Space Coast Credit Union Mortgage Interest Rate and Cost Review

Is Space Coast Credit Union a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Space Coast Credit Union with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratelower than average (-0.24%)
Loan Related Closing Costslower than average (-$670)
National Rate and Closing Cost Rating(5.0)
Websitehttps://www.sccu.com

On average, Space Coast Credit Union’s interest rates were lower than those of other lenders (-0.24%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$670. Overall, combining interest rates and closing costs we estimate that Space Coast Credit Union tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 5.0 out of 5.0 stars.

Space Coast Credit Union’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Space Coast Credit Union was most active in:

  1. Palm Bay, FL
  2. Miami, FL
  3. Palm Coast, FL
  4. Port St. Lucie, FL
  5. Orlando, FL

Furthermore, Space Coast Credit Union is our top ranked mortgage lender in terms of interest rate and closing costs in Palm Bay, FL, overall.

You can click through to check out Space Coast Credit Union’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Space Coast Credit Union’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Space Coast Credit Union originated Conforming, FHA, Jumbo and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboVA
Interest Rate Difference-0.20%-0.05%-0.02%-0.03%
Loan Related Closing Cost Difference-$667-$76-$45+$83
Cost Adjusted Rate Difference-0.26%-0.05%-0.02%-0.02%
Star Rating(5.0)(4.0)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboVA
Interest Rate Difference-0.29%-0.01%-0.03%-0.01%
Loan Related Closing Cost Difference-$744-$33+$37-$46
Cost Adjusted Rate Difference-0.39%-0.01%-0.03%-0.02%
Star Rating(5.0)(3.5)(3.5)(3.5)

As a summary, Space Coast Credit Union is cheap for Conforming and FHA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages. For refinancing, Space Coast Credit Union is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Space Coast Credit Union:

Registered name: Space Coast Credit Union
Registered city and state: MELBOURNE, FL, 32940
Regulator: National Credit Union Administration (NCUA)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Space Coast Credit Union’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.