Articles & News About Mortgage Loans

Destiny Lending Brings European-Style Mortgage Product to Coloradoans

Loveland, Colo. (PRWEB) October 3, 2007 -- Destiny Lending has announced the launch of its latest mortgage product, Total Access Mortgage. TAM is a financial tool based on a European style of home loan, and is particularly well-suited to homebuyers with good financial liquidity.

Shawn Beard at Destiny Lending said, "This is still new to the U.S. We are one of only 20 companies in Colorado who are certified to sell this unique product, and we're confident that it will be very beneficial to a select group of clients."

With Total Access Mortgage, homebuyers establish an account that acts as a combination mortgage and HELOC (home equity line of credit) account. Income deposited into the account counts toward the mortgage balance, helping to keep payments manageable, saving the homeowner a significant amount of interest payments and reducing the time it takes to pay off the loan.

When the account is accessed for purchases, using a specially designated checkbook or debit card, the amount is simply added back on to the mortgage balance. Beard noted, "While the first ten years of the loan are figured with interest-only payments, buyers can always pay more toward the principal, and that added equity will help keep their payments lower for the last 20 years of the loan. The result, for those who use the account as intended, is that the total amount of interest ultimately paid over the life of the loan can be dramatically reduced."

"This is especially effective for two types of people," notes Beard. "For someone who is self-employed or a commission-based salesperson, it can be a great wealth-management tool. It also can help people who have a sum of money sitting in a checking or savings account, not earning much interest," he continued. "By putting that money into an account like this instead, those funds will be working harder for them, by directly affecting their mortgage costs in the long run. That's because the interest amount is figured based on the average daily balance on the mortgage. With extra funds in the account, the mortgage balance stays lower on average."

Total Access Mortgage tool is now available at Destiny Lending, and was recently endorsed by well-known, Denver-based consumer advocate Tom Martino. For more information, call (970) 667-3499.

About Destiny Lending

Destiny Lending is a locally owned, full-service residential and commercial lending firm. The company has relationships with 75 well-known commercial and residential lenders, and has a strong track record, enabling the company to receive expedited underwriting turn times and big broker pricing. The firm has also earned the privilege of underwriting loans in house, and is one of a select few American lending firms certified to provide the unique Total Access Mortgage product. Destiny specializes in creative financing to assist clients in unusual financial situations, such as those who are self-employed. Options the company can offer include option ARMs, interest-only loans, 100 percent loans on investment property and one-time close construction loans. For more information, visit www.destinylending.com, or call (970) 667-3499.

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