Father and son cooking in kitchen

Building a Home

Are you ready to Build?

Deciding to build a home is a big decision. At Vision Bank, we know how exciting and stressful the process can be. That is why we make the loan process as simple as possible, so you can focus your energy on important things like figuring out tile, brick, cabinets and more.

Choose a Loan Type and Apply

Our Mortgage Loan Originators will be happy to help you select the right type of loan, and you can apply online

Construction Loan Checklist

  • Full set of construction plans and bids
  • Description of materials signed by Contractor and Applicant
  • Signed contract between Contractor and Applicant
  • Purchase Agreement for land or Warranty Deed if land is previously owned. If purchased in the last year, verification of purchase price is required

Close on Construction Loan

Closing will take place at a Title Company’s office or with a Vision Bank MLO. Don’t forget to bring a check for any down payment and/or closing costs. When you arrive you will begin signing various documents including the Closing Disclosure, Promissory Note, and Mortgage. After all the documents are signed and completed you may then begin building the home of your dreams.

Construction Phase

Following the closing of the Construction Loan, you have 12 months to complete your home.  You will receive draw requests from your builder. You will submit a signed Construction Advance Form for funds to be transferred to your Construction Checking. Evidence of Builder risk insurance will be required. Regular construction inspections will be conducted during this process to ensure the amount advanced corresponds with the construction progress. You will receive monthly payment notices to reflect the interest amount due.  Interest is calculated on the amount of funds advanced.

Permanent Loan

Once your home construction is finished, it’s time to refinance your construction loan into a permanent loan.  Give us a call at (888) 332-5132 to get this process started.

Moving Day

At this point it’s time to move the furniture in!