It seems more and more young professionals and newlyweds are becoming first-time homebuyers earlier in life.

It's a good trend considering homeownership offers many advantages over renting. It's also a good time for 20- or early 30-somethings to be in the market.

Depending on the term, first-time homebuyers can expect a rate around 4 percent or less with their credit union. While the national interest rate average for a 30-year fixed mortgage may be slowly creeping up, it's still very low. After all, younger homebuyer's parents probably encountered something closer to double digits in the '70s, '80s, and '90s.

Consider a 30-year, $150,000 mortgage as an example for rising rates: Each percentage point the rate climbs would add about $30,000 to the total interest paid on the loan. Those kinds of stats should put young people in abode mode, especially since homeownership can provide instant equity, mortgage interest payments are tax deductible, and real estate generally appreciates in value over time.

The advantages extend beyond the rates as well. If you don't have a large down payment saved up, Visions' first-time homebuyer program allows you to finance 100 percent of the purchase price. Programs like that – or when Visions offers special promotions that waive closing costs – could save you thousands, freeing some cash for home essentials like furniture and appliances.

There's the money and then there's the convenience. Speaking with a Visions lending expert to understand terms and determine what you can afford makes the house-hunting process run much more smoothly. Pre-qualifying is easy, figures out your purchase power quickly, and helps you to plan your next steps.

All told, there's probably never been a better time to buy for the younger generation. Visions offers low mortgage rates and a first-time homebuyer program, so visit a local office today for a conversation on how to get started.

Mortgages Articles

Visions Donates $100,000 to Habitat for Humanity

"The Big Give" 2021 Endwell, NY – Visions Federal Credit Union today announced a gift of $100,000 to ten Habitat for Humanity chapters in New Jersey, New York, and Pennsylvania. Each chapter will receive $10,000 as part of “The Big Give.” Giving back is a core part of Visions'…

Making Sense of Mortgages

Making Sense of Mortgages Closing costs, PMI, ARM, escrow…figuring out what makes up your mortgage can be complicated. With so many factors to consider, how do you make sense of it all? Well, you can start by breaking down some of the most common terms and considerations you'll…

When Should You Consider an Adjustable Rate Mortgage?

When Should You Consider an Adjustable Rate Mortgage? Looking for a lower-interest alternative to the traditional 15- or 30-year fixed rate mortgage? Consider an adjustable rate mortgage, like the popular 5/5 ARM, for any number of needs or situations. What's a 5/5 ARM? Well, th…

Referral Program

Get rewarded for sharing Visions with your friends and family.

Get $25 when they open an account!

Refer Now

Visions Federal Credit Union

Log in here with your Online Banking ID:



Online Enrollment

Forgot Password

Forgot User ID/Unlock Account

You are leaving the Visions Federal Credit Union web site. The privacy and security policies of the external link may differ from Visions Federal Credit Union. Visions Federal Credit Union does not own or control external links and is not responsible for the availability or accuracy of their content.

Continue