Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

Apply For a Loan

If you are a current member of SMCU, applying for a loan is easy. Just log into SMCU OnLine and click "Apply For A Loan" located in the Services section of the online home page.

Apply Online               Apply As Guest

Open An Additional Account

If you are a current member of SMCU, opening additional accounts is easy. Just log into SMCU OnLine and click "Open an Additional Account" located in the Services section of the online home page.

Open Another Account Through SMCU OnLine               Open Another Account as a Guest

Security Lock SMCU OnLine Login
Apply Now

Continue an Existing Application
Get a Custom Rate Quote

Questions?
Call (650) 363-1799 (Option #1)
Email: reloanofficers@smcu.org

Book an appointment with one of our home loan experts.

Contact Me!

Fill out the request form and an SMCU mortgage expert will contact you.

Request Contact

Realtors & Rebates

Enjoy the HomeAdvantage™

Click for details

Mortgage Experts

Meet the SMCU team

Click for details

First-time buyer?

Low down payment loans

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Buy a Home

Run the numbers, then give us a call.

The following purchase calculators are available to help you decide:

  • How much can you afford?
  • How much income do you need?
  • What is your monthly payment?
  • Should you rent or buy?
  • How do I get prequalified?

Use the Calculators

Find a rate that works for you.

At San Mateo Credit union we offer competitive rates and we invite you to compare us with other lenders, but what truly sets us apart is our high level of service, low fees, and knowledge of when its the right time for you to refinance.

Take a look at our current rates and be sure to contact an SMCU mortgage expert to go over your options.

Apply Now or Get a Custom Rate Quote

NEW! 40-Year ARM Options - For Purchase Loans Only
Product Rate Points APR
Conforming Loans: amounts up to $424,100.00
40 Year 5/5 ARM 3.63% 0 3.63%
40 Year 7/1 ARM 3.75% 0 3.75%
40 Year 10/1 ARM 4.00% 0 4.00%
High Balance Loans: amounts from $424,100.01 - $636,150.00
40 Year 5/5 ARM 3.63% 0 3.63%
40 Year 7/1 ARM 3.75% 0 3.75%
40 Year 10/1 ARM 4.00% 0 4.00%
Jumbo Loans: Amounts over $636,150.00
40 Year 5/5 ARM 3.625% 0 3.625%
40 Year 7/1 ARM 3.750% 0 3.750%
40 Year 10/1 ARM 4.000% 0 4.000%
Effective Date: October 21st, 2017

 

Conforming Loans
Product Rate Points APR
30 Year Fixed 3.875% 1.000% 4.005%
30 Year Fixed 4.000% 0 4.046%
20 Year Fixed 3.625% 1.000% 3.804%
20 Year Fixed 3.750% 0 3.814%
15 Year Fixed 3.375% 0 3.456%
10 Year Fixed 3.250% 0 3.368%
3/1 ARM 2.750% 0 2.793%
5/5 ARM 3.250% 0 3.294%
7/1 ARM 3.375% 0 3.420%
10/1 ARM 3.625% 0 3.670%
Conforming Loan Amounts to $424,100.00
Effective Date: October 21st, 2017

 

Conforming High Balance Loans
Product Rate Points APR
30 Year Fixed 4.125% 1.000% 4.241%
30 Year Fixed 4.250% 0 4.281%
15 Year Fixed 3.375% 1.000% 3.576%
15 Year Fixed 3.750% 0 3.805%
3/1 ARM 2.750% 0 2.779%
5/5 ARM 3.250% 0 3.256%
7/1 ARM 3.375% 0 3.405%
10/1 ARM 3.625% 0 3.655%
Conforming High Balance Loan Products $424,100.01 - $636,150.00*
Effective Date: October 21st, 2017

 

Jumbo Owner Occupied Mortgages
Product Rate Points APR
Jumbo 30 Year Fixed 4.000% 0 4.007%
Jumbo 15 Year Fixed 3.750% 0 3.762%
3/1 ARM 2.750% 0 2.757%
5/5 ARM 3.250% 0 3.280%
7/1 ARM 3.375% 0 3.381%
10/1 ARM 3.625% 0 3.631%
Jumbo Owner Occupied Mortgages
Amounts over $636,150.00
Effective Date: October 21st, 2017

Apply Now or Get a Custom Rate Quote

APR is Annual Percentage Rate. The advertised rates are based on a loan amount of $424,100 for conforming loans, $636,150 for high balance conforming loans and $3,500,000 for jumbo loans for stated term including applicable points and customary closing costs. Loan amounts are shown at 60% conforming, 60% High Balance, and 70% Jumbo loan to value (LTV).

Rates and Points are based on the following: Owner occupied single family home. Middle fico scores of 740 or greater on all borrowers, rate & term refinance transaction at 60% Loan-to-Value and a 45-day rate lock without an impound account. Additional Pricing will be added if you do not meet these guidelines.

Advertised rates available for properties located in California. "High Balance Conforming" mortgage loan limit is determined by the county (or equivalent) where the property is located. Please contact the Real Estate Department for current rates & information on loan limits for counties other than San Mateo, San Francisco, Alameda & Santa Clara counties.

