Purchasing a new home is time consuming, but as a VITAL FCU member, you know securing a fair mortgage rate won’t be! Applying for your mortgage is quick and easy and you can enjoy both fixed and adjustable mortgage rates.

First Mortgage Loan
A fixed rate mortgage maintains its original interest rate throughout the entire life of the loan. With a fixed rate mortgage, you’ll have the security of knowing what your mortgage payment will be every month. VITAL FCU now offers FHA, VA, and Homepath loans in addition to the conventional loans. Please contact us for current rates and terms.

Adjustable Rate Mortgage
An Adjustable Rate Mortgage (ARM) loan offers a lower rate initially, but is subject to rate adjustments in the future. A lower loan rate in the beginning can maximize your up-front buying power.


When buying a home for the first time, a mortgage can seem like a daunting thing that you don’t understand. Here is some basic mortgage terminology that you need to know in order to make an informed decision:

Term – A mortgage term is the length of time you have to pay off your loan. Like any loan, the longer you have to pay off your mortgage, the lower the payments will be. An important mortgage tip – in some cases, the shorter the term, the lower the interest rate.

Rate – The “rate” is the interest rate, which basically defines how much you will be paying the credit union to borrow money from them. The interest rate offered to you is dependent on your credit rating, how much money you are able to put down, how much money you make and the value of the home you’re buying. Rates can also change depending on the loan program.

Cost – Costs typically refer to closing costs, which are a part of every mortgage. You may see offers for “No Closing Costs” but these programs are rare. If you get a no closing cost loan, it usually means the mortgage company is making a large enough commission on your loan to cover the closing costs for you. Closing costs usually include an appraisal, recording fees on documents at the registry or deeds, attorney or notary fees and the like. Watch carefully for junk fees!

    Subject to Credit Approval

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