MOUNTLAKE TERRACE, Wash. – July 6, 2006 – Today MILA announced the introduction of its latest product geared for both Non-Prime (Latitude) and Alt-A (APEX) borrowers ? the 50/30. This new loan product offers borrowers lower payments than a traditional 30/30 term and 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 50/30 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.
"We are constantly looking for new ways to help borrowers achieve the American dream of home ownership," explained Layne Sapp, MILA's founder and CEO. "This is simply the latest manifestation of that mission."
The 50/30 contains a balloon feature in which the loan is amortized over 50 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 50/30 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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