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Daily Real Estate News  |  May 23, 2005  |   Canadians Taste Interest-Only Mortgages Mortgage Intelligence, a unit of U.S.-based General Motors Acceptance Corp., is offering Canadian home buyers the nation's first fixed-rate, interest-only mortgage for up to 80 percent of a house's value. Mortgage Intelligence President Bob Conway says the product will get borrowers into bigