Save Money on Your Mortgage and Closing Costs!

You have money saving options even when interest rates are rising, with our First Time Homebuyer 10/1 Adjustable Rate Mortgage that offers up to $3,000 toward your closing costs!*

Save with an Adjustable-Rate Mortgage (ARM) that Pays up to $3,000 in Closing Costs

The Suncoast First Time Homebuyer 10/1 ARM locks in a low initial rate for 10 years, helping to keep your monthly payments lower than you’d experience with a traditional 30-year fixed rate mortgage at a higher rate. Plus, this program pays up to $3,000 toward your closing costs.*


To get pre-approved, it’s simple! You can apply online anytime or call our Mortgage Contact Center at 800-999-5887, extension 87008 or have one our consultants contact you to discuss your best home financing options at Suncoast.

How to Get Started

Ready to apply? It's easy! Follow the steps below:

If you’re ready to buy your first home, we want to help you save money. Suncoast has enhanced our First Time Homebuyer* program to expand opportunities for new homebuyers, including paying up to $3,000 for your closing costs!

Use the button below to have a Suncoast consultant contact you.

Need to connect sooner?

Call 800-999-5887 ext. 87008 (English) or 86309 (Spanish)

Other Program Benefits

Every adjustable-rate mortgage option from Suncoast is designed to help you get the low rate you need to save money on your home purchase or refinance. We’re here to help you save!

Easy Preapproval Process

Preapproval can expedite the home-buying process and be the difference between getting the home of your dreams and watching another bidder walk away with it.

Lower Rates and Monthly Payments

Save money with an adjustable-rate mortgage that offers a lower interest rate than most fixed rate mortgages. Plus, keep your monthly payments lower to save even more.

Lock in Your Rate

Our Lock and Shop feature lets you lock your interest rate for 60 days when you get preapproved for a mortgage. If rates go up, you’ll keep the locked rate. If rates go down, you’ll get the lower rate.

Frequently Asked Questions (FAQs)

An individual is considered a first-time home buyer if (1) is purchasing the security property; (2) will reside in the security property as a principal residence; and (3) had no ownership interest (sole or joint) in a residential property during the three-year period preceding the date of the purchase of the security property.

With an adjustable-rate mortgage, you can save money with lower interest rates and lower monthly payments. You also may be able to qualify for a larger loan if you choose an adjustable-rate mortgage.

The biggest difference between these two mortgage types is that a fixed rate mortgage has a consistent interest rate, and an adjustable-rate mortgage has a variable interest rate that changes over time.

However, there are also differences in the interest rate itself. Fixed rate mortgages are typically a higher interest rate than the initial period of an adjustable-rate mortgage.

A cap is the maximum amount the interest rate of an adjustable-rate mortgage can adjust to.

There is often an initial cap that indicates the highest an interest rate could potentially reach for each adjustment. There may also be a lifetime cap that indicates the very highest an interest rate can go during the life of the mortgage.

The first number in an adjustable-rate mortgage refers to how many years you’ll get the lower initial interest rate for. The second number often refers to how often the interest rate may change after that initial period.

For example, in a 10/1 ARM, the “10” means that you’ll get to keep the initial interest rate for 10 years and the “1” means that the interest rate may change once a year after the initial 10 years have passed.

If it is a 3/3 ARM, the first “3” means that you’ll get to keep the initial interest rate for three years and the second “3” means that the interest rate can only change every three years.

You may benefit from an adjustable-rate mortgage if you:

  • Want lower payments during the initial years of your loan
  • Expect to move into a different home within the next 10 years
  • Plan to pay off your mortgage within the next 10 years
  • Would like to maximize your buying power
  • Expect your income to significantly increase in the coming years

Ready to Get Started?

Whether you’re looking for your next home or looking to refinance, now might be the best time to consider an Adjustable Rate Mortgage (ARM). Our Suncoast Online Mortgage Center has all the information and resources you need to make buying a home easier.

*Suncoast will contribute up to $3,000 (Closing Costs Benefit) toward your closing costs when you select our 10/1 Adjustable Rate Mortgage. Suncoast will not pay closing costs for discount points to obtain a lower rate or monies necessary to establish escrow accounts (taxes and insurance). If the loan is paid in full within 25 months of the first payment due date, Suncoast will collect the closing costs paid on your behalf in the payoff. The 25 month term begins with the first payment due date of the loan. Not to be combined with any other offers.
Mortgage loans are originated by Suncoast Credit Union, NMLS#417636. Rates, terms and conditions are subject to change and vary based on creditworthiness, qualifications and collateral conditions. All loans subject to approval. Credit union membership required $5 minimum in savings. Home loan programs, terms and conditions subject to change without notice. Certain restrictions apply. Equal Housing Opportunity Lender.

Suncoast Lock and Shop locks your interest rate for up to 60 days on a Pre-Approval while you shop for a home to purchase. Provided Suncoast receives a fully executed sales contract and your Intent to Proceed (“Receipt Date”) within the 60 day lock period, your rate will be extended up to an additional 45 days from the Receipt Date to allow for closing. After Suncoast receives both your fully executed sales contract and Intent to Proceed, you will have one opportunity to float-down your interest rate no later than 15 days prior to your scheduled closing date. Suncoast reserves the right to cancel this offer at any time. Acceptance of this offer constitutes acceptance of these terms and conditions, which are subject to change at the sole discretion of Suncoast Credit Union. This is not a commitment to lend. Available for the purchase of primary residences located in Florida only. Not available for Mobile Home and Land loans.