- Finance with peace of mind using Debt Protection by TruStage., Between signing a new loan and paying it off, life can be unexpected. Debt Protection can provide financial security and peace of mind by covering certain financial challenges that may arise during the term of a loan. Here are the basics about your Debt Protection options at Visions – and why it matters. , Through our partnership with TruStage, we offer Debt Protection for most of our non-business loans., That means you can request coverage for Visions loan products from auto loans to home improvement loans , from credit cards to Readi Reserve lines of credit (learn about Overdraft Protection ), from Fixed Rate Home Equity Loans to Home Equity Lines of Credit (HELOCs), and more! , Debt Protection could cancel your loan payments or loan balances, up to contract maximums in the event of disability or involuntary unemployment, either for the primary borrower or for someone who is joint on the loan as a cosigner - or both! Life coverage could even cancel the remaining balance of your loan upon the borrower(s)’ death., When applying for an eligible loan, simply select your preferred Debt Protection coverage., These elections are voluntary, won’t affect your loan approval criteria, and fit into your total monthly loan payment. You can also change or cancel your coverage at any time., Here’s the coverage you could receive with Debt Protection:, LifePlus, can address a wide range of circumstances, including terminal illness, accidental dismemberment, hospitalizations, family medical leave, and the death of a non-protected dependent., Disability, coverage can cancel loan payments when a covered disability occurs due to illness or injury., Involuntary Unemployment, coverage can provide financial relief if an unexpected, covered job loss occurs., Single, coverage provides the elected Debt Protection for the primary borrower and eligible dependents, whereas, Joint, coverage extends the coverage to a cosigner on the loan. , The choice is yours., As you think about committing to a loan or line of credit, take a moment to reflect. With an unexpected drop in income, would you be able to continue your loan payments on time and maintain your standard of living? Similarly, if something unexpected happens to you, how will your loan impact your cosigners? If you feel uncertain about either outcome, then consider Debt Protection to safeguard your…, 800.242.2120, . Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative or refer to the contract for a full explanation of the terms. You will receive the contract before you are required to pay for Debt…
- Intro to Escrow, You may have heard the word "escrow" thrown around, but what does it actually mean?, Think of it like a budgeting tool built right into your mortgage payment. Like any loan , you'll see part of your monthly payment go to the principal and interest, but owning a home means that you need to plan for your taxes and insurance, too. Having an escrow account in place averages those annual costs and factors them into your monthly payment – no extra budgeting or savings to worry about on…
- Coverage that performs when your vehicle doesn't, More than a jumble of letters, GAP and MRC can mean big numbers – especially when your vehicle is out of commission. Here's an introduction to what they are, when they can help, and how they've saved members money. , Guaranteed Asset Protection* (GAP), If your vehicle is totaled or stolen, your insurance settlement will be based on the vehicle's actual cash value, not based on the auto loan you may owe for that vehicle. Instead of forcing you to pay the full deficit in a pinch, GAP is designed to protect your vehicle investment and help you cover your remaining loan or lease balance – potentially saving you thousands. Most years, an average…, Mechanical Repair Coverage** (MRC), Your auto insurance policy and factory warranty will only cover specific incidents and repairs. Both for new and used vehicles, MRC plans supplement your auto protection and extend beyond the manufacturer's warranty to help you cover costly repairs caused by mechanical or electrical failures. Depending on which plan you choose, you could get MRC coverage for everything from electrical problems to…, Click here for more information about GAP, MRC, and auto protection., *Purchase of MEMBERS CHOICE– Guaranteed Asset Protection (GAP) is optional and will not accept your loan application for credit or the terms of any credit agreement you have with us. Certain eligibility requirements, conditions, and exclusions may apply. You may cancel GAP at any time. If you cancel GAP within 90 days, you will receive a full refund of any fee paid. **Provided and administered…
- 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 come across, which is exactly what we'll do here., Taxes and insurance, Here's one of the biggies. When you own a home, you have to pay taxes and insurance. Now, homeowner's insurance is self-explanatory: it protects your home. Tree falls on it? Covered. Someone slips and falls on your sidewalk? Ouch – but covered. Tax amounts are based on region, value, school district, and more. And, because they both create added costs on top of your standard principal and…, Escrow, An escrow is a type of account that budgets your taxes and insurance costs into monthly averages – an account tied directly to your mortgage. So, if your annual insurance premium is $500 and your total taxes are $4,000, your monthly escrow payment would be $375 (4,500 / 12 = 375). This $375 is then added to your mortgage payment and placed in your escrow account. When the bills come due, your…, Loan to Value (LTV), Your loan-to-value (LTV) measures your equity – how much your home is worth versus how much you owe on it. Put simply: if you have an $80,000 mortgage on a home worth $100,000, then you have