Loan Programs

• Construction Loans
  Whether you are building a completely custom home or purchasing in a new subdivision or development, a construction loan is often necessary because of the extended time frame and special needs of the building process. Loans are used exclusively to finance construction projects (new buildings, conversions and renovations).
• Purchase Loans
  Found your dream home? Just need the right loan?

  Great Lakes Broker Services gives you a wide range of home loan options on primary residences, second/vacation homes and investment properties. we offer a wide range of programs from, FHA and low-interest loans, for first time homebuyers, and move up loans to 2.5 mill. These programs are designed to help overcome the biggest barriers to homeownership: the need to save a lot of cash for down payment and closing costs and the difficulty in qualifying for bank loans. Our laons feature low down payments, low closing cost,low interest rates and flexible qualifying standards.

• Option ARM Loan
  each month you will receive 4 easy to read payment options, including an interest only payment, pay the minimum amount to free up funds for other uses, or make larger payments for faster equity build -up,loans up to 2.5 milionl. At last a mortgage that puts you in control of your monthly payments. More Detail
• Debt Consolidation
  Consolidate your high-interest debt. Consolidate high-interest debt such as credit cards. Your overall monthly payments will be reduced and may even be tax deductible.
• Fixed Rate Mortgages
  The most common type of mortgage program where your monthly payments for interest and principal never change.
• Adjustable Rate Mortgages (ARM)
  These loans begin with an interest rate that is lower than a comparable fixed rate mortgage, but the rate changes at specified intervals.
• Standard ARMS and the Differences
  Choosing an ARM with an index that reacts quickly lets you take full advantage of falling interest rates.
• Introductory Rate ARM's
  Most ARM's have a low introductory rate, which is good anywhere from 1 month to as long as 10 years.
• Reverse Mortgages
  A Special type of loan made to older homeowners to enable them to convert the equity in their home to cash to finance other needs.
• Balloon Mortgages
  Short term mortgages that have some features of a fixed rate mortgage.
• Interest Rate Buydowns
  The buyer would pay points above current market points in order to pay a below market interest rate during the first two years of the loan. At the end of the two years they would then pay the old market rate for the remaining term.
• Cost of Funds Index (COFI)
  The monthly weighted average cost of deposits and borrowings for savings institutions in the Federal Home Loans Bank's 11th District, as made available by the Federal Home Loan Bank of San Francisco.
• Graduated Payment Mortgage (GPM)
  With a GPM the payments are usually fixed for one year at a time.

*Fees Include: Processing, Underwriting, Document Preparation, Administrative, Credit Report, Courier/Mailings, Wire Transfer, Homeowners Certification, Flood Certification, Application, Recording, Notary, Tax Service, Reconveyance, Delivery and Settlement/Closing. Fees Not Included: Title Insurance, Mortgage Insurance, Home Insurance, Appraisal.

**Excellent Credit program requirements are tougher. Examples of disqualifying factors may include:

• Late payments
• Balances on accounts too high (e.g., credit cards are all at the limit)
• Credit history too short (<2yrs)
• Too many accounts with balances
• If you apply, we will order your credit report (and any co-applicants) to confirm excellent credit history and timely account payment, particularly for the past 12 months.

***Restrictions apply. Program guidelines are subject to change. Some products not available in all states.