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Article: New Crestar Mortgage Enables Borrowers to Make Interest Only Monthly Payments.
- Article from:
- PR Newswire
- Article date:
- March 17, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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RICHMOND, Va., March 17 /PRNewswire/ -- Crestar Mortgage Corporation has introduced an adjustable-rate 30-year mortgage that permits borrowers to repay interest only for the first 10 years of the loan, resulting in monthly payments that are much lower than those on traditional fixed or adjustable rate loans. Along with lower payments, the new loan permits borrowers to retain full advantage of the tax deductibility of residential mortgage loan interest. Repayment of principal begins during the 11th year of the loan and continues over the remaining 20 years.
Interest rates on the new Crestar Interest Only Mortgage are adjustable annually. Though monthly payments ...