Carrington Mortgage Services LLC has expanded its non-agency product line with the introduction of its Interest-Only Product Enhancement.
According to the Anaheim, Calif.-based company, the product offers a flexible payment option that allows borrowers to pay just the interest with their monthly payment. Carrington stated the product “can be a good fit for those who want the financial flexibility to allocate more money toward investments, retirement accounts, a child’s college fund and much more.” A 10-year interest-only term is now being offered on all non-agency Carrington Advantage adjustable rate programs for qualified borrowers.
“Carrington’s Interest-Only Product Enhancement is the latest entry to our product offerings for borrowers, brokers and correspondent sellers,” said Ray Brousseau, president of Carrington. “Interest-Only adds yet another level of flexibility to our industry-leading products.”