Waterstone Mortgage Adds Wealth Building Loan to Its Offerings

Waterstone Mortgage Corporation has announced the introduction of its new Wealth Building Loan, based on the Mortgage Guaranty Insurance Corporation (MGIC) program. Waterstone Mortgage is making the Wealth Building Loan available nationally, with branch locations in more than 18 states.
Developed by Stephen Oliner and Edward Pinto, co-directors of the American Enterprise Institute (AEI) International Center on Housing Risk, the Wealth Building Loan is a program unlike many others.
“Steve and I developed the Wealth Building Home Loan to provide homebuyers a way to build equity faster and achieve sustainable homeownership,” said Pinto. “Waterstone Mortgage’s national rollout of its new Wealth Building Loan is a strong validation of market interest.”
Designed as an equity-creating mortgage option, the Wealth Building Loan requires no downpayment and offers eligible borrowers a 7-1 adjustable-rate mortgage (ARM) with a 20-year amortization. The Wealth Building Loan also eliminates monthly mortgage insurance (MI) payments nearly four years sooner than a 30-year conventional loan with a three percent downpayment.
“The Wealth Building Loan is an important addition to Waterstone Mortgage’s wide array of loan products,” said Waterstone Mortgage President and CEO Eric Egenhoefer. “It fulfills an essential role in our product lineup because it caters specifically to savvy homebuyers who are interested in building equity quickly. The addition of the Wealth Building Loan will also help Waterstone Mortgage achieve our overall goal of serving as many potential homebuyers as possible.”