We're just three months into 2020, and mortgage rates haven't been this attractive since November of 2016. Buyers are looking for the best mortgage rates they can find, and existing homeowners might even consider refinancing. Whatever your needs, we have a loan product to help you get the home you're dreaming of.
If you are a low- to moderate-income household, we can contribute to your down payment or closing costs with our Welcome Home Program grant. These grants are available on a first-come, first-served basis, and applicants must be in contract before we can submit your request for funds. It usually takes four to six weeks for approval.
The limit is $7,500 for homebuyers who are honorably discharged veterans, active-duty military personnel, reservists, or surviving spouses of service personnel. For all other homebuyers, the limit is $5,000.
You qualify if your total household income is below county income limits; you must contribute $500 of your own funds; and if you are a first-time homebuyer, you must complete a homeownership counseling program. Qualifying properties include those that have one to four units and are used as the homebuyer's primary residence. Some manufactured homes may be eligible. An appraisal and HUD plate (the metal certification label affixed to the outside of manufactured homes) will be required at the time of funds reservation to verify eligibility.
If you don't qualify for The Welcome Home Program, don't worry. To help make the home buying process easier, VacationLand offers conventional mortgage loans, jumbo loans, second mortgage loans, VA loans, USDA loans, and vacation home loans. You'll find our rates and terms very flexible and competitive, with low down payment options. Interest may be tax-deductible (consult your tax advisor) and payments by payroll deduction are available. We'll help you with the pre-approval process by determining what you can comfortably spend on your monthly mortgage, so you're only looking at properties within your budget.
Get a head start with our Financial Empowerment Program on Mortgage Loans, which has important information you will need for the mortgage application process. Click on each type of loan to learn which will suit your needs.
We're here to help with refinancing options, too. For existing homeowners, refinancing is a good idea if you can reduce your interest rate by at least 2%, although some lenders say a 1% savings is enough incentive. Are you looking to lower your monthly mortgage payment or reduce the length of your overall mortgage? These are excellent reasons to contact one of our mortgage specialists today.
Now that you have a handle on your finances, may we help you find a reliable realtor? We suggest you give one of our Preferred Partner realtors a call. Each month we feature one realtor who we believe is the best of the best in Erie and surrounding counties. Their knowledge of our area will prove invaluable, especially if you aren't having much luck on your own.
Whether it's our Welcome Home grant program, a traditional mortgage loan, or refinancing your existing mortgage, get more details on the application process by calling Samantha, Trisha, or Jennifer, our professional lenders at 419-625-9025. They'll help make the pre-approval process a snap.
Black History Month is a month-long celebration of achievements by African Americans and their roles in U.S. history. According to Wikipedia, Black History Month originated in the United States, where it is observed in February. It is also observed in Canada, as well as Ireland, the Netherlands, and the UK, where it is celebrated in October.
As our dependence on technology increases, so does the threat of engineered attacks against our privacy and security. The more we have connected to the internet, – computers, printers, phones, smart home-enabled devices such as thermostats and doorbells, security cameras, routers, etc. – the more the likelihood of these devices being compromised escalates. Because we’re all potential targets of hackers, scammers and thieves, here are some basic tips to keep in mind while still enjoying the World Wide Web.
Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. Therefore, when you apply for a loan, open a checking or savings account, etc., we will ask you to provide proof of important information such as your name, address, birth date, or any other details to help us identify you.
Proof of that information may require you to present your social security card, driver's license, a state ID card, birth certificate, or current passport. These are required steps we take in order to confirm the identity of our members.
Speaking of driver's licenses – in July of 2019, the state of Ohio gave us the option of obtaining a regular or Real ID-Compliant driver's license or ID card from the Bureau of Motor Vehicles. Beginning in October 2020, if you want to use your driver's license to access federal facilities or airport security, you will need the new compliant cards, which are valid for four years.
Do you know about our current Visa ScoreCard® Rewards Special? Use your VLFCU ScoreCard® Rewards Visa® and earn DOUBLE ScoreCard Rewards!
Now through December 31, you’ll earn two points for every $1 spent. If you're doing some post-holiday shopping, you can earn points for yourself that can be redeemed for: