Mortgage Loans

With a fixed-rate mortgage, you can be absolutely certain your principal and interest payments won’t increase. You’ll pay the same amount in Year 20 or 30 as you will in Year 1. 

• Save money with attractive interest rates
• Choose loan terms of 10, 15, 20 or 30 years
• Build up equity quicker with shorter terms
• Protect yourself from rising interest rates for the life of the loan
• Refinance current loan to potentially reduce monthly payments or interest charges

*APR = Annual Percentage Rate.  Rate listed is for 10-year Mortgage. Cost per $1000 is $10.91.  Cost per $1000 includes principal and interest only.  It does not include insurance and taxes, and the actual payment obligation will be higher.

With reduced initial rates, adjustable-rate mortgages give you a period of financial flexibility. The lower introductory rate buys you time to rebuild your savings and make other purchases.

• Fixed-rate term options at 3 years, 5 years, 7 years or 10 years
• Thereafter, interest rate cannot increase or decrease more than 2.00% on an annual basis
• No prepayment penalty
• The interest rate cannot increase more than 5.00% above the start rate for 7 and 10 year ARMs
• The interest rate cannot increase more than 6.00% above the start rate for 3 and 5 year ARMs

*APR= Annual Percentage Rate. Rate is effective as of April 17, 2025 and may be changed at any time. Cost per$ 1000 is $6.01 per month and includes principal and interest only. This payment does not include amounts for taxes and insurance premiums, and your actual payment obligation will be greater. The interest rate can change on the first of the month following the initial 60 months of the loan, and on that day every 12th month thereafter (Change Date). On each Change Date, your interest rate will equal the current index {the weekly average yield on the one-year United States Treasury Bill) plus the margin rounded up or down to the nearest 0.125%. As of April 22, 2025, the index is 3.970%and the margin is 2.750%. The rate can never increase or decrease more than 2% on any Change Date, may never be lower than the initial rate, and may never increase more than 6.00% above the initial rate for the term of the loan. All loans are subject to credit approval. Your overall creditworthiness may determine the interest rate available to you. Other terms and conditions may apply. See credit union for details. This credit union is federally insured by NCUA and is an Equal Housing lender.

With a SmartChoice Mortgage, you can take advantage of a low fixed rate and short term to pay off your mortgage faster than traditional mortgages.

• Various terms available
• Up to 80% loan to value
• Available for purchase or refinance

Eliminate closings costs so you bring less money to the closing with this special mortgage. Just let us know during your mortgage application that you're interest in taking advantage of our No-Closing-Cost Option. 

• Several terms available with fixed or adjustable rates
• Rate is 0.50% higher than regular rate, but you don’t have to pay closing costs
• Minimum loan amount of $150,000
• All fees are paid by Scient except discount points, loan-level pricing adjustments, escrows, per diem interest, and mortgage tax (NY and FL). Appraisal fee is collected upfront and refunded at closing.
• Direct deposit into a Scient account and automatic payments are required

Scient FCU is a full-service credit union with branches in Groton, New London and New Haven Connecticut.