Cost of Savings Index, Cosi Mortgage, Cosi Refinance = Highlights

* The COSI loan is a NO DOC. With a 20% down payment you will not have to document your income or employment. If a 25% down payment is made the lender requires no documentation of income; employment or assets needed to buy the new house. The COSI loan is perfect for the small or large business owner who does not desire to provide the mountain of paperwork needed to complete a standard mortgage.

* The most stable adjustable rate index in America. See Graph.

* Less points than most conventional low rate mortgages.

* Most COSI loans have starting interest rates below 6.25% and most will take up to 3 years to increase to a stable fully indexed rate.

* The COSI mortgage offers the best bi-weekly payment feature in the business. This bi-weekly feature will automatically pay off a 30-year loan in just 23 years, saving tens of thousands of dollars, as an end result. One half of the payment will be directly withdrawn from a pre-determined bank account every 14 days.

* There is no price increase for Jumbo mortgages to $600,000! Only slight program modifications for loans up to $900,000

* The COSI loan does not require escrow accounts for taxes and insurance. This will result in a lower overall cash requirement at closing. Many tax municipalities also will provide you discounts for prompt payment on property taxes. Lenders will not usually pay your taxes by any offered discount date.

* The COSI mortgage offers the most liberal conversion feature in the marketplace. A homeowner may convert most COSI adjustable rate mortgages between the second to seventh year for only $250. There will be no refinance fees re-qualification or appraisal needed, you have 6 years to wait for fixed rates to drop and make a simple phone call to convert. The fixed rate is determined by taking the FNMA 60 day 0 point full doc price and adding .55% for conforming mortgages and 1.00% for jumbo mortgages.

* The COSI ARM has a low annual payment cap of 7.5%, lower than any T-Bill ARM. This is about the same as a .875% annual interest rate cap.

* 90% limited doc loans are offered by combining 2 mortgages (70/20/10).

* The COSI Loan offers maximum flexibility. Like a visa card the COSI mortgage offers multiple payment options. You can pay the low start up payment, an interest only payment, a fully indexed payment or a 15-year term payment. A standard fixed rate mortgage is more like an American Express Card no flexibility make your payment in full every month to keep your card.

* The COSI mortgage offers a Recast Feature. For $100 the lender will restart your mortgage after a significant pre-payment. Perfect for someone who is buying a new home without having sold his or her old home.

* The COSI mortgage is also assumable. When selling a house every advantage helps. A buyer can take over your COSI mortgage were you left off.

FOR GENERAL COSI DESCRIPTION AND INFO Cost of Savings Index

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