an LTV of 80%. Your LTV can impact what mortgage program you qualify for, whether you need PMI and an escrow, and more., Private Mortgage Insurance, Commonly known as PMI, this insurance helps the lender recover their investment if you stop making payments and face foreclosure. It's generally required for mortgages with an LTV over 80% and adds an additional cost to your escrow – which could be tens of dollars, could be hundreds. Thankfully for you and your wallet, in most instances, your PMI requirement is removed when you achieve 78% LTV., Down payment, You've probably heard of this one before. This is the amount paid upfront on your home, determining your LTV and therefore your need for escrow and PMI. How much you pay is dependent on your savings budget but also your mortgage program. Some programs require as little as 5% down, others 10% or more. For others? It's 0% down ., Closing costs, You've also probably heard of these before. And they can be a lot. Closing costs include a number of items: origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners' insurance or homeowners' association fees, and even attorney costs., Fixed or ARM?, A fixed rate mortgage means your interest rate doesn't change during the term. An adjustable rate mortgage (ARM) , though, can see fluctuations in your interest rate over time, resulting in changes to your payment. The amount and frequency of these changes are determined by the terms of your specific program. There are pros and cons to each type of mortgage, ranging from lower initial rates to…, Understanding ARM numbers, 5/1, 10/1, 7y/6m – what do those numbers and letters mean? Knowing that the rate on an ARM adjusts, the first number is how long the introductory rate is constant for, and the second number conveys how often that rate can change afterward. For example: a 5/1 ARM with a 30-year term would mean that the rate is constant for the first five years, then it can adjust once per year for the remaining 25…, Floors, ceilings, caps, and margins, You've probably noticed these things on a rate sheet . These terms determine an ARM's rate changes. Put simply, the floor is the lowest your rate can go, regardless of changes to the overall index. Likewise, your ceiling – sometimes called the "lifetime cap" – is the highest that your rate could adjust. Adjustment caps effectively place a limit on how much your rate can change during one…, In conclusion, Alright, we've made it to the bottom of the page. As you can see, there's a lot that goes into having a mortgage, but I hope this helps clear up some of the confusion. Remember: your home is a big investment, so it pays to have a good grasp of what you're getting into. Still have questions? Stop by your local office or call our experts in the Contact Center at 800.242.2120. They're there to help…
- With wedding costs substantial and pretty much always on the rise, coming up with funding sources can be tough. The average wedding cost nearly $35,000 in 2023, according to the popular planning website The Knot . That's not even counting the engagement ring. Throw in the ring and a honeymoon, and you're adding another $5,000-$10,000. Yikes. If you're like most Americans, your savings could be a…
- Are you in the know when it comes to smart homes?, There are several ways to increase your home's intelligence, especially when it comes to security. These are relatively small investments, but they can add up. That's where the home equity line of credit, or HELOC , comes in. A HELOC works similarly to a credit card, with a limit based on your home's equity. That's the currently assessed value of your home, minus any mortgage balance you might…
- Summer Home Improvement Projects (and How to Pay for Them), Summer's here and the time is right for taking on some projects around the house. Whether you're doing the DIY thing or calling in the contractors, these home improvements can be costly. But with a home equity line of credit ( HELOC ), you can take an early return on your investment to transform outdoor spaces this year. From the backyard to the front porch, there are plenty of ways to upgrade…, Imagine all the things your home can do for you., With a HELOC , you get up to 100 percent of your home's equity. How does it work? Simply take the appraised value and subtract what you owe on your current mortgage. The line of credit will typically be 80 to 100 percent of that amount depending on a number of factors, including your credit score. Whatever your needs in any season, it pays in more ways than one to look into your home equity…
- Did you know you can use your home's equity to make energy-efficient improvements that save money in the long term? A home equity line of credit, or HELOC , is the ultimate financial tool for making key investments today that can mean serious savings tomorrow. A HELOC works similarly to a credit card, with an approved limit based on your home's equity. That's the currently assessed value of your…
- Solar energy has never been more affordable, Up until recently, going solar could be costly. These days, however, panel prices have stabilized at an all-time low, and generous state and federal tax credits can help mitigate much of the costs – in some cases, up to 70%! There's still the initial investment, though, and that's where a Community Solar Loan from Visions comes in. With a Community Solar Loan, you can finance up to $50,000…
- Save money, save the environment. Talk about a win-win., With over five billion years' worth of energy, the sun holds a lot of power that isn't going anywhere anytime soon. In fact, enough sunlight hits our planet every hour to power the whole world's energy needs for an entire year! Needless to say, harnessing this energy is basically a no-brainer. Thankfully, solar power has never been more reliable or accessible. These days, solar is tried and true…
