SDCCU Mortgage Review

Joseph Meyer
Written by
Last update:

SDCCU Background

San Diego County Credit Union (SDCCU), formerly known as the San Diego County Teachers Credit Union (SDCTCU), is a full-service credit union headquartered in San Diego, California. Founded in 1951, SDCCU has grown from a small teachers credit union into one of the largest and most admired credit unions in the country.

SDCCU is a full-service financial institution that provides members with simple and convenient access to a wide variety of financial products and services. SDCCU’s products and services include, but not limited to competitive interest rates on both certificates of deposit (CDs) and traditional savings accounts; home, auto, and personal loans; internet, phone, ATM, and debit card services; investment accounts; and low-cost checking accounts.

SDCCU Mortgage Rates

SDCCU Loan Products

SDCCU currently offers many types of home loans. They can help you finance new construction, buy a new home, refinance your existing SDCCU loan, or purchase a home using an FHA-insured mortgage. They also have lots of government-backed loan products.

SDCCU Home Loans

SDCCU home loans fixed interest rates and low fees. You have a wide variety of loan types to choose from, including traditional fixed-rate loans. Lower your payments and interest rates by purchasing your home with a fixed rate loan, or a conventional adjustable rate loan.

They also offer most borrowers lower rates by auto-applying for your refinance based on your quick entry of some home loan information. Your scores will get a boost from the auto-approval; and you may also be able to get lower interest rates by taking advantage of SDCCU’s low fee rates.

Their competitive rates make SDCCU loans an excellent choice for borrowers of all loan sizes. Borrowers with excellent credit can qualify for the lowest rates available, and those with entry-level credit may also qualify for some of the best rates available.

Adjustable Rate Mortgages (ARMs)

Adjustable rate mortgages come in two flavors: 1) step-adjustable rate mortgages, and 2) hybrid adjustable rate mortgages.

Step-adjustable rate mortgages have a fixed and a variable rate portion. The initial rate and the cap period are fixed, while the adjustable rate portion can change, based on a step-rate schedule, over the course of the loan. The initial and maximum payments may be higher than the payments on a fully fixed rate (non-step) mortgage. The maximum payment is defined as the highest point on the step-rate schedule. During the step-up period, you pay the fixed rate. After the step-up period ends, you'll start paying the variable interest rate.

Hybrid adjustable rate mortgages typically have an initial fixed rate followed by a period in which there is a blend of a fixed and variable rate. Then, the rate reverts to a fully variable rate. A hybrid ARM often has a higher rate than a fully fixed rate (non-step) mortgage, but lower than a fully variable rate mortgage.

The most common types of adjustable rate mortgages are 1-year ARMs, 3/1-year ARMs, and 5/1-year ARMs. The 1-year and 3/1-year ARMs are also referred to as 2/1, 3/2, 3/3, 3/4, 4/1, 4/2, and 5/1 ARMs.

Fixed-Rate Mortgages

Fixed-rate mortgages are just as the name says: the rate of the mortgage does not change during the life of the loan. The borrower pays a fixed rate of interest for the entire life of the loan. There are two payment options for fixed-rate mortgages: interest-only payments or fully amortized payments.

Interest-only payments only require the borrower to pay the interest on the loan. This type of payment is common in loans that cannot be fully amortized due to the high amount of money being borrowed or the length of the loan. Many homebuyers choose an interest-only option because they only have a small down payment or plan on quickly paying off the mortgage.

However, interest-only payments do have a number of disadvantages: Most importantly, the interest does not reduce the principal; instead, it is added to the balance. Therefore, the borrower is building up more and more interest over time and the loan must be refinanced after the original term, or risk defaulting.

Fixed-Rate Mortgages: High Balance Loans

If you have a high balance loan, consider a fixed-rate mortgage. Because of the rising interest rates, a fixed rate mortgage will save you much more than it could a few years ago. Also, you may be able to qualify for lower interest if your credit is good.

Borrowing money over a long period of time comes with all sorts of complications. You must work harder to keep up with your payments and will have to put a lot of money in the bank each month to make sure that you have enough money to afford your monthly payment.

Additionally, if the interest rates increase, you will suffer more from a rise in rates than someone with a smaller balance.

Fixed-Rate Mortgages: Jumbo Loans

FHA Loans, VA Loans and More.

