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Mortgages

Seaboard Federal Credit Union is pleased to offer both Fixed Rate Mortgage Loans and Adjustable Rate Mortgage (ARM) products.

For more information, contact your local Seaboard branch today on applying for a mortgage.

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First Time Buyer Loans

Seaboard Federal Credit Union’s First-Time Home Buyer Program offers a range of benefits to help make owning a home more accessible for new and existing members. With competitive rates, flexible terms, and personalized guidance, Seaboard FCU supports you through every step of the process—from application to closing. As a local credit union, Seaboard understands the community and is committed to helping members achieve their dream of homeownership!

  • At least one borrower with a median score of 700 or higher
  • 1% down payment with no PMI
  • No Max/Min income requirements
  • No homeownership in the past 3 years
  • Max finance amount $400,000
  • $500 credit towards closing cost – if course is completed.
  • Must by Primary Residence
  • At least one borrower - Full time employment in same field of work for at least six months
  • Click here for rates.

Fixed Rate Mortgages

These loans may be secured by a mortgage on your primary residence, second home, camp or seasonal property, or raw land. Check with your accountant to determine tax-deductibility. Proceeds may be used for home purchases, refinance transactions, cash-out refinance transactions, and home construction. Stick-built homes, as well as manufactured homes on your land, qualify for these programs. The property must be located in Maine to qualify.

Fixed Rate Mortgages - Secured by Your Primary Residence

  • 10, 15, 20, and 30 Year terms are available.
  • You may finance up to 80% of the home’s value without Private Mortgage Insurance.
  • You may finance up to 95% of the home’s value with Private Mortgage Insurance.
  • Click here for rates.

Fixed Rate Mortgages - Secured by Mobile Home And Land

  • 10, 15, 20, and 30 Year terms are available.
  • You may finance up to 80% of the home’s value.
  • Click here for rates.

Fixed Rate Mortgages - Secured by Your Secondary Residence

Fixed Rate Mortgages - Secured by a Camp or Seasonal Property

  • 15 Year maximum term for purchase transactions.
  • 20 Year maximum term for refinance transactions.
  • You may finance up to 80% of the home’s value.
  • Click here for rates.

Fixed Rate Mortgages - Secured by Land

Construction Loans

  • 15, 20, and 30 Year terms are available.
  • Single closing convenience!
  • We will finance up to 80% of the home’s value, as completed.
  • You may use your land equity as down payment.
  • You need to provide us with plans, materials list, and disbursement schedule.
  • Click here for rates.

Adjustable Rate Mortgages

These loans offer extremely attractive initial interest rates, and we have placed limits on future rate-changes to protect our members from rapidly rising rates. The mortgage will be secured on your primary residence. Check with your accountant to determine tax-deductibility. Proceeds may be used for home purchases, refinance transactions, cash-out refinance transactions, and home construction. Stick-built homes, as well as manufactured homes on your land, qualify for these programs. The property must be located in Maine to qualify.

5-Year Adjustable Rate Mortgage (5 Year ARM)

  • 15, 20, and 30 Year terms are available.
  • Low interest rate for the first 5 years of the loan. The interest rate may re-price every 5 years thereafter. Future interest rates will be calculated by adding 2.25% to the 1 year Constant Maturity Treasury Yield (CMT).
  • The interest rate may not change by more than 2% at each re-price, or by more than 6% for the life of the loan.
  • We will finance up to 80% of the home’s value without Private Mortgage Insurance.
  • We will finance up to 97% of the home’s value with Private Mortgage Insurance.
  • Click here for rates.

7/1 Adjustable Rate Mortgage (7/1 ARM)

  • 15, 20, and 30 Year terms are available.
  • Low interest rate for the first 7 years of the loan. The interest rate may re-price every year thereafter. Future interest rates will be calculated by adding 2.25% to the 1 year Constant Maturity Treasury Yield (CMT).
  • The interest rate may not change by more than 2% at each re-price, or by more than 6% for the life of the loan.
  • We will finance up to 80% of the home’s value without Private Mortgage Insurance.
  • We will finance up to 97% of the home’s value with Private Mortgage Insurance.
  • Click here for rates.