- When considering if and when to use a home equity loan, it's important to know the potential benefits that a home equity loan or line of credit can offer. Here's a list for you to consider:, Lower Interest Option, For some people, home equity can offer a lower interest rate than other types of loans. This can be helpful when considering education costs, large purchases, or managing debt. Check current interest rates ., Flexibility, There are two options when tapping into the equity that's been built up – a home equity loan or a home equity line of credit (HELOC). A home equity line of credit is structured for extra flexibility. Instead of receiving a lump sum, there is an amount of cash available to the borrower to take when needed. So, if an unexpected expense arises, you could take the amount to cover the expense and…, Several Potential Uses, Home equity loans can be used in a variety of ways. That means home equity loans and lines of credit can be an option for people in many situations. It's always good to know you have options. If you want to know more, you can read about the top uses for home equity loans .
- Generally speaking, when it comes to using the equity built up in their house, people understand that it's an option to tap into that equity to get cash they need. However, before going forward with a home equity loan it's good to understand how it works. So, let's take a look at the basics of the home equity loan and how it works. A home equity loan is when homeowners borrow against the equity…, Let's look at an example:, A man named Barry owns a house valued at $250,000. Barry still owes $200,000 on the mortgage. His equity would be $50,000. This number is used to help determine what your loan would look like. Other factors that are considered when determining the loan amount and terms are credit reports, payment history, and income. It's also important to remember that homeowners are allowed to borrow a certain…
- People who own homes sometimes need money for those things that life throws your way. The good news is that homeowners can tap into the equity of their home to get the money they need. There are two main ways to do this - home equity loans and home equity lines of credit, or HELOC . Home equity loans and home equity lines of credit have some things in common. However, there are some differences…, What Do Home Equity Loans and Lines of Credit have in Common?, Both loans and lines of credit are considered second mortgages . In addition, both the home equity loan and the line of credit are secured by your property. Generally speaking, both home equity loans and HELOCs have shorter terms - usually 5 to 15 years. First mortgages tend to be 15 or 30 year terms. Now that we understand what home equity loans and lines of credit have in common, let's see how…, How Are Home Equity Loans and Lines of Credit Different?, How Does a Home Equity Loan Work?, Of the two ways to use your home's equity, the home equity loan is more straight-forward. It's very similar to how a mortgage or other traditional loan works and typically there are no special features like interest only payments. The home equity loan is a loan for a set lump sum of money to be paid out over a determined time. This means there is a fixed interest rate, and the payments are the…, How Does a Home Equity Line of Credit Work?, The thing that sets a home equity line of credit apart from a home equity loan is its flexibility. It's a flexible option based on how the lines of credit are structured and how you can access your cash. Instead of receiving one lump sum, you have access to a reserved amount of money over a given period. You can take as little or as much as you need depending on your circumstances. For many, this…, A Better Understanding Makes For Better Decisions, Now that you understand the basics of home equity loans and lines of credits, you can make a more informed decision. Knowing how each works can help you decide what is better for your specific financial needs. If you want to know more about home equity loans or lines of credit, contact our lending experts. We're happy to help.
- (The Seventh is Through the Front Door), Whether you're a first-time homebuyer or seasoned homeowner, purchasing a new place to live can be an exciting time. It can also be a little stressful. The friendly experts at Visions can help take some of the pain out of the home-buying process with these simple steps. In addition, Visions' mortgage process is designed with you in mind. Whether you're concerned with down payments or if it's…, Clean up your credit., Credit is always king, but it takes center stage during the mortgage process. Paying down your credit card balances, consolidating your debts , and getting rid of any derogatory marks will get both your credit score and debt-to-income ratio in better standing. Need support with this step? We offer free credit counseling ., Prequalify., Stop into one of Visions' convenient branches with 30 days of pay stubs, two years of W-2s or tax returns, and two months of bank statements. Prequalification is free for Visions members, helps you set a realistic price, and lets sellers know you're serious., Start shopping., You're ready – congratulations! It's a big decision, but a lot of fun to see how your dreams take shape., Apply for a loan., Call 800.242.2120, ext. 10470 to schedule an interview or apply online., Wait a little., Our mortgage processors will order a flood certification, an appraisal to determine the market value of the property, and a credit report. Upon approval, the mortgage department will issue a commitment letter agreeing to finance your home, which you should receive in seven to 10 business days after your mortgage file is processed. Review it with your attorney, sign it, and return it as soon as…, Close., The closing is the meeting where the credit union issues your mortgage, property ownership is transferred to you, and you get the keys. Visions prepares a closing checklist so you can work with your attorney to make sure nothing delays the process.
- First-time buyer?, Excellent idea! Homeownership is an excellent long-term investment . Once you've decided that it's time to take the leap to homeownership, there are a few things to keep in mind. Review your existing debt load. What are your current monthly payments? Student loans, credit cards, and other debt can deter you from getting an approval due to a high debt-to-income ratio. If you can, pay off debt or…, It's essential that first-time homebuyers know what they can afford., Use your rent payment as a measuring stick, but don't forget you'll be responsible for unexpected expenses (e.g. repairs) that your landlord may be covering now. There are also budgeting tools you can utilize to determine affordability. If you're not sure how much you can afford and want to take your first step, stop into your local Visions branch for a pre-qualification. Next steps. Once you…, Ready to apply?, Apply now!
