Equity One Unveils 40-Year Products

Equity One Inc., Marlton, N.J., has announced the introduction of 40-year fixed- and adjustable-rate mortgage products and a 40/30 ARM, citing market needs for longer amortization terms and lower monthly payments.The 40-year ARM begins with a lower monthly payment for two or five years, after which payments adjust every six months. The 40/30 ARM has similar features, with a balloon payment due at year 30. Bill Williams, president and chief executive officer of Equity One's parent company, Popular Financial Holdings Inc., said the new products will help first-time homebuyers buy the house they want in the face of rising home prices. "These products also provide a good alternative for those customers who may otherwise consider an interest-only product as a way to keep their monthly payments low, because in addition to low monthly payments, our 40-year products allow customers to build equity in their homes," he said. The parent company can be found online at http://www.popularinc.com.