• 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 .
  • Home Equity Loans for Home Improvement, Using home equity for home improvements and renovations is a popular choice. First, the home equity loan can be used for costly repairs such as roofing, foundations, or other vitally important parts of your home. That makes home equity loans an option for keeping your home safe, secure, and functional. Second, home equity loans can be used for home improvements that increase the value of your…, Using Your Home's Equity to Invest, Sometimes people will use the equity built up in their home for investing. By doing this, people are looking to take advantage of their home equity to capture investment opportunities that can yield financial benefits. The idea is to use a stable, low-interest home equity loan to invest at a higher yield. Like any investing, one should do thorough homework and research. All investing carries some…, Help with Education Costs, There are many stages of life. An education prepares young men and women to thrive in the real world. After all, a young adult with the proper education is much more likely to do well for themselves and become independent sooner. To help cover the costs of education, people use a home equity loan. For some, interest rates and loan amounts are attractive enough to use home equity loans for…, The Unexpected/Emergency Fund, As the old saying goes, "Life is what happens while you are busy making other plans." Sometimes unforeseen circumstances and challenges pop up in life. When they do, it's nice to have a source of cash to tap into to help. This is why some people use home equity loans or lines of credit for emergency funds. The key to making this work is using the loan or line of credit for real emergencies and…, Large Purchases Using Home's Equity, People have also used home equity loans or lines of credit for large purchases. While some might want to limit use of home equity loans to emergencies or major life events, others may want to take advantage of the longer terms and lower interest rates offered by home equity loans to make larger purchases more affordable., Pay Off Other Debt,   For those who are trying to handle debt, using a home equity loan might be an option. Some people are looking at late fees, high-interest debt, medical bills, or other issues. When this is the case, a home equity loan might be an option that provides lower interest rates to wipe out other debt and avoid late payments. While this may seem attractive to those looking to solve debt issues, this is…
  • Many people are interested in getting the cash they need by tapping into their home's equity. Questions we are often asked relate to a person's credit. The questions sound something like this: How important is my credit for getting a home equity loan ? How does my credit score affect a home equity loan? Can I get a home equity loan with bad credit? These are important questions to ask. Like all…, Here are the basics when it comes to credit and your home equity loan:, The better your credit, the more likely you will be approved for a loan. The better your credit, the more likely you will get a more attractive interest rate . This is also true for most loans and lines of credit. This means it's important to do the things that help raise your credit score. One of the most important factors is having a track record of consistently paying your bills and loans on…
  • 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.
  • Home ownership has benefits. One of those benefits is the ability to use the equity you've built for other financial needs such as home improvements. A home equity loan can also be used for various financial needs such as repairs, debt consolidation, vacations, or college expenses. There is a specific difference between a home equity loan and a home equity line of credit, or HELOC. A HELOC is a…
  • There are some things that go along with owning a home. Home improvements are near the top of this list. The range of home improvements runs from the very small cosmetic improvements to the major structural home improvements. You have to pay for all of them, whether small or large. Since there are all kinds of situations people are faced with, sometimes the situation calls for a home improvement…, Remodel vs Move, You like your house, and you like where you live. It's just that your house is missing some of the features you'd like. Perhaps the family is growing and you need some extra room. In these cases, a home improvement loan can provide everything you want or need without having to buy a new home., Improve Value of Your Home, Another reason people use a home improvement loan is to complete projects they know will increase the value of their home. There's a wide variety of projects that help boost the value of your home. This can make a huge difference when you're ready to sell your home., Emergency, Emergencies. We hate them. Yet, sometimes they happen. This includes emergency home improvements. Sometimes the roof springs a leak after a strong rain storm. Other times the heating and air conditioning system fails unexpectedly. Maybe someone has to give you the bad news you have incurred major structural damage to your home that needs immediate attention. In these cases, a home improvement…, Better Safe than Sorry, We'd all like to avoid emergency home repairs. As a homeowner, sometimes it's better to address a home improvement or repair before it becomes an emergency. Emergencies are stressful, costlier, and sometimes dangerous. To avoid these stressful hassles and keep everyone in the house safer, sometimes a home improvement loan for a project or needed repairs can be the way to go. It's important to…
  • 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…
  • (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.
  • If you're still renting and have been for years, now might be the time to reconsider. Today's low interest rates could put your house payment on par with that rent check and you'll find you get much more in return. Using current rates , it wouldn't be unusual for a mortgage payment to be just $50 to $100 more than rent. It's a relatively small increase that could be used to build equity in a home…
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