Carrington Mortgage Services has introduced a new interest-only product that will be offered through all loan origination channels, including wholesale, retail and correspondent.
“Carrington’s Interest-Only Product Enhancement is the latest entry to our product offerings for borrowers, brokers and correspondent sellers,” says Ray Brousseau, president of Carrington Mortgage, in a release. “Interest-only adds yet another level of flexibility to our industry-leading products.”
A standard loan payment on a traditional mortgage includes interest and principal. The new interest-only product provides a flexible payment option that allows borrowers to pay just the interest with their monthly payment.
Thus it gives borrowers additional cash flow that can be used for other priorities.
The interest-only option can be a good fit for those who want the financial flexibility to allocate more money toward investments, retirement accounts, a child’s college fund and much more.
A 10-year interest-only term is offered on all non-agency Carrington Advantage adjustable rate programs for qualified borrowers seeking to maximize their cash flow when purchasing or refinancing a home or investment property.
“At Carrington we have continuously met the market demands for changes in the non-agency lending space,” says Greg Austin, executive vice president of wholesale and correspondent lending for Carrington Mortgage. “As we work to provide a complete suite of non-agency programs, our interest-only option is another essential product for qualified borrowers.”