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.
As the merger process continues, we will keep members informed of progress, including sharing important notices, dates, and events. If you have any questions that haven’t been addressed in the frequently asked questions below, please email Directors@vbsfcu.org or contact us by phone at 757-463-3650 x337.
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!
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.
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.
There are many benefits of choosing a 10-year fixed-rate mortgage over longer options.
By paying off a mortgage more quickly with a 10-year fixed-rate mortgage, you can build home equity more quickly than you would with a longer-term loan. Home equity is the difference between the market value of your house and the amount of debt you owe on that property. The more quickly you pay off your mortgage, the more quickly you’ll build equity.
Just as there are advantages to signing up for a 10-year fixed-rate mortgage, there are also some disadvantages to keep in mind.
Significantly higher mortgage payments each month may have an effect on the kind of property you can afford. It’s important to consider not just your current monthly budget, but also take into account any potential changes in income or unexpected life events that may arise over the next 10 years. If you lose your job or need to make major repairs on a property or car, will you be able to afford your higher mortgage?
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:
If you currently have a high amount of credit card debt or other high-interest debts, the 10-year fixed-rate mortgage may not be the right choice for your household. Instead, examine whether an aggressive plan to pay down those debts first might be a better choice.
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.
Call one of our Local Lending Experts, today!
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.
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.
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.