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Mortgage Advantage

Drop My Rate

Are you a savvy homeowner who keeps a close eye on market trends, patiently waiting for that perfect moment to secure the best mortgage rate? Your patience is about to pay off with our innovative mortgage solution – the "Drop My Rate" Mortgage.


No Hassle Refinance

Say goodbye to the hassles of a refi. No need to deal with the complexities of closing costs, extensive paperwork, or lengthy approval processes. The "Drop My Rate" Mortgage puts the power back in your hands, allowing you to capitalize on market fluctuations without those headaches.


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Why wait for rates to drop before getting into the housing market? With the "Drop My Rate" Mortgage, your dream home might be within reach sooner than you think. Seize the opportunity to optimize your mortgage experience without the usual rate or refinancing stress.

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Decrease Stress

Don't let the fear of missing out on lower rates hold you back any longer. Take the wheel of your homeownership journey with the "Drop My Rate" Mortgage – where flexibility meets financial savvy. Your path to a more affordable mortgage starts here at SFCU.


How it Works

Once you finance your home with SFCU and make your payments for 12 months or more, you gain access to an exclusive opportunity. If market rates take a dip, you can seize the chance to tell us to "Drop My Rate" with a simple process and a minimal nominal fee.


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Local Service

Your next home stays local, so your mortgage loan should too!

There's no place like home! That's why SFCU never transfers mortgage loan servicing to other lenders. When you get a mortgage loan from us, it stays right here. Our experienced reps can answer your questions and provide better insights because they're all local.

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GreenPath Financial Wellness

Free Home Buyer Counseling

From reviewing your credit history to understanding financing options, getting your financial house in order for a home purchase can feel overwhelming. Our partnership with GreenPath Financial Wellness sets you up for success. Caring, certified counselors are ready to understand your specific goals and challenges, and can help develop a plan to get you on firm financial footing as you look to purchase a home.

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How it works

Becoming a homeowner is achievable in a few steps with SFCU

  • 1

    Complete an application

    Apply with one of our expert Mortgage Specialist

  • 2

    Get an answer

    We'll crunch the numbers and let you know if you're approved.

  • 3

    Buy your home

    With your mortgage funds you can purchase your home

Contact a Mortgage Specialist


Have a question? Get in touch with us

Low initial rates make homebuying more affordable

The home you need is within reach with an Adjustable Rate Mortgage from SFCU. ARM loans typically have lower rates for the initial fixed period, making it easier to afford the home you need.


Annual Percentage Rate (APR) - Based on the final loan amount and applicable finance charges.

Monthly Payment Example (excludes any applicable taxes & insurances): Assumes a loan amount of $100,000 and assumes a 25-year amortization.

Purchase & Limited Cash Out Maximum Loan-To-Value (LTV): *Mortgages with LTV over 80% require Private Mortgage Insurance except for the First Time Home Buyer Program. Maximum LTV may vary contact SFCU for details.
Primary Residence (Single Family) โ€“ 97% LTV
Primary Residence (2-4 Family) โ€“ 95% LTV
  • LTV 80.01% - 89.99% - Rate Add 0.25%
  • LTV 90.00% - 95.00% - Rate Add 0.50%
Vacation Home/Second Home (Single Family) โ€“ 80% LTV
Manufactured/Mobile Home โ€“ 80% LTV 

Cash Out Maximum Loan-To-Value (LTV):
Primary Residence (Single Family) โ€“ 80% LTV
Primary Residence (2-4 Family) โ€“ 75% LTV

Escrow Requirements:ย Any mortgage with an LTV over 80% requires an escrow account be established. 
Homeowners Insurance:ย Proof of homeowners insurance is required on all residential loans. Proof of flood insurance may be required. 
Jumbo Mortgages:ย Are available and are 0.25% higher rate. Contact the Credit Union for details.

Drop My Rate Mortgage:
25-year fixed rate mortgage.
No-refi rate drop request available until after 12 months.
You must pay attorney fee document preparation fee, county recording fee and processing fee.
Maximum # rate drop requests โ€“ 2 (with at least 12 months between each request).

Required criteria to engage no-refi rate-drop option:
  • Loan must be current with no more than one monthly payment, which includes principal, interest, taxes, and insurance, that has been 30-days late or more within the last 12 months of your request.
  • Made at least 12 consecutive monthly payments, which includes principal, interest, taxes, and insurance, on your loan since closing or the last time you exercised your no-refi rate-drop option.
  • You do not have an active bankruptcy case pending or you have not filed for bankruptcy protection within 6 months prior to your request.
  • Loan is not in an active loss mitigation option, process, or consideration.
  • Continue to own the property, notwithstanding successor-in-interest exceptions
To take advantage of the no-refi rate-drop option, you must contact SFCU. You are responsible for monitoring SFCUโ€™s available rates and determining when to take advantage the no-refi rate-drop option, subject to the eligibility criteria identified above. Contact SFCU at 1-877-642-7328 to check your eligibility and current rates. SFCU will only reduce the interest rate all applicable criteria are satisfied at time of your request.

Engaging the no-refi rate-drop option will permanently reduce your interest rate, as well as the remaining principal and interest payments on your loan but will not modify any other terms contained in your loan documents, including the principal balance, maturity date, and additional amounts due for escrows as part of your monthly payment.

Additional Disclosure Details:
  • Rates are subject to change at any time.
  • The Credit Union reserves the right to modify or suspend any conditions of the loan programs at any time without prior notice.
  • Loan must meet credit, appraisal, and other guidelines. Title insurance is required.
  • Mortgage loans are available in NY, NJ and PA only.