MOUNTLAKE TERRACE , Wash. - October 17, 2006 - MILA, Inc. today announced the introduction of a 40/40 loan for both its Conforming and Alt-A families. The latest of MILA's recent product innovations, the 40/40 will be available as both a fixed and adjustable rate loan, giving borrowers the advantage of lower monthly payments and the ability to pay down their principal balance.
"MILA's product innovation consistently provides the most options for borrowers looking to achieve the dream of home ownership," explained Layne Sapp, MILA's founder and CEO. "The 40/40 gives borrowers more flexibility while making principal payments. It also removes the balloon payment that may make other loan types less attractive."
The 40/40 loan gives borrowers who may have past credit issues or who simply live in markets where the price for a single-family residence is well-above the national average, more choices. Like an Interest Only loan, the 40/40 enables borrowers to stretch their dollar with lower monthly payments but with less risk.
The 40/40 is available as a full-document or stated-document loan with both fixed and adjustable rate options. MILA has also made the 40 year term available on all of its Alt-A Pay Option ARMs. This will give borrowers all of the convenience of MILA's current 30/30 Pay Option ARM, with added financial flexibility to select from four monthly payment options, while extending the amortization over an additional ten years. This option significantly reduces each of the monthly payment options and maximizes the borrower's buying power.
"It's been an exciting year at MILA," added Sapp. "We have launched new products at breakneck speed, introducing Alt-A and Conforming loans this year. These new products, along with our cutting edge automated underwriting and loan management system, AccessPoint, gives our brokers an competitive edge in today's challenging market."
MILA's business strategies and technologies have recently been recognized by numerous business and trade watchdogs including Deloitte & Touche, Inc. 500, National Mortgage News and Mortgage Technology magazine. More information about the company's recent growth can be found at www.mila.com.
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 33 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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