Home improvement loans

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Home Improvement Loans
is brought to you by

VISIONS Federal Credit Union

24 McKinley Avenue

Endicott, NY 13760-5491


                                1 Credit Union Plaza • 24 McKinley Avenue • Endicott, NY 13760-5491 • www.visionsfcu.org
Home Improvement Loans...
It’s true with so many problems... The solution is often found in working   Security Requirements...
at improving what you already have, rather than moving into something       ■  Dated, signed copy of contractors esti-
entirely different. Consider the housing market — with the costs of            mates and/or (if materials only) copy of
buying or building a home sky-rocketing, it may be far better for you          supplier’s quotation of materials cost.
to add a room or two, build a patio, new paint, siding, or add some                                                              Choices
                                                                               (Must be less than 90 days old to qualify.)
built-in appliances. Your Credit Union can provide up to $20,000 for        ■ Copy of deed.
your home improvement plans. We offer convenient financing terms            ■ Proof of income (i.e., 2 years tax returns
and reasonable rates.                                                          or pay stubs.)
As an added benefit, a Home Owners Home Improvement Loan Option             Collateral mortgage, to be preceded only
is also available. Terms and conditions are the same as a regular home      by a first mortgage. It would be a first
improvement loan; however, there is the additional advantage of tax         mortgage if member owns home free and
deductible interest. *                                                      clear. Copy of deed must be presented
■ REMODELING — Structural alterations, additional rooms, basement           with application.
    or attic conversion, recreation room, sun porch, bedrooms, bath, farm
    buildings, built-ins (bookcases, shelves, cupboards, closets, storage   Convenient Payroll
    space), wall-to-wall carpeting...                                       Deduction...
■ BUILT-IN APPLIANCES — Dishwasher, clothes washer, clothes dryer,
                                                                            Home Improvement Loans (and most other
    countertop cooking units, wall- or cabinet-type oven, refrigerator,     Credit Union loans) may be repaid easily by
    freezer (up to 30% of total improvement)...                                                                               Improvements
                                                                            having the scheduled payments handled
■ NEW & REPAIRED — Floors, stairways, porches and sub-flooring,             automatically through payroll deduction.
    wallboard, plaster work, masonry, cement work, foundation,
    indoor fireplace, private walks, driveway, fencing, in-ground           No Prepayment Penalty...
    swimming pool, tennis court, decks...                                   If you repay your loan in full before it
■ PLUMBING, HEATING, WATER SUPPLY — Solar heating and hot water             matures, there is no penalty. The Credit
    systems, more efficient furnace burners, heat pumps, thermostats,       Union charges interest only for the length
    modernization of kitchen and bath, well/pump/cistern, sewage            of time you actually take to repay your loan.
    disposal systems, drain tile...
■ PAINT & DECORATING — Exterior trim, shutters, interior finishes,          Weekly Payment Option...
    wall papering, refinishing woodwork or flooring...                      You have the option of making Home
■ WIRING — Improved lighting and fixtures, convenient outlets, safer        Improvement Loan payments on a weekly
    electrical system, heavy-duty circuits...                               or semi-monthly basis rather than monthly.
                                                                            Weekly, bi-monthly or semi-monthly                 Remodeling
Qualified Property...                                                       payments can save you money on finance
                                                                            charges. For details, talk with one of our
■   One to four family owner-occupied
                                                                            Loan Officers.
■   No commercial property
■   Mobile homes ineligible
■   All names on the deed must be on the loan
                                                                            Examine the advantages
                                                                            of your Credit Union’s
Maximum Limit...                                                            Home Improvement
Total amount of estimated cost of improvements up to $20,000.
Existing mortgage plus one-half of loan amount may not exceed
                                                                            Tax Advantage Loans.
90% of property value.                                                      A Home Improvement Tax Advantage Loan
                                                                            requires a lien on your property and certain
Maximum Maturity...                                                         closing costs. In most cases, individuals who
                                                                            itemize their tax deductions may deduct the
■   120 months approx. — variable rate
                                                                            interest paid on this type of loan. Consult
■   48 months approx. — fixed rate                                                                                              Convenient
                                                                            your tax advisor.
                                                                                                                             Payroll Deduction