Great Choice Mortgage - Loan Programs

Which loan is right for me?

Years you plan to stay in the home	Recommended programs
1-3	3/1 ARM, 6 month ARM, 2 year ARM, 3 year ARM, MTA, COFI, COSI, CODI
3-5	3/1 ARM, 5/1 ARM, 3 year ARM, 5 year balloon, 7 year balloon, MTA, COFI, COSI, CODI
5-7	5/1 ARM, 5 year balloon, 7 year balloon, MTA, COFI, COSI, CODI
7-10	7 year balloon, 30 year fixed or 15 year fixed, MTA, COFI, COSI, CODI
10+	30 year fixed or 15 year fixed, MTA, COFI, COSI, CODI

Loan Programs	Advantages	Disadvantages

Fixed Rate Mortgages
30 year fixed 15 year fixed	Monthly payments are fixed over the life of the loan Interest rate does not change Protected if rates go up Can refinance if rates go down	Higher interest rate Higher mortgage payments Rate does not drop if interest rates improve

Adjustable Rate Mortgages
5/1 ARM 3/1 ARM 2 year ARM 3 year ARM 6 month ARM 1 month ARM	Lower initial monthly payment Lower payment over a shorter period of time Rates and payments may go down if rates improve May qualify for higher loan amounts	Potential for higher payments if rates go up ARM's that are "fixed" for a specified time period have the potential to incur payment shock

Balloon Mortgages
7 year 5 year	Lower initial monthly payment Lower payment over a shorter period of time Many balloon mortgages offer the option to convert to a new loan after the initial term.	Risk of rates being higher at the end of the initial fixed period Risk of foreclosure if you cannot make balloon payment or if you cannot refinance or if you cannot exercise the conversion option

Stated Income Programs
	Don't need to verify income Faster approval	Higher rates Higher down payment

No point, No fee Programs
	No closing costs Less money required to close	Higher rates Higher payments

Imperfect Credit Programs
	Potential for reestablishing credit if you pay your mortgage on time. When used for debt consolidation, you may be able to reduce your monthly debt payment	Higher rates Terms may not be as favorable Harder to get long term fixed loans Loans may have prepayment penalties

Home Equity Line of Credit
	You only borrow what you need Pay interest only on what you borrow Flexible access to funds Interest may be tax deductible	Rates can change. The maximum interest rate is normally high. Payments can change Harder to refinance your first mortgage

Home Equity Fixed Loan
	Fixed payments Interest may be tax deductible	Higher interest rates than on 1^st mortgages Harder to refinance your first mortgage

Besides our standard loan programs, we also have a large number of unique programs to serve your needs:

Purchase a house with 0 down
Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down.
Debt consolidation programs
Home Improvement loans
Qualify even if you may have been turned down before!

Making a Great Choice when completing your online application will enable you to make a Great Choice for your mortgage