NewRez debuts 40-year non-QM mortgage product
Housing Wire
SEPTEMBER 7, 2022
Top mortgage lender NewRez has added to its line of “Smart Series” non-QM products, launching a 40-year fixed-rate interest-only mortgage loan. 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. (It also slows the amount of equity borrowers have in the property.).
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