Finance Articles

Carmel Mortgage Offers New Loan Program for Homebuyers

CARMEL, CA (PRWEB) February 1, 2006 -- CARMEL MORTGAGE now offers a full 30 year fixed loan, with a 10 year interest only option. For the entire term of this loan, the rate never changes.

For example, if you have a $500,000 loan with an interest rate of 6.5%. Your interest only payment would be $2708, or the principal and interest payment would be $3160. You can pay either one it’s your choice every month for 10 whole years.

This loan never goes to negative amortization. You can pay down extra principal at any time, and if you do, your payment will go down the following month. This is called “recasting your payment.”

A footnote, if you pay interest only for the first 10 years, then the loan converts to a 20 year amortized loan after the interest only option expires.

Carmel Mortgage is in its 25th year of business and has funded billions in loans.

We have hundreds of banks and lenders, and thousands of programs for you to choose from. We choose the right loan for your home financing needs and goals.

Call me directly or email me for the details on this and other great loans for you to choose from.

Cheryl Whitworth-McVicar
President/ Senior loan officer
Carmel Mortgage
www.Carmel-Mortgage.com
200 Clock Tower Place E-150 Carmel 625-3939
364 South Main Street Salinas 754-3939

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