With the 40-year IO mortgage, borrowers make interest-only payments for the first 10 years, which NewRez says increases their purchasing power and allows for more affordable monthly payments.
Newrez, a Non-QM lender based in Fort Washington, Pa., is the newest entrant into the 40-year mortgage market. Similar to others that are available, the one from Newrez includes a fixed-rate and interest-only payments for the first 10 years before the loan turns into 30-year, fixed-rate mortgage with monthly interest and principal payments.
Newrez Debuts 40-Year Non-QM Mortgage Option mortgageorb.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mortgageorb.com Daily Mail and Mail on Sunday newspapers.