A father and son giving a piggy back ride

Financial Success Starts at Home

Buying a home is the biggest financial decision of most people’s lives. That’s because a home is much more than a place to live—it’s a large investment.

Even if you’re not house hunting right now, you could use the equity in your current home as a financial tool to help achieve your dreams—like funding home improvements, consolidating debt or planning a beautiful wedding.

See how Vantage^™ could help you reach for your goals using your home's equity or work with Mortgage Solutions, LLC on your next home loan.

Get a personalized consultation from a financial expert.

First Name*

Last Name*

Email*

Phone Number (10 Digits)* (e.g., 1234567890)

For Mortgage Inquiries: 314.264.5325

For Home Equity Inquiries: 314.298.0055

Schedule an appointment

Our Branches

Know Your Financial Health

Your ability to keep up with payments is key when looking into mortgage or home equity options.

Make sure you think about the following as you look for the right loan.

Is your current credit score good enough to help you get a competitive rate?
Do you have additional savings to cover potential emergencies, maintenance or unforeseen expenses after you’ve locked in your loan?
How much of your monthly income is tied up in paying down existing debts?

Consider Down Payments, Collateral and Other Financial Implications

If your current savings can cover 20% of the total price of a home, that's great. If not, you should know that you have plenty of options. There are programs that make it possible to put as little as 0% down, including one offered by local St. Louis lender, Mortgage Solutions, LLC, a wholly owned subsidiary of Vantage Credit Union.

If you put down 20%, you’ll have 80% of the total price left to pay, plus interest of course. You can work with a lender like Mortgage Solutions to see if you can get preapproved for a specific loan amount. This not only helps you understand what you could realistically afford; you’ll give the sellers and their agent confidence in the financing behind your offer. Just in case you don’t have enough to put 20% down, Mortgage Solutions offers a 2% gift toward your down payment,^* providing that extra boost you might need.

Aside from the principal and interest on your home loan, you may also need to cover agent fees (assuming you used one), along with closing costs, like:

Property appraisals
Title search
Title insurance
Origination fee

Already a Homeowner? Leverage Your Home's Value!

When applying for a home equity loan or home equity line-of-credit (HELOC), the key to keep in mind is that your home is collateral. Your home’s equity is a powerful tool that can put your goals within reach—like funding renovations or higher education—but you’ll want to feel confident in your plan for repayment.

One other factor to look out for in the world of home equity is the potential for payments to rise if you opt for a HELOC, which carries variable interest.

Learn About the Types of Loans

Not to make your search more complicated, but you have multiple mortgage and home equity options. Here are quick descriptions of each, but we are more than happy to have a conversation with you about which one fits your particular needs.

Mortgage
Offered by Mortgage Solutions

Fixed-rate mortgage: Steady interest rate and payments throughout the loan term, which is good for long-term planning.
Adjustable-rate mortgage (ARM): Lower initial rates that may fluctuate over time—ideal if you don’t plan to stay in the home long-term.
Low down payment mortgages: We have special offerings for first-time homebuyers and educators.

Home Equity
Offered by Vantage Credit Union

Home equity loan: A lump sum loan with fixed interest—good for large, one-time expenses.
HELOC: Revolving credit line with variable rates—flexible, but payments can increase.

Take a Long-Term Approach

When you're eager to find your dream home or in need of a financial boost, it can be hard to weigh all of the potential impacts. These questions are a good place to start.

If you’re looking for a mortgage, will you stay in your home long enough and build enough equity and value to justify the costs?
Are you using your home’s equity to reach important goals rather than support discretionary spending?
Can you still account for other financial needs, like saving for retirement or building emergency savings?

Vantage Mortgage Solutions team standing on stairs

Trust Your Local Lender

Vantage Credit Union and Mortgage Solutions are based in metro St. Louis, and our teams are ready to assist you with any questions on your home buying or home equity journey.

Mortgage Solutions, LLC—NMLS #277481 is a wholly owned subsidiary of Members Resource LLC, a Credit Union Service Organization, a wholly owned subsidiary of Vantage Credit Union. Not all loan products are available in all states. Equal Housing Lender.

*Subject to approval and credit worthiness of applicant(s). This is assuming a purchase transaction, single-unit primary residence only, 97% LTV, and a 640 minimum FICO credit score. You cannot qualify if you make higher than 80% of the median income in the area in which you are looking to buy. For example, if you live in an area where the median income is $99,596, you can’t use more than $79,676.80 to qualify for this program ($99,596 x 0.8 = $79,676.80). There’s a $766,550 upper loan limit on this conventional option. The content presented here is provided for high-level information purposes only and not an offer to lend or extend credit. Not all loan products or terms and conditions apply. Products, rates and terms subject to change without notice.