BUILD & GROW WITH US
Let VisionBank help build your dream home! In addition to low loan rates, NO application fees, and a fast approval process, VisionBank mortgage lenders provide the hassle-free, money-saving experience you deserve. This offer - in addition to a FREE VisionPerks Checking account (for 12 months) - is set aside for you when you talk with one of the professionals ready to serve you at VisionBank.
PEOPLE YOU CAN TRUST
Our trusted mortgage lenders offer extremely competitive rates and specialize in giving you the extra support and professional guidance necessary to thoroughly understand and meet your construction loan and mortgage needs. We pride ourselves on outstanding communication keeping you apprised of your loan process all along the way. Call us today, or contact our Ames Vice President of Mortgage Lending here:
Pam Nesbitt
NMLS# 18676
Vice President; Mortgage & Consumer Lender
104 Chestnut Street; Ames, IA
515-956-4343 / 800-574-8123
| Term | Rate / APR | Payment | Amortization | Origination | Fees |
|---|---|---|---|---|---|
| 1 yr | 6.990% / 8.074% | Interest Only | N/A | .5% when end loan is with VisionBank | Hard costs only; Typically $1,000 - $1,250 |
Construction Loan - Minimum loan amount of $600,000 with 15% down is required to receive this rate; other rates and terms are available. The Annual Percentage Rate (APR) and payment is based on a loan amount of $600,000 with 15% down, a .500% origination fee and common customary closing costs. Monthly interest payments based on the loan’s average balance is $1,747.50 (interest only) and when the loan is fully advanced it is $3,495.00 (interest only). At maturity a final payment of $603,495 is due or must be refinanced. Example does not include taxes or insurance. These terms apply to newly constructed homes only.
| Term | Rate / APR | Payment | Amortization | Origination | Fees |
|---|---|---|---|---|---|
| 15 years | 6.625% / 6.637% | Principal & Interest | 30 years | $0 | $0 |
| 15 years | 6.375% / 6.391% | Principal & Interest | 15 years | $0 | $0 |
Portfolio Loans - The Annual Percentage Rate (APR) is based on a loan amount of $600,000 with a 25% down and a lender credit for closing costs. Monthly payments for a 30 year amortization loan at 6.625% would be 180 payments of $3,841.87 (principal and interest) and a balloon payment of $441,413.77. Monthly payments for a 15 year loan at 6.375% would be 180 payments of $5,185.50 (principal and interest). Example does not include taxes or insurance. In certain circumstances an escrow account may be required.
| Term | Rate / APR | Payment | Amortization | Origination | Fees |
|---|---|---|---|---|---|
| 30 years | 6.750% / 6.768% | Principal & Interest | 30 years | $0 | $0 |
| 15 years | 6.625% / 6.654% | Principal & Interest | 15 years | $0 | $0 |
Secondary Market Loans - The Annual Percentage Rate (APR) is based on a loan amount of $726,200, 40% down, 780+ credit score, and a lender credit for closing costs. Monthly payments for a 30 year loan at 6.750% would be 360 payments of $4,710.12 (principal and interest). Monthly payments for a 15 year loan at 6.625% would be 180 payments of $6,375.99 (principal and interest). Example does not include taxes or insurance.
All Annual Percentage Rates (APR) estimated as of 6/30/2023 and are not guaranteed until locked.
