Owning an exclusive home comes with a special set of challenges when it is time for financing. Not all borrower situations are alike. ChoiceOne Mortgage Corp. offers a variety of products that can be combined or modified for special circumstance.
Loan Amounts that exceed area conventional loan limits are called Jumbo Loans. Super Jumbo Loans ordinarily exceed $1,000,000 in value.
Besides the standard loan programs, we also have a large number of unique options which may be customized.
Interest Only Mortgages
If you need a mortgage with the lowest possible payment, or you are planning to move or refinancing in a short period of time you may want to consider a mortgage that offers an interest only payment. This mortgage will allow you to qualify for a higher amount, while maintaining your monthly liquidity. You may pay interest only for 10 years and then the loan becomes fully amortized for the remaining 15 or 20 year term. If you choose, you may pay as much toward the outstanding principle amount at any time with no pre-payment penalties.
An interest only mortgage may also be structured with a balloon after one, two or three years while you qualify at the higher mortgage amount and then you may refinance.
Limited and No Documentation Mortgages
If you are trying to take the hassle out of purchasing or refinancing your home and your income is not easily documented this mortgage program is designed to expedite the processing of your mortgage application with less documentation required from you. You must have an excellent credit history for either program. See OUR "NO DOC" LOAN PROGRAMS.
Negative Amortization Mortgages
If you need additional cash flow and are looking for a mortgage with rates 2 to 3 % below the current mortgage rates with the absolute lowest monthly payment the Negative Amortization Loan may be the answer. If you are a first time homebuyer, investor and/or buying up this mortgage program will offer some special solutions. It offers the lowest payments or payment options with 15, 30 or 40 year mortgage terms. The outstanding principal balance goes up, rather than down, because payments may not cover the full amount of interest due. The unpaid interest is added to the principal. The monthly payment is fixed for the initial fixed interest period, then adjust annually from the first payment date. There is a maximum annual payment cap increase or decrease, except every 5th year when the loan is recast or when the principal balance exceeds 125% (or lesser % depending on state requirements).
You can choose your own flexible payment options such as: minimum amount due (may result in deferred interest), minimum payment plus any deferred interest (interest only), full principal and interest to amortize the loan fully within the original loan term, or fully amortize the loan over an initial 15 year term.
