No Closing Cost Mortgage

'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.

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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.

family with house

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.

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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

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.

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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

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