533%. One percent of your home loan amount is reasonable to pay for the loan origination fee and in this case it was much lower. The other fees published seemed very reasonable if not lower than other lenders reviewed here. What SSFCU lacks in mortgage rates they seem to make up for in fees.
Do you have an experience or an opinion of Suncoast Schools Federal Credit Union that you’d like to share? Please leave a comment below.
You can learn more about getting today’s lowest mortgage rates without paying unnecessary fees or points by checking out my free Underground Mortgage Videos.
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You can learn more about paying less for your next home loan by checking out my free Underground Mortgage Videos.
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