Mortgage Rates and Review: Vision Bank
Vision Bank is currently offering a wide selection of mortgage products (both fixed rate and adjustable rate mortgages) for those seeking a home loan or looking to refinance an existing loan. They have branches throughout Alabama and Florida and can do business with consumers in the southeast.
Vision Bank’s mortgage products:
30 year fixed rate mortgage – The traditional 30-year fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
As of August 2010, Vision Bank has been offering thirty year fixed rate mortgages with an interest rate of 4.375% with a 20% down payment.
15 year fixed rate mortgage – This loan is fully amortized over a 15-year period and features constant monthly payments. It offers all the advantages of the 30-year loan, plus a lower interest rate—and you’ll own your home twice as fast. The disadvantage is that, with a 15-year loan, you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years. This approach is often safer than committing to a higher monthly payment, since the difference in interest rates isn’t that great.
As of August 2010, Vision Bank has been offering fifteen year fixed rate mortgages with an interest rate of 3.875% with a 20% down payment.
Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM) – These increasingly popular ARMS—also called 3/1, 5/1 or 7/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a “5/1 loan” has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It’s a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
(descriptions of the mortgage products can also be found at visionbank.net or by clicking here.)
Recent mortgage BankVibe.com mortgage reviews:
Mahopac National Bank mortgage rates and review – featured interest rates below 5% APR.
Nationwide Bank mortgage rates and review – featured fixed rate mortgages below 5% APR.
