MOUNTLAKE TERRACE, Wash. – June 1, 2006 – Today MILA announced the introduction of its latest product geared for both Non-Prime (Latitude) and Alt-A (APEX) borrowers – the 40/30 ARM. This new loan product offers borrowers lower payments than a traditional 30/30 term and even the 40/30 year fixed rate loan. The 40/30 ARM includes:
- For eligible Latitude (or Non-Prime) products, the terms of 2/6, 3/6, and 5/6 using the 6 Month LIBOR Index.
- For eligible APEX (or Alt-A) products, the terms 3/1, 5/1, 7/1 and 10/1 using the new One-Year LIBOR Index.
The 40/30 ARM offers a lower initial interest rate than a fixed-rate loan so borrowers may be able to qualify for a larger loan amount. The new option also allows more borrowers the option to purchase homes that might otherwise lie outside of their reach with a traditional 30-year while still enabling them to pay down on the principal.
“The introduction of our 40/30 ARM allows us to provide yet another way for more Americans to realize the dream of home ownership,” explained Layne Sapp, MILA’s founder and CEO. “It’s the pursuit of that dream that is at the core of MILA’s mission.”
The 40/30 contains a balloon feature in which the loan is amortized over 40 years with a final balloon payment due 30 years from the first payment due date. This offers homeowners a lower monthly payment without the major increases associated with other loan products like Interest Only or Payment Option ARM’s. The 40/30 product provides the lowest possible payment extended over a 30 year term allowing borrowers the opportunity to build equity.
MILA, the nation’s leading e-commerce lender, has made a name for itself as one of the industry’s top tech-savvy lenders with its online proprietary loan management and decisioning system, AccessPoint. The company continues to innovate new products through this system that allows brokers and their borrowers to close loans on-average in three days.
About MILA, Inc.
MILA, Inc. is one of the fastest-growing e-commerce mortgage solution providers in the nation currently serving the wholesale residential market in 27 states with a broad range of mortgage lending products. Financial strength, management stability, and proprietary, cutting-edge technology give MILA the ability to meet the challenges of the ever-changing mortgage lending market and to anticipate market trends. For more information visit www.mila.com. |
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