ANN ARBOR, Mich., Oct. 14 /PRNewswire/ -- ABN AMRO Mortgage Group, Inc.,
one of the nation's leading mortgage lenders, recently successfully completed
the roll-out of two new retail lending products through mortgage.com. The
new, consumer-friendly products are interest-only and LIBOR (London Inter-Bank
Offer Rate) adjustable rate mortgage (ARM) loans.
"These new loan products available through mortgage.com assist consumers
by lowering their monthly payments, freeing their money for other uses," said
Mike Maher, group senior vice president, ABN AMRO Mortgage Group. "In this
current economy, many families are finding that they do not have extra money
to either save or invest and many more families are having trouble making ends
meet each month. The extra 'cash-in-hand' provided by mortgage.com's
interest-only and LIBOR ARM mortgage loans enable home owners to pay off other
debt, invest or save."
Consumers benefit from mortgage.com's new adjustable-rate interest-only
mortgage by either affording a larger house with a lower monthly payment or
substantially reducing monthly payments on their current home. With
mortgage.com's new interest-only loan product, the interest rate remains fixed
and home owners pay only on the mortgage loan's interest for the first 3, 5, 7
or 10-years of a 30-year term.
The new LIBOR ARM available at mortgage.com offers consumers lower initial
interest rates and monthly payments than a conventional fixed-rate loan
product. Periodic and lifetime rate caps determine the maximum allowable
increases in the interest rate, providing consumers with stability.
mortgage.com offers 1, 3, 5, 7 and 10-year LIBOR ARM programs.
Consumers who obtain either of mortgage.com's new products benefit from
ABN AMRO Mortgage Group's industry leading OneFee(SM) mortgage.
mortgage.com's interest-only and LIBOR loans both offer consumers the
simplicity and certainty of OneFee. A departure from the traditional mortgage
loan process, OneFee guarantees the loan's lender-related closing costs at the
time its interest rate is locked.
About ABN AMRO Mortgage Group, Inc.
ABN AMRO Mortgage Group is one of the largest loan originators and loan
servicers in the United States. ABN AMRO Mortgage Group produces mortgage
loans and provides related services through its various divisions. ABN AMRO
Mortgage Group has approximately 3,000 employees located throughout the United
States.
About ABN AMRO
ABN AMRO is a prominent international bank, its origins going back to
1824. ABN AMRO ranks 11th in Europe and 20th in the world based on tier 1
capital, with over 3,000 branches in more than 60 countries, a staff of about
107,000 full-time equivalents and total assets of EUR 632.8 billion (as of
June 30, 2004). ABN AMRO is listed on the Euronext, London and New York stock
exchanges.
SOURCE ABN AMRO Mortgage Group, Inc.
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Related links:
http://www.abnamro.com
CONTACT:
Jenn Cornell of Eiler Communications,
+1-734-761-3399, or Jenn@EilerPR.com , for ABN AMRO Mortgage
Group, Inc.
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