PRODUCTS WE OFFER
Better Choice Financial offers conforming and non-conforming products, as well as 2nd mortgages and Home Equity Lines of Credit. Each of our many products can help satisfy a different need. To learn about different mortgage products call one of our experts at (877) 342-4632.
A fixed rate mortgage is just what it sounds like; a mortgage whose rate never changes. Many people today are refinancing out of their adjustable rate mortgages and getting a fix rate. The benefit knows what your payment is going to be every month. And in this uncertain world that is worth a lot. When getting a fixed rate you can get a 10 year, 15, 20, 25, or 30 year terms. The shorter the loan term, the lower the interest rate is. For help choosing the best term for your situation call 877-342-4632 now to speak with a Better Choice consultant or click here to schedule a free consultation.Return to Top
An adjustable rate mortgage, or ARM is one whose rate is fixed for a certain period. After that fixed rate period expires the rate is based on the current rate of a given index (usually LIBOR ). The rate is the index plus a predetermined margin. Although many people blame today’s economic troubles on the proliferation of ARM’s. But if used correctly an ARM can be a great program for many people. Adjustable rate mortgages offer lower rates than fixed rate mortgages. So if you do not plan on keeping the mortgage for 30 years, it may make sense to get an ARM and enjoy the benefits of a lower payment. For help deciding if an ARM is a Better Choice for you call 877-342-4632 to speak to a mortgage professional now, or click here to schedule a free consultation.
What is LIBOR?LIBOR is the interest rate that banks charge each other for one-month, three-month, six-month and one-year loans. LIBOR is an acronym for London InterBank Offered Rate. This rate is that which is charged by London banks, and is then published and used as the benchmark for banks rates all over the world.
LIBOR is compiled by the British Bankers Association (BBA), and is published 11 am each day in conjunction with Reuters. It is comprised from a panel of banks representing countries in each currency.
LIBOR is also used to guides banks in setting rates for adjustable-rate loan, including interest-only mortgages and credit card debt. Lenders typically add a point or two, which is their margin.
A mortgage on real estate which has already been pledged as collateral for an earlier mortgage. The second mortgage carries rights which are subordinate to those of the first. 2nd mortgages carry fixed rates and have terms of usually either 10, 15 or 20 years. They have historically been used by people who have high interest credit cards and would like to save money by using the equity in their home to pay them off. Second mortgages are also popular for those who would like to use their equity to improve the value of their home. To hear about our 2nd mortgage options call 877-342-4632 now to speak to our mortgage experts or click here to schedule a free, no obligation consultation.Return to Top
A home equity line of credit, or HELOC, is an adjustable rate second mortgage. Much like a credit card you are given a maximum limit that you can utilize and you only pay for what you take out. The benefit of a HELOC as compared to a credit card is that it usually offers a much lower interest rate, and it is a true interest only payment. Credit cards require interest plus 2-5% of the principal be paid. Much like fixed rate 2nd mortgages HELOC are very popular with people who want to either save money by paying high interest credit card debt, or want to use their equity to increase the value of their home. To learn more about this choice click here to schedule a no obligation consultation, or call one of our mortgage experts now at 877-342-4632.Return to Top
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