- 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…
- When it comes to mortgages and your credit, there are a few main considerations., How Does My Credit Score Affect My Mortgage?, It's no surprise that your credit score matters when buying a home and applying for a mortgage. The rule of thumb is if you have a higher credit score, the more likely you will be approved for the loan and have a more attractive interest rate. When you consider what a substantial long term investment a home can be, a good credit score can make a positive effect on your mortgage and your finances…, Do Multiple Credit Checks Hurt My Credit?, When buying a home some people are concerned that multiple credit checks might negatively affect their credit score and negatively affect their mortgage overall. So, will multiple credit checks hurt you during the mortgage process? MyFico.com, the consumer division of FICO, states the following: "Looking for new credit can equate with higher risk, but most Credit Scores are not affected by…, Does Having a Mortgage Help My Credit?, In general, a mortgage can be helpful to your credit. There are a few main reasons. First, a mortgage is considered good debt. A home is a practical investment. Plus, there's a chance the home will appreciate in value over time. The second reason a mortgage can be helpful to your credit is that a mortgage allows you to establish a payment history. Establishing a consistent payment history is one…, Loan and Savings Calculators, – Crunch the numbers. How much home can you afford? What should your down payment be? Check out our calculators below! Mortgage Products - Browse mortgage products. Mortgage Application - Are you ready for the next step? Apply for a mortgage.
- A Premium Visa Credit Card Can Provide Big Benefits to Travelers, Some people may wonder what a premium credit card offers over a more traditional credit card. After all, how different can they be? The answer may surprise you. People with premium credit cards can reap all kinds of benefits. People who travel, either for business or pleasure, may find some premium credit cards provide all kinds features that are ideal for them. Some premium credit cards seem…, Here are some of the benefits that premium credit cards can provide to travelers., Airline Miles, Most people are familiar with airline miles as a credit reward. It's been around for a long time for good reason. Airline miles are handy for both business travelers and those who travel for enjoyment alike. These can help cut down on costs and offer more options., Cruises, If you are traveling by sea, some premium Visa credit cards provide great rewards and points toward cruises. If you are a fan of a vacation at sea, this is definitely something to keep in mind. You might be able to make your fun cruise even more enjoyable with rewards from your credit card., Hotel, Another way you can collect rewards through some premium Visa cards is with hotels. There are a few different ways this can help. It really depends on what suits your preferences and circumstances. Maybe you are looking for the best discounts you can get your hands on. Maybe you are looking for a greater selection and more options. Or maybe you want to upgrade yourself into more luxury…, Car Rental, If your travel requires a car, then you may be in luck. With some premium Visa cards, you can get some great rewards for car rentals. With some premium credit cards, you will get some kind of co-branded specific travel reward. For car rentals, it's likely you won't see this. Instead, you are more likely to earn more general travel rewards that you can use for car rentals. This can really save you…, Travel Insurance Protection, On top of other travel rewards, a great feature for travelers can be travel insurance protection. What does this mean? For instance, with some premium Visa cards, you will have added coverage for lost items, cancellations, or delays. This is above and beyond what you might receive from the airlines and other travel companies themselves. This is definitely a bonus that provides travelers with more…, Travel and Emergency Services, If you are on a trip and are paying with your card, your premium credit card might have an added service you don't know about. Travel and emergency coverage provides a variety of concierge-type services to assist travelers. You call the phone number provided and they help run down the information or arrangements you need. Some of the services include trip planning, assisting with travel troubles…, Baggage Delay Services, Nobody likes thinking about it, but if you travel there's the chance that your baggage will get delayed. If this happens to you, you'll be grateful if you have the right card. With some premium Visa cards, you can be reimbursed for your baggage troubles. As you can see, if you are someone who travels, having the right premium Visa card can offer big benefits to you. With your premium Visa card…
- What is cash out and how does it work?, It's normal to have questions regarding auto refinances, especially when it comes to refinancing with cash out. The good news is that auto refinancing with cash out is simpler than you might think. Refinancing with cash out is simply using the equity you have in your vehicle to pay off other debts or to get extra cash for other purposes. Here's how it works. Let's say you have a car or truck. It…, Cash Out Auto Refinancing Process, The process is pretty simple. You can speak with your credit union lending expert or fill out an application. However, there are a couple things you may want to consider. You want to know the value of your car or truck - Do some research. Look at the NADA website at http://www.nada.com/ to get an understanding of your vehicle's value. Consider your credit score - As with all kinds of lending,…, How Cash Out Auto Refinancing Can Work For You, If done appropriately, auto refinancing can work for you in a couple of ways. Depending on your current financial position, you can use cash out auto refinancing to lower your payment or even lower your interest rate. If you have questions about whether auto refinancing with cash out will work for you, you can always bring your questions to your credit union lending experts. They can answer your…, Here are some key points to remember:, Refinance your existing vehicle and "cash-out" the equity in your car up to 100% of the value Utilize the loan proceeds beyond refinance amount for any purpose (pending approval and conditions) Applies to current model year and 10 model year's back – i.e. 2007 and newer for 2017, 2008 and newer for 2018, and so on Thinking of applying? Start an application today
- Can I Get an Auto Loan with No Credit?, People need a car. For most people, that means getting an auto loan. Whether you're just starting out or you're fresh out of school, not having established credit causes concern for many people, which leads to the following question:, Is it really possible to get an auto loan with no credit?, Yes. It's definitely possible to get an auto loan with no credit. However, it can be much different from those who have a great credit score and history. For instance, getting an auto loan with no credit may mean you have to opt for a quality, affordable car that makes sense for your situation. That may mean you have to put off that dream car for now. Furthermore, you may get an interest rate…, Here are some things you may want to do when trying to secure an auto loan with no credit:, Save up for a down payment - Go for at least 10 percent. This will demonstrate responsibility and commitment to the lender while lowering the payment of your loan. Have proof of employment - Showing that you are gainfully employed and earning an income often reflects favorably on you in consideration of an auto loan. Have documented history of bill payment - In addition to earning an income,…
