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See All | Contract

Mortgage loan options

Picking the right mortgage type for your home loan is a big decision - and we’re here to help. Apply Online or give us a call at 906.632.5370 to speak with a Mortgage Specialist who can answer your questions and guide you towards the perfect loan to fit your needs. 


5/5 Adjustable Rate Mortgage (ARM) With 2% Cap.

A 5/5 ARM can be amortized for up to 30-years, Interest rate is fixed for 5 years and adjusts every 5 years, with a Cap of 2%. The maximum interest rate is 10% with a minimum rate of 4.5%. The mortgage adjustments are tied to the US 5 Year Treasury Bill. Speak to your Mortgage Loan Officer for more details.

Fixed Mortgage

Fixed-Rate Mortgages offer the benefit of no surprises.  For many borrowers, this provides peace of mind in an unpredictable economy. It is also a good strategy when rates are low but likely to rise.


  • Interest Rates remain constant/fixed
  • There will not be any surprises even if inflation surges out of control and mortgage rates rise

Construction Mortgage

Let Soo Co-op Credit Union help you build that home you have been dreaming about! A construction loan from SCCU is quick and convenient!

Contact a mortgage specialist for more information at 906.632.5370

Commercial Mortgage

When it comes to commercial mortgage financing, low rates are only the beginning. SCCU can meet the borrowing needs of both businesses looking to move and real estate investors.

We offer some of the lowest fixed rates in the market and make all our decisions locally, so when you’re ready to move on an opportunity, you can be confident your lender is too.

Contact Krystal LaCrosse at 906.632.5322 or Kelsey Hagerty at 906.632.5325 for more information.

First-Time Home Buyer Program

The first-time home buyer program helps you get the home of your dreams

Members who are first-time home buyers with a credit score of 680 or above qualify for Credit Union paid closing fees up to $1,000.00.

Closing fees include:

Appraisal Fee $400.00*
Credit Report $80.00*
Flood Zone Determination $9.00*
Home Inspection $400.00*
Recording Fees $65.00*
Title Insurance (Based on a $100,000.00 Mortgage)  $555.00*
(based on loan amount)  
Mortgage Report $450.00*
(if required by title company)  
Origination Fee $700.00*

*All costs listed above are estimates.

Members are still responsible for the following costs:

  • Hazard Insurance (First Year’s Premium)
  • Deposit to Escrow (Taxes, Insurance, and Mortgage Insurance, if applicable)
  • Other fees may apply, based on product and/or conditions

We have options for you:

  • As little as 3% down to qualified buyers
  • Fixed Rates up to 30 years

Home Equity

Put the equity in your home to work for you with an SCCU home equity loan for home improvements, education, major purchases, traveling, debt consolidation, or just about any other reasonable purpose.

Home Equity Line of Credit

As a homeowner, you can use the value built up in your home to pay for one-time or ongoing expenses. Smart use of this asset starts with understanding how home equity works and with selecting the right home equity loan to fit your needs.

Vacant Land

Purchase the land where you will someday build the house of your dreams or refinance the land that you have already purchased.

  • As little as 20% down to qualified buyers
  • Amortized up to 20 years


NMLS #541253