If your budget is tight and you’re looking for a mortgage that you can afford, a fixed-rate mortgage is probably your best option. However, with so many options available, it’s not always easy to decide which type of fixed-rate loan is right for your budget.

Fortunately, there are a number of fixed-rate mortgage options available, from jumbo loans to FHA loans, VA loans and more. And while they’re all fixed-rate loans, they all have significantly different terms and interest rates that will impact how much you’ll pay for your mortgage.

No Closing Costs Mortgages

If you’re a veteran looking for a mortgage or a first time homebuyer, then you’d be excited to know that there is a mortgage that offers no closing costs to either of these groups! Called the No Closing Costs Mortgage, this option from SDCCU allows eligible veterans and first time homebuyers to receive a mortgage that includes their loan origination points and up to two discount points.

SDCCU Mortgage Customer Service

I really am happy with SDCCU. I was told about it by a friend when I needed a quick refi. I needed the funds in a hurry and I didn’t want to start the loan application process again. I didn’t have enough time. I applied online and got to the next step of the loan in about a minutes. It was easy and quick. I wanted to pay off credit cards and they recommended a payment schedule for that. It was quick and easy to do. I was given a confirmation number so I knew everything was done correctly. I got two phone calls to confirm things before the loan was funded.

My experience with SDCCU was excellent. For me I don’t think the rates are too high. I am grateful that this was a fast and easy loan. I think SDCCU used technology that was above my needs because when I started the process it logged me in and filled in the whole application for me. Then I just had to add my personal data. It was good because I didn’t have time to fill out an application. I would tell friends and family about SDCCU because they helped me get the loan with little hassle and made me feel like I was more than just a customer. I didn’t pay the application fee because the whole process was done very quickly and I have everything documented.

SDCCU Lender Rating

It’s an interesting concept, as older adults used to think that they were too old to teach others about financial matters. Not any more!

There are several reasons why you might wish to become a financial literacy volunteer. First of all, it’s a fulfilling feeling knowing that while you’re giving time to others, others are learning something that will benefit them for the rest of their lives.

But another reason is that financial literacy is a booming industry. As the “Baby Boomer” generation continues to age, there’s going to be a growing demand for financial literacy volunteers. As the ability to understand and navigate the financial world decreases, there will be even greater demand.

As you may have guessed, there is a bit more to becoming a financial literacy volunteer than hanging out at the local nursing home. But before you go seeking the necessary training, it’s important to sit down and understand the type of volunteer you want to become. We’ll talk a bit more about that in the next section.

SDCCU Mortgage Qualifications

Like any other bank or credit union, you must meet SDCCU Mortgage’s mortgage qualifications in order to qualify for a mortgage loan.

SDCCU Mortgage rates and terms are very competitive. If you want to secure an SDCCU Mortgage loan, you’ll need to verify that you meet SDCCU’s mortgage qualifications.

SDCCU Mortgages offers several types of mortgages for your convenience. They include:

  • Adjustable Rate Mortgages
  • Fixed Rate Mortgages
  • Jumbo Mortgages
  • FHA Mortgages
  • VA Mortgages
  • Refinance Mortgages

Getting an SDCCU Mortgage is much faster and easier than getting a loan from a bank or other mortgage lender. SDCCU Mortgages offers a streamlined, simple lending process. Their lending process is designed to simplify and ensure customer satisfaction.

It takes only 15 minutes to complete the on-line mortgage application and a mortgage specialist will contact you to finalize your application, answer your questions and help you through the paperwork.

SDCCU Mortgages Qualifications:

Verify SDCCU Mortgage Qualifications

SDCCU Phone Number & Additional Details

SDCCU is a full-service financial institution that provides many different banking services to its customers. These services include savings accounts and loans in addition to credit cards and checking accounts. As a credit union, one of SDCCU’s primary objectives is to help its members realize financial success. This goal is accomplished through personal, one-on-one service, as well as fair and affordable products and services. SDCCU is an equal opportunity lender.

SDCCU offers several different mortgage programs to its prospective borrowers. Rates and terms vary depending on the features of the loan; however, the minimum down payment required is always 5%. SDCCU does not charge any fees for originating a loan, and loan processing involves only a few simple steps. There is a short processing time of 1-2 weeks. SDCCU does require that borrowers qualify by meeting credit requirements and other verification standards. Additionally, customers must meet income and asset requirements.