Private Mortgage | Personal Loans | Redstone Federal Credit Union

Live Brighter®

knowing your goals are within reach

Private Mortgage Insurance

Even if you can’t afford to put 20% down, you may still be able to fulfill your dream of owning a home. Private Mortgage Insurance (PMI) makes homeownership a possibility for people who don’t have as much to contribute for a down payment. PMI is an insurance policy that helps protect the lender in case of default on mortgage payments.

While you are required to get PMI if your down payment is less than 20% of the appraised value or sale price of your home, you do have options when it comes to the terms of your policy. Redstone offers two types of PMI and there are advantages to each, depending on your situation. If you’d like help deciding which one best matches your needs, contact a member of our Mortgage Team and we’ll walk you through the pros and cons.

3%

CashBack on purchases made in the first 90 days
(Introductory offer)

1.5%

CashBack on ALL purchases made after the first 90 days
No limit on the amount you can receive

0%

Intro APR for 6 months on Balance Transfers made within first 30 days
After that, APR will range from 8.50% –12.00%

Our Visa Signature card features additional exclusive benefits1, including

Entertainment

Access to pre-sales and discounts on tickets to sporting events

Preferred seating offers for select Cirque du Soleil shows

Travel

Incredible travel packages, savings, and upgrades

Premium benefits at prestigious hotels worldwide

Trip Cancellation (reimburses some unused fares)

Dining

Complimentary wine tastings at Sonoma County wineries

Savings at restaurants and gourmet retailers

Service

24/7 Visa Signature Concierge2  service, which includes:

Travel and dining arrangements

Entertainment and event tickets

Hospitality services

Savings

Special offers from select retailers with Visa Discounts**

Price Protection (reimburses the price difference of an item if you find it advertised for less within 60 days of purchase)

I am looking for:

Borrower-Paid Mortgage Insurance (BPMI)

How it works: 

  • Premium is added to your monthly 
  • payment
  • May cause you to have higher monthly payments
  • May be tax deductible*
  • May be canceled when the loan-to-value reaches 80% of the original value**

Best if you: 

  • Will stay in your home over 10 years
  • Have a long-term mortgage
  • Need to borrow less than 85% of your home's value
  • Want to make higher monthly payments so you can cancel BPMI later
  • Think your home's value will increase

Lender-Paid Mortgage Insurance (LPMI)

How it works: 

  • Cost of insurance is included in your interest rate/APR, creating a higher rate
  • Could lower your monthly payments
  • You may receive a larger tax deduction*
  • Cannot be canceled by you, the borrower**

Best if you: 

  • Will move or refinance within 10 years
  • Have a short-term mortgage
  • Need to borrow more than 85% of your home's value
  • Want a lower monthly payment
  • Want a possible larger tax deduction*

EVERY Redstone Visa credit card includes all of these features

Convenience

Quick and easy purchases Visa is accepted all over the world

24/7 U.S.-based, live-agent phone support includes emergency card replacement

Manage your account anytime with Redstone’s Online Banking

Security

Zero-liability fraud protection

Monitor credit card activity with Credit Card Control

Real-time fraud monitoring and fraud text alerts

Identity theft assistance

Savings & Discounts

No annual fee

No Balance Transfer or Cash Advance fees

Visa Discounts on your purchases at select retailers**

Redstone Discounts!® when you use your card at many local businesses**

Additional Benefits    

Travel and Emergency Assistance

24-hour Roadside Dispatch service

Auto Rental Collision Damage Waiver insurance coverage for cars rented with your Visa card

Warranty Manager Service manage, use, and extend the warranties of eligible items purchased with your Visa card

Can’t afford to put 20% down but don’t want to pay PMI? Consider Redstone’s No PMI Mortgages, which allow you to put 5% or 10% down and finance the rest—and you’ll pay no PMI.
See how

Mortgages are only available for properties located in Alabama and Tennessee.

Loans subject to credit approval. Must be RFCU® member to obtain mortgage. Must be eligible for membership and open a share savings account.  A minimum balance of $5.00 is required to open and be maintained in share savings account at all times. Fees and other restrictions may apply. Contact Credit Union for details. Various types of mortgage loan programs and terms are available. RFCU is an Equal Opportunity Lender. Rates, terms and conditions are subject to change without notice. Must create separate user name and password to gain access to mortgage application process

*Consult your tax advisor regarding the deductibility of mortgage interest and private mortgage insurance premiums.

**LPMI typically terminates only when the loan is refinanced, paid off, or otherwise terminated. For BPMI, when the loan-to-value ratio reaches 78% of the original value, BPMI will be automatically terminated.

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FEATURED RATES

Balance transfer0% APR for 12 mos

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30-year fixed mortgage low 3.375% / 3.501%

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New auto loans as low as 2.35%

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Personal loans as low as 9.99% APR

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What Will Your Business Do With 5% CashBack?

Live Brighter: Welcoming the Next 65 Years. Click to learn all about it. http://bit.ly/2dqy6Ka   #RFCU65 #creditunion

Live Brighter: Welcoming the Next 65 Years. Click to learn all about it. http://bit.ly/2dqy6Ka   #RFCU65 #creditunion

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Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.

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