Merit Funding, Inc of California is providing residential mortgage borrowers with a new flexible payment interest only mortgage program. Each month, a borrower has the option to make an interest only payment or a fully amortized payment on their California mortgage loan. The flexible payment program has several options available from short term adjustable rate to 30 year fixed rate notes. The program allows borrowers to have better control over their monthly payments so they can choose to pay their mortgage down quicker or improve monthly cash flow. Bad credit mortgage borrowers are eligible for this program as well.
(PRWEB) September 21, 2006 -- Borrowers do not need perfect credit to qualify for this type of loan. Lower credit scoring individuals may still qualify. Typically, factors determining eligibility for a California mortgage include such things as credit, assets, income, and equity. "Our Flexible payment program allows borrowers flexibility in qualifying requirements too. In fact, qualifying for the program can be done for those without current employment or income through our No Doc option." This makes qualifying a hassle free process. The Interest Only mortgage has become very popular during the latest housing boom as borrowers realize that flexible payments are a desirable way to control monthly cash flow.
Additional benefits of this program include no seasoning requirements for new home purchases. New construction homes that may have a Califorina mortgage and equity at the close of escrow are eligible to use their equity for debt consolidation or reducing their payment through a rate and term interest reduction.
Merit Funding is continuing to build and offer new programs that cater to a wide variety of borrowers. In addition to solutions for bad credit mortgages, Merit offers loans for self employed and excellent interest rates for A credit borrowers. Bad credit mortgage clients will benefit by working with Merit because our loan officers work hard to help borrowers improve credit scores and credit ratings. With access to rapid rescoring techniques, bad credit mortgage borrowers may potentially increase their score and improve their interest rate.
"Merit strives to offer value to borrowers buy forming alliances with high quality lending conduits, Wall Street firms and investment companies." By working close to the source of funds, borrowers are able to secure the best interest rate and terms available for a given loan scenario.
Merit Funding is located in Walnut Creek, California and offers financing solutions to borrowers for residential and commercial financing requirements. Merit Funding's talented staff of mortgage professionals have several years of experience and strive to provide the highest level of service and value available. Merit has a convenient online application to simplify the mortgage process.
Contact Merit Funding at 800-608-1288 to learn more or visit www.myloanexpert.com.
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