CMS Expands Affordability-Minded Offerings
Carrington Mortgage Services expanded its offerings to include 40-year loans and temporary buydowns as homebuyers prioritize affordability in today’s tough market.
The lender said it aims to offer greater affordability to homebuyers, especially first-timers, buyers who are in the process of improving their credit, and those with non-traditional incomes.
“At Carrington, it’s our company’s mission to enable a lifetime of simple and attainable homeownership,” said Greg Austin, EVP of Mortgage Lending for CMS. “For homebuyers looking for greater affordability, our 40-year loan and temporary buydowns are options that we are proud to offer.”
Broad offerings are especially important in the age of gig work and side hustles.
One study found that gig workers make up a full quarter of the economy, but struggle to make the same financial jumps traditional workers do.
A 40-year loan can help homeowners who need a lower monthly payment, allowing them a lower debt ratio that can lead to buying a larger home.
Temporary buydowns are also available for government and conforming conventional loans. This is an option for buyers who anticipate earning a higher income in the future, or who want to refinance their loan before their top rate kicks in.
“A temporary buydown benefits homebuyers during the first couple years of the loan, providing them with a reduced payment. For potential homeowners who need more financial flexibility, a temporary buydown can help get these buyers into a home,” Austin said.
CMS also offers FHA, VA, USDA, and conventional products. Its ProcessIQ product gives approved CMS Wholesale brokers the option to have CMS process the loan as part of its underwriting. Its Second Lien Program has become popular as a source of liquidity for homeowners with high equity.
Carrington Mortgage Services, part of Carrington Companies, is one of the country’s biggest privately held non-bank lenders. Together with Carrington’s other arms, the companies are vertically and horizontally integrated to provide a broad range of real estate services.
Read More Articles:
Mortgage-Free Living: Are Americans Paying Off Their Houses?
Prediction: House Prices To Hold Up Into 2024
Bill Introduced To Crack Down On Corporate Investors Who Profit From Buying Homes