Master Financial Launches IO Product

Master Financial Inc., a mortgage banking corporation based in Orange, Calif., has announced that it will add interest-only payment options to its Score Select product.Under this program, borrowers will pay off all the interest that would accumulate on the loan before touching the principal. These initial lower payments make it easier for borrowers to qualify for home loans and borrow larger amounts. "By paying only the interest portion of their loan for three to five years, borrowers can enjoy lower monthly payments, making it easier to qualify for homes in their current price range or even allow them to move their sights up to higher valued properties," said Christopher Mullins, senior vice president of Master Financial. "This is a great opportunity for consumers to increase their borrowing power." Master Financial purchases and services alternative lending products such as alternative-A and subprime first trust deeds and no-equity second trust deeds with high loan-to-value ratios.