Maximum CLTV for rate & term refinances single family owner occupied, Approved Condominium, Town home Project is 75%, and Second Homes is 75%. Non owner occupied properties rate and term maximum CLTV is 65%. CLTV to 90% on owner occupied properties are available. Mortgage Insurance (MI) is required on all loans with greater than 80% CLTV. Maximum CLTV for loans over $1 million is 70%.

All Adjustable Rate Mortgages (ARM) have a 30-year amortization. ARM rates are subject to change on specified dates. The APR for the adjustable rate mortgage is based on the United States Treasury securities adjusted to a constant maturity (CMT) of 1 year or 5 year as made available by the Federal Reserve Board.

All loans are subject to credit, income, debt and property qualification. Loan level pricing adjustments may apply based upon certain eligibility or other loan features such as credit score, loan purpose, occupancy, number of units, product type, loan amount your rate may be higher or high balance feature and total CLTV. Rates and terms are subject to change without notice. Other restrictions and conditions may apply.

*Aggregate loan amount to member not to exceed $3,500,000.

Cash out loans available. Call the Real Estate Department if you have any questions. (650) 363-1799

Which loan is right for you, right now?

Most people head straight for the 30-year fixed when applying for a mortgage, and while that may be the right loan for you it also may be more than you need to spend, depending on your current situation.

Compare fixed vs. adjustable-rate mortgages in the chart below and be sure to contact an SMCU mortgage expert to go over your options.

 

Fixed Rate

Adjustable Rate (ARM)

Why choose this loan type?

If you have a large down payment and plan to stay in your home for at least 10 years, a fixed-rate loan can provide peace of mind.

If you expect to move or refinance within 10 years of owning your home, or you want to use the money you save over a fixed-rate loan for other investments.

Rate and monthly payment

View purchase rates

Rate and monthly payment are fixed and do not change throughout the life of the loan.

Rate may increase or decrease each time the loan re-prices, which means your monthly payment would go up or down accordingly.

The loan re-prices at the end of the introductory term and then each year after, unless it is our 5/5 ARM, which has an introductory term of five years (the first number in the loan name) and re-prices only once every five years thereafter (the second number).

Maximum rate changes

Rate does not change

Rate is based on an index rate + margin and may increase or decrease by as much as 2% each time the loan re-prices. The rate you receive at signing cannot increase or decrease by more than 5% over the life of the loan.

Available loan options

Conforming, High-Balance, and Jumbo up to $3.5 million:

  • 30-year fixed
  • 15-year Fixed

Conforming only, up to $417,000:

  • 20-year fixed
  • 10-year Fixed

Conforming, High-Balance, and Jumbo up to $3.5 million:

  • 3/1 ARM
  • 5/5 ARM (40-year term available)
  • 7/1 ARM (40-year term available)
  • 10/1 ARM (40-year term available)

Notable Loan Options

  • HomeReady® loan from Fannie Mae - this 30-year fixed-rate loan offers the lowest down payment available through SMCU; as low 3% down on conventional and high-balance loans up to $625,500.

  • 80/10/10 – put 10% down and use a second mortgage for the other 10% of the down payment so you can avoid paying private mortgage insurance (PMI). Works with fixed or adjustable-rate mortgages.
  • 5/5 ARM – unlike other adjustable-rate mortgages, this loan only re-prices every five years after the introductory period.

  • 80/10/10 – put 10% down and use an SMCU second mortgage for the other 10% of the down payment so you can avoid paying private mortgage insurance (PMI). Works with fixed or adjustable-rate mortgages.

Get Pre-approved Now

You don't need to already be a member to apply; you’ll become one during the process!

The options you need to buy the home you want.

Special Mortgage Offers

New! No-Cost ARM Option
The special No-Cost ARM helps maximize your down payment power.

Rising prices and fewer properties on the market already make it more difficult to buy a Bay Area home, so nothing should stand in your way when you find the one you want. SMCU makes the mortgage process easy, keeping you educated and informed every step of the way.

Let our mortgage experts put together a loan package that works for you and your budget. The right product (fixed or adjustable), the right rate, and a down payment you can afford:

  • As low as 3% down on loan amounts up to $625,500
  • As low as 5% down on loan amounts up to $850,000
  • As low as 10% down on loan amounts up to $1.5 million

We offer jumbo loans up to $3.5 million, terms up to 40 years, a new no-cost ARM option, and well close as quickly as your contract requires, in as few as 21 days.

  • Have a realtor? We have strong relationships with many local realtors and always welcome the chance to work with more.
  • Need a realtor? Our HomeAdvantage program lets you search for a home, partner with a realtor, and even receive a cash rebate.

We also have special loan options that work well for first-time home buyers, like our 80/10/10. You put 10% down, then use an SMCU second mortgage for another 10%, allowing you to avoid paying private mortgage insurance (PMI).

Ready to make your move?

Get Pre-approved Now

You don’t need to already be a member to apply; you’ll become one during the process!

All mortgage loans through San Mateo Credit Union are for homes in California only. Adequate property insurance required for the life of the loan. Flood insurance may be required. All loans are subject to credit approval. Please speak with a Real Estate Representative for current rates and information on loan limits as additional conditions and restrictions may apply. San Mateo Credit Union NMLS #416747.

The no-cost adjustable-rate mortgage option covers all non-recurring closing costs, is available on 30-year ARM terms only, and requires a minimum loan amount of $200,000.

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