'No' can be a good thing
Don't settle for your mortgage. Get the terms you deserve from Visions.
No
Closing
Costs
Low
Rates
Two Great Options
With a No Closing Cost Mortgage from Visions, you can choose the product that works best for you – all while saving thousands*(**) right from the start.
You purchase a home for personal stability and financial equity. It's a big investment, and one of the smartest you can make in your life.
Visions understands that the mortgage you commit to is just as important as the home you choose – and that’s why we offer you two great options.
Compare our 30-Year Fixed Mortgage and 10/1 Adjustable Rate Mortgage (ARM) to see which is best for you. When you’re ready, stop by your local office, apply online, or give us a call to get started.
30-Year Fixed Rate Mortgage*
If you’re planning a long-term stay, look no further than our 30-Year Fixed Mortgage.
This product is designed for peace of mind and predictable payments. You can expect a low, locked in rate with a timeframe that fits your budget and schedule.
Don’t want to keep it for 30 years? No problem. You're free to pay extra whenever you want.
Couple that with no closing costs, and you’ll be changing your address in no time.
Why Choose a Fixed Rate Mortgage?
A fixed rate mortgage is designed for people who want predictability and peace of mind – particularly if they plan to stay in their home for a long period of time.
That’s because with this product, you can leverage a longer term for consistent, lower payments.
Don’t want to keep your mortgage for 30 years? No problem. There are no prepayment penalties, so feel free to pay more if you’d like.
You can even use it to refinance from another bank or credit union!
The Details
Qualified Property – One- to four-family residential owner-occupied purchase money, refinances.
Max Loan-to-Value
Purchase – One-family: 95% of sale price (two-family 85% of sale price; three- to four-family 75% of sale price).
Refinance – Single family: up to 80% of appraised value as "Cash Out." Pricing adjustments (see mortgage representative for adjustments):
- Two- to four-family: up to 75% of appraised value as "Cash Out"
- One-family: 90% of appraised value for "Limited Cash Out."
- Two-family: 85% of appraised value for "Limited Cash Out."
- Three- and four-family: 75% of appraised value for "Limited Cash Out."
Loan Amount – Minimum - $35,000, Maximum - $484,350; $726,525 for high cost areas as designated by Fannie Mae
Term – 30 Years
Escrow Account – Required when loan-to-value ratio is 80.01% or higher. If less than 80% loan-to-value ratio, is based on credit worthiness.
PMI required when loan-to-value ratio is 80.01% or higher.
Payment Options – Monthly only
Interest Rate Change – Rate remains the same for the life of the loan
Proof of homeowner's insurance is required.
Additional fees may apply to 30-year fixed rate mortgages.
Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party.
The No Closing Cost Mortgage is exclusive to Visions members. If you're not yet a member, see if you qualify and apply here.
The Fine Print
*APR = Annual Percentage Rate. Credit union membership required with a $25 minimum deposit – certain restrictions apply. Check with a Visions Federal Credit Union representative for membership eligibility details. Promotion valid on the 30-Year Fixed Rate Mortgage product only. Applications are subject to standard credit criteria. New purchase or refinance; cannot be used to refinance existing Visions Federal Credit Union debt. One- to four-family, owner-occupied, primary residence only. Maximum mortgage dollar amount funded is based on region and property value. Estimated savings of closing costs, which varies by geographic market and property, would be at least $3,370, including, but not limited to, the following costs: appraisal, flood determination, application fee, credit report, lender attorney fees, recording fee, title insurance, and mortgage tax. Borrowers are responsible for initial escrow setup, interim interest, owner’s title insurance, tax service fee, borrower’s attorney fees, survey, and private mortgage insurance, if applicable. Property insurance is required. Flood insurance may be required. This promotion is subject to change without notice (including the rate). Other restrictions apply. Please speak with a representative for current rate information or visit visionsfcu.org/mortgage-rates. Cannot be combined with any other promotion or offer. Submit applications by October 31, 2019. Visions Federal Credit Union is federally insured by NCUA. Equal Housing Lender.
10/1 Adjustable Rate Mortgage**
There are more mortgage options available than ever before. Options like our 10/1 ARM.
This 15-, 20-, 25-, or 30-year loan starts with a low interest rate for the first 10 years, and then adjusts in the 11th year and every 12 months for the remaining term.
The adjustment in the 11th and subsequent years is capped at 2% above the market rate at the time, reducing the risk of monthly payment shock. Plus, it comes with a lifetime cap of 5%, giving you assurance that your rates – and bill – remain reasonable and predictable throughout the loan.
Why Choose an Adjustable Rate Mortgage?
Not only do you get a low interest rate to start, there’s also the possibility it could be even lower at the end of the first 10 years – assuming you even stay in your home that long! In fact, more and more families are choosing to move and sell their homes before their tenth year. If not, you’re still protected by our caps.
Adjustable rate mortgages aren’t for everyone, though. You can trust our team to walk you through all the terms and conditions in an honest, easy-to-understand way. If you decide an ARM isn’t right for you, there’s still our 30-Year Fixed Mortgage – and much more!
The Details
Qualified Property – One- to four-family residential owner-occupied purchase money, refinances, or construction.
Max Loan-to-Value
Purchase – One-family: 95% of sale price (two-family: 85% of sale price; three- to four-family: 75% of sale price).
Refinance – Single family: up to 80% of appraised value as "Cash Out."
- One-family: 90% of appraised value for "Limited Cash Out."
- Two- to four-family: up to 75% of appraised value as "Cash Out".
- Two-family: 85% of appraised value for "Limited Cash Out."
- Three- and four-family: 75% of appraised value for "Limited Cash Out."
Term – 15, 20, 25, or 30 years
Escrow Account – Required when loan-to-value ratio is 80.01% or higher. If less than 80% loan-to-value ratio, is based on creditworthiness.
PMI required when loan-to-value ratio is 80.01% or higher.
Payment Options – Bi-weekly or Monthly
Interest Rate Change – Rate remains constant for the first 10 years, then will change every subsequent year.
Annual Cap – Rate cannot go up or down more than 2%.
Floor Rate – Rate can never go below 3%.
Proof of homeowner's insurance is required.
Visions will not subordinate or agree to the assignment of any oil/gas/mineral rights lease to a third party.
The No Closing Cost Mortgage is exclusive to Visions members. If you're not yet a member, see if you qualify and apply here.
The Fine Print
**APR = Annual Percentage Rate. Credit union membership required with a $25 minimum deposit – certain restrictions apply. Check with a Visions Federal Credit Union representative for membership eligibility details. Promotion valid on the 10/1 Adjustable Rate Mortgage (ARM) product only. Applications are subject to standard credit criteria. New purchase or refinance. One- to four-family, owner-occupied, primary residence only. Maximum mortgage dollar amount funded is based on region and property value. Estimated savings of closing costs, which varies by geographic market and property, would be at least $3,370, including, but not limited to, the following costs: appraisal, flood determination, application fee, credit report, lender attorney fees, recording fee, title insurance, and mortgage tax. Borrowers are responsible for initial escrow setup, interim interest, owner’s title insurance, tax service fee, borrower’s attorney fees, survey, and private mortgage insurance, if applicable. Property insurance is required. Flood insurance may be required. This promotion is subject to change without notice (including the rate). Other restrictions apply. Rates are variable and can increase by up to 2% annually beginning in the 11th year, up to a lifetime rate adjustment of 5%. Rate increases are based on the index at the adjustment time plus the margin. Please speak with a representative for current rate information or visit visionsfcu.org/mortgage-rates. Cannot be combined with any other promotion or offer. Submit applications by Dec. 31, 2019. Visions Federal Credit Union is federally insured by NCUA. Equal Housing lender.
