The interest only loan
is for a 2-year term and was closed within two weeks of application.
NovaStar continues to improve the diversity of its product offerings by introducing an Interest Only Loan option to its wholesale customers.
Our Interest Only Loan option will give brokers another tool to succeed," said Lance Anderson, president of NovaStar Mortgage, Inc.
Washington Mutual Home Loans and Insurance Services Group announced today it will offer a new portfolio product, the 5/1 CMT Interest Only loan.
Our new 5/1 Interest Only loan demonstrates WaMu's ability to leverage our portfolio lending power to meet the needs of our customers in an incredibly short period of time," said Eric Spence, executive vice president of Production for Washington Mutual's Home Loans & Insurance Services Group.
Global Banking News-April 9, 2013--Danish central bank's rethink on interest only loans welcomed by mortgage bankers(C)2013 ENPublishing - http://www.
Denmark's central bank governor, Lars Rohdesaid's support for interest only loans has been welcomed by mortgage bankers after a proposal to phase them out was introduced recently.
Those chickens will begin coming home to roost later this year as payments on adjustable and interest only loans rise.
She added that, while interest only loans have their place, many buyers used such loans to qualify for more house than they could otherwise afford.
The proliferation of what Fed chairman Alan Greenspan dubbed exotic mortgage products such as adjustable rate loans, piggyback loans, interest only loans
, and home equity loans, whose monthly payments can as much as double if interest rates rise to not unfathomable levels, as well as mixed economic signals such as choppy job growth, and the way real estate appreciation has exceeded salary increases have provided fuel for many an apocalyptic scenario.
Typically, the interest only loans
convert to fully amortize adjustable rate loans in five years.
For instance, we're seeing greater demand for interest only loans
and a wider range of adjustable rate products.