Select Mortgage Corp. - Loan Programs We Offer

Select Mortgage Loan Program Offerings

Mortgage Type	Pros	Cons
Fixed Rate
Terms available: 10, 15, 20, 25, and 30 years	No change in your payment over the life of the loan	Payment does not drop if rates go down
	Your interest rate will not go up if rates increase	Start rate will be higher than on an ARM
	You could refinance if rates go down	Initial payment will be higher than on an ARM
		Have to refinance to lower your rate


Adjustable Rate (ARM)
Terms available: 1, 6, and 12 month; 3/1, 7/1, and 10/1 year adjustments	Start rate lower than fixed rate loans	Rate can/will change
	Payment may decrease if rates go up	Payment may increase if rates go up
	Lower start rate may allow you to qualify for a higher loan amount	Risk of higher payments if rates increase

Balloon
Terms available: 5 and 7 year	Lower starting payment and rate	Must refinance or change rate at end of balloon period
	May have option of converting or rolling over the loan at end of balloon term	Without conversion option, you must refinance at end of balloon period
		All principal is due in full when loan balloons

Specialty Programs:
Stated Income	Does not require income verification	Rate will be higher than standard programs
	Good for those with a large down payment	More down payment will be required
	Less paperwork to get approved

No Closing Costs	Minimal money required at closing	Higher principal to repay (closing costs are rolled into loan balance)
	No out-of-pocket expenses	Higher monthly payment amount

Subprime Credit	Can help reestablish or improve credit rating	Shorter maximum terms will be available
	Can help consolidate other nonmortgage debts	Rates will be higher than standard loans
		Prepayment penalties are common

Bridge and Home Equity	Can be used in conjunction with first mortgage financing to create the ideal payment structure and term for you	Rates will be higher than first mortgages
		Creates an additional lien on your property

We specialize in tailoring a financing package fitted to the needs of each borrower we serve. Call us today to discuss your unique situation, and we will suggest what we think will be best for you.

Mortgage Type

Pros

Cons

Fixed Rate

Adjustable Rate (ARM)

Balloon

Specialty Programs:

Stated Income

No Closing Costs

Subprime Credit

Bridge and Home Equity