For 60 years, Virginia Beach Schools Federal Credit Union has served members and brought value by offering convenience and access to financial products and services. We have been proud to help members achieve their financial goals.
     On behalf of the Board of Directors and Leadership Team, I am excited to announce our plans to merge with Langley Federal Credit Union. Merging with Langley will allow us to continue acting in the best interest of our members by providing more access, more value, and more rewards to members and the community.
     This merger represents a partnership between two credit unions that share values, plus a real commitment to our members and the communities we serve. As the financial services landscape continues to evolve, merging with Langley allows us to immediately enhance what we can offer members. This includes access to more branch locations, more products and services at competitive rates, and enhanced technology offerings that will provide greater 24/7 convenience.
     We are excited to share we have received approval from our regulators. What happens next? Virginia Beach Schools FCU members will be sent the official Notice of Meeting and ballot on August 31, 2021, and will have the opportunity to vote until the day of the special meeting which is scheduled for October 19, 2021. 

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Looking for a perfect 10-year first mortgage, but not sure which is the best for you?


Our 10 year Freedom First Mortgage solution may be the perfect fit for you! Read more about 10-year mortgage below, and learn all the benefits and features of refinancing your 30 year home loan into a 10 year.  Call or email Treatie Taylor NMLS#609836 (our Home Loan expert) with your questions. She understands each home loan is as unique as you are, and will make your experience easy, fast and hassle-free!

Treatie Taylor – Home Loan Expert
Direct: 757-306-7998
Call: 757-463-3650 option 1
Email: ptaylor@vbsfcu.org
NMLS #609836


Should You Consider a Freedom 10-Year Fixed-Rate Mortgage?

How long will it take to pay off your mortgage? This is a vital question to ask yourself before you enter a mortgage agreement with any lender. The term of a mortgage will have a direct impact on the total amount of the loan you eventually have to pay back, as well as the size of your monthly mortgage payments.

Longer loan terms — such as the standard 30-year — generally offer lower monthly payments and higher interest rates than the shorter 15-year loan term. Those interest rates add up over the life of the loan, increasing the total amount you owe to your lender.

While most people select 15-year or 30-year mortgages, there is also the option for a 10-year fixed-rate mortgage. These shorter mortgages offer a variety of benefits for homeowners, as well as some drawbacks. Here’s what you need to know about 10-year fixed-rate mortgages.

What is a 10-year fixed-rate mortgage?

A 10-year fixed-rate mortgage is a loan that maintains the same interest rate and monthly payments over the course of 10 years. Often, 10-year fixed-rate mortgages are offered with lower lifetime interest rates. However, because the loan term is shorter, homebuyers who choose a fixed-rate mortgage should also expect to make higher payments each month.

Advantages of a 10-year fixed-rate mortgage

There are many benefits of choosing a 10-year fixed-rate mortgage over longer options.

Disadvantages of the 10-year fixed mortgage

Just as there are advantages to signing up for a 10-year fixed-rate mortgage, there are also some disadvantages to keep in mind.

For whom does a 10-year fixed-rate mortgage work best?

Before deciding on the term of your mortgage, be sure to take into account the advantages and disadvantages of selecting a 10-year fixed-term mortgage for you. The 10-year fixed-rate mortgage may be a sound option if you:

Conclusion

A 10-year fixed-rate mortgage presents a range of pros and cons to homebuyers and those looking to refinance their homes. Weigh your options seriously and take into account how steady your income is and whether you’ll be able to keep up with high mortgage payments. Think about your financial goals, whether that’s building equity quickly or paying down other high-income debt.

This mortgage offers benefits from both loan programs, including lower interest rates than a 30-year loan while still shortening the life of the loan by making somewhat higher payments that may be easier for you to maintain over the years.

If you think a Freedom First Mortgage is for you or you would like more information on any of our mortgage options, contact our mortgage experts.

 

Learn more with our Home Loan Calculators


What if I need a loan not listed?

Call one of our Local Lending Experts, today!


How do I apply for a loan, and what can I expect?

If you are already a VBSFCU member with a savings account, visit our Bonney Road or Salem Branch or call us using one of the phone numbers above.

Visit our “What to Expect” page to learn about our loan application process.


I would like to apply for a loan, how do I become a member?

Welcome! We are excited to meet you! Please visit our Who Can Join page to check if you qualify for membership. If you already know you qualify, visit the Open an Account page to learn what you need to bring to become a member.


What does VBSFCU do for our local community?

Learn about our Do Good programs and how we give back locally.


VBSFCU NMLS#410313 | For further information regarding the NMLS registry, please visit the NMLS website FAQ.