Better Choice Loans - Low Rate Mortgage Loans

Upfront Mortgage Lender

Better Choice Loans has been certified as meeting the requirements of the Upfront Mortgage Lender (UML) program. UML's provide mortgage shoppers with the information they need to make an informed decision before applying for a mortgage, and also guarantee them fair treatment during the period after they apply through to closing.

Visit the Mortgage Professor web site for more information on the benefits of being a UML.

Requirement 1:

A UML Must Provide Quick Access to the Market Niches it Prices On-Line. The home loan market in the US is divided into millions of market niches and no one lender serves them all. Shoppers need a quick way to determine whether a particular lender prices the niche in which that shopper falls. If not, the shopper can go elsewhere without wasting time.

Each UML fills out the form shown at Market Niches Priced On-Line.

Requirement 2:

A UML includes its fixed-dollar fees, including credit and appraisal charges, in its price, and guarantees them to closing. This assures borrowers that price information is complete, and that new fees won’t be added, or existing ones increased, after they have committed themselves to working with the selected lender.

Search our rates and programs

Read about Better Choice Loans' guarantee of select third party fees

Requirement 3:

A UML Provides a Clear Explanation of its Lock Requirements: Mortgage shoppers need to know when they have the discretion to lock the terms of the loan. The explanation includes any required payments, processes that must be completed, how expired locks are handled, and whether the borrower is committed as well as the UML.

Read about the Better Choice Loans' rate lock policy

Requirement 4:

A UML discloses all the information about its ARMs needed by shoppers to make intelligent decisions. Shoppers need information on potential ARM performance what will happen to the interest rate and mortgage payment under assumptions about future interest rates that make sense to the shopper.

The required information is shown in Information Needed to Evaluate an ARM.

Requirement 5:

A UML informs borrowers if its loan officers are compensated in a way that gives them a financial incentive to overcharge the borrower. Loan officers often benefit financially if they can induce the borrower to pay more than the prices posted by the lender or broker. Where this is the case, the borrower ought to know about it.