Second Home Loans | Redstone Federal Credit Union

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Second Home Loans

A second home can be a very wise investment, especially when interest rates are low and there are numerous homes to choose from. Whether you’re purchasing a vacation home or planning ahead for retirement, Redstone can help you get there—with as little as 10% down.

SECOND HOME LOAN

Borrow up to

$453,100

Buying in TN? Some counties are eligible for higher loan limits.
Click here for more details.

Finance up to

90%

of purchase price or appraised value, whichever is less.

Refinance up to

90%

(75% Limited cash out)

Buy

  • Conventional
  • First-time homebuyers
  • VA
  • USDA
  • Jumbo
  • Condominium 
  • Second Home
  • Investment Property
  • No Private Mortgage Insurance (PMI) 
  • Down Payment Assistance Programs

Refinance

  • Lower Rate or Term
  • Cash Out
  • VA
  • Home Improvement
  • Home Equity

Build

  • One-Time Close
  • Land Loan

Keep in mind that there are requirements when purchasing a second home, including:

  • You must occupy the home for some portion of the year
  • You must have exclusive control over the property (no management companies and no time-share arrangements)
  • It must be suitable for year-round occupancy
  • It must be a one-unit dwelling

Estimate your closing costs, explore rates and terms, and calculate monthly payments.
Get started with your personalized rate quote.

Featured Rates:

Interest rate as low as:APR as low as:
20 Year Fixed Rate Mortgage3.875%4.266%
7 Year Adjustable Rate Mortgage3.625%3.497%

Why choose Redstone for your Home Loan? 

Competitive rates and closing costs

When you choose Redstone, you get great rates, flexible terms, and low closing costs.

Team of experts

Our Mortgage Team has years of experience and knows the real estate industry inside and out.

Local servicing

From monthly payments to escrow and insurance, Redstone services nearly every mortgage we make.

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

4.625%

Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

EVERY Redstone Visa credit card includes all of these features

Convenience

Quick and easy purchases 

Visa is accepted all over the world

Warranty Manager Service: additional product registration to extend the manufacturer's original warranty on products you buy

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

With Visa SavingsEdge®, you’ll receive discounts at select retailers when you use your Visa credit card.

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

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

APR=Annual Percentage Rate

The actual interest rate and fees available to you will be based on your credit history and may be different than the rates displayed here. The rates listed above, do not take into consideration any possible adjustments based on changes to any of the loan parameters including loan-to-value (LTV), occupancy, loan amount, repayment feature, loan amount or loan term. Your rate may be different if there is subordinate financing or when loan parameters do not meet secondary market requirements.

Must be an RFCU® member to obtain a loan. Must be eligible for membership and open a share savings account.  A minimum balance of $5.00 is required to open and must be maintained in share savings account at all times.  Fees and other restrictions may apply.   All loans subject to credit approval.  Rates, terms, and conditions are subject to change without notice.  Other restrictions may apply.  RFCU is an Equal Opportunity Lender..  Rates are determined by an evaluation of applicant credit at account opening.  Your rate may be different. Fixed rates remain fixed for the life of the loan and adjustable rates are subject to change after consummation. Various Mortgage programs and terms are available. Must create separate user name and password to gain access to mortgage application process.

A typical purchase transaction example for 20 Year Fixed Rate :
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). For a 20-Year Fixed Rate Mortgage at 4.000% with zero discount points, the APR is 4.213%. The monthly payment schedule would be 239 payments at $545.38 and 1 final payment of $546.12. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums.

A typical purchase transaction example for a 7 Year ARM (30 year):
The information provided assumes the purpose of the loan is to purchase a property, with a loan amount of $90,000 and a purchase price of $120,000 (assumes a 25% down payment). At a 3.625% initial interest rate with zero discount points, the APR for this loan type is 3.372%, subject to increase. Based on current market conditions, the monthly payment schedule would be: 84 payments of $410.45 at an interest rate of 3.625%; 275 payments of $375.65 at 2.75%; 1 payment of $375.11 at an interest rate of 2.75%.The ARM has a monthly payment that may change over the term of the loan. An escrow (impound) account is required and thus the actual monthly payment will also include amounts for real estate taxes and homeowner's insurance premiums. If the down payment is less than 20 percent, private mortgage insurance (PMI) will be required, which could increase the APR and/or monthly payment.

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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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