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Reported on Friday, July 30, 2010 12:19 AM

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This business has not been accredited by BBB.

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Based on BBB files, this business has a BBB Rating of NR

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This business has no rating because:
• BBB has information indicating it is out of business

This company appears to be out of business.

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This company is in an industry that may require licensing, bonding or registration in order to lawfully do business. The BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

The BBB has processed no customer complaints on this company in its three-year reporting period.

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MORTGAGE CHOICES
You've found the house of your dreams and now all you need is a loan. With dozens of competing lenders and mortgages to choose from, you may think that today's home loan market is very confusing. The challenge is to match the mortgage to your personal situations Though many mortgage choices are available, they all fall into two categories: fixed, in which the interest rate and sometimes the payments do not vary, and adjustable/variable, in which they do. There are also a number of "creative financing" alternatives that can be combined with either fixed or adjustable rate mortgages including shared appreciation, wraparounds, assumable loans, seller financing, "convertible" mortgages and/or buy-downs

For years the fixed rate mortgage (FRM) was the most popular choice among home buyers and sellers. The advantage is that neither the interest rate nor the monthly payment changes. FRMs are no longer limited to 30 years. Other variations include 10, 15 and 20 year maturity periods, which can save you a substantial amount of money, and bi-monthly and bi-weekly mortgages, which will shorten the term of your loan

An adjustable rate mortgage (ARM) is popular because of the lower initial interest rate, as compared to an often higher interest rate for fixed-rate financing. The lower interest rate makes it easier to qualify for a loan because less income is needed. In addition, the lower interest rate may allow you to borrow more money and purchase a larger or nicer home. ARM borrowers, generally, are not "locked-in" to high marketplace interest rates that may occur at the time they obtain their loans, since ARMs will decrease if rates decrease. Also, if you only expect to live in your house for three to five years, an ARM may be the best choice because the initial interest rates are lower. On the other hand, an ARM does not allow the borrower to anticipate precisely what mortgage costs will be over the life of the loan. At each adjustment period, your ARM interest rate and monthly payment may change. As a result, it may be difficult to plan your finances

The Better Business Bureau suggests you shop around. Check with financial institutions in your area to see which variations are offered and which fit within your spending plan, and check on the reliability of the mortgage lender before signing any contract.
9/6/2001

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ID: 8002230
Report as of: 7/30/2010 12:19 AM

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