Mansions at Canyon Creek

Loan Program	Features	Best For
Interest-Only Feature	Low monthly payments consisting only of interest for the first five or seven years Available with 5/1 and 7/1 adjustable-rate loans	Homebuyers looking to increase their short-term cash flow Homebuyers who intend to move or refinance within a few years
Alternative Documentation Options	Alternate documentation options for income, debt, and credit Less hassle for self-employed borrowers or foreign nationals Financing for unusual property types, such as condotels and log or earth homes	Self-employed homebuyers or foreign nationals who may have trouble with typical mortgage documentation requirements People interested in financing unusual property types
Bridge Loan	Financing to purchase a new home before the existing home is sold More buying power, because existing mortgage payments aren’t considered for qualification	Homebuyers who may not qualify for home financing with the high debt ratios created by two different mortgages
First and Second Mortgage Combination	Combines a first mortgage with a home equity loan Home equity loan can supplement down payment funds to bring the loan-to-value ratio down to 80%, bypassing mortgage insurance costs	Homebuyers without enough cash for a large down payment Homebuyers who don't want to liquidate higher-yielding investments for a down payment
Fixed-Rate Mortgage	Monthly principal and interest (P&I) payments that stay fixed for the entire life of the loan Protection from rising interest rates	Borrowers who prefer regular payments with no surprises Homebuyers with limited or fixed incomes People who plan to stay in their homes a long time People who are buying a home at a time when interest rates are comparatively low
40/30 Fixed-Rate Balloon Mortgage	Fixed rate for 30 years, followed by a single “balloon” payment of the entire remaining balance¹ Lower monthly payments than with a 30-year fixed-rate mortgage² More borrowing power due to lower monthly payments and a longer loan term	Borrowers who prefer regular payments with no surprises Homebuyers who plan to stay in their homes a long time First-time homebuyers and real-estate investors Those who want to buy in a relatively high-priced market Buyers concerned that their debt could keep them from qualifying
Builder Best®	Your loan pricing can be locked³ for up to 180 days, giving you protection against financial market fluctuations. A nominal fee applies for locks longer than six months. Choose from a variety of our loan products, including 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages. Within 60 days of closing, eligible borrowers have the option to switch to any eligible product at the current market interest rate.⁴	People who want to protect themselves against rising interest rates while their homes are under construction
Lender-Paid Mortgage Insurance	Bypasses mortgage insurance costs when loan-to-value ratio is more than 80% Money that would have gone to mortgage insurance goes instead to tax-deductible interest payments⁵	Homebuyers without enough cash for a 20% down payment Homeowners who plan to move or refinance within 10 years

¹ The interest rate on a 40-year loan may be higher than that of a 30-year loan, causing significantly more in interest payments.
² If only scheduled payments are made for the entire loan term, the balloon payment could be as much as 50% of your original purchase balance.
³ A non-refundable closing cost commitment deposit will be required for a lock ranging from 3 months to 12 months on qualified products. An extended lock/commitment fee may be required for a lock ranging from 4 months to 24 months on qualified products. Due to daily pricing variations between products, you are encouraged to work with your mortgage consultant to ensure the pricing available on the Builder Best lock feature that you choose is the most advantageously priced Builder Best lock feature for you.
⁴ Product switch option may only be exercised within 60 days of closing.
⁵ Consult your tax advisor regarding the deductibility of interest.