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National industry appointments update - 9/29/2006
Genworth's IO 40 features smaller payment increaseMortgagePress.comGenworth IO 40
Genworth Mortgage Insurance has launched a 40-year interest-only
loan, titled IO 40, which features interest-only payments for the
first 10 years and amortization over the next 30.
Amortization over 30 years, rather than the industry-standard
20, provides for a significantly smaller price increase during the
transition from monthly interest-only payments to monthly payments
of both principal and interest. Loans up to 100 percent loan to
value are eligible.
Raleigh, N.C.-based Genworth Mortgage Insurance is a division of
Genworth Financial Inc., an insurance holding company. For more
information, call (888) 436-9678 or visit www.genworth.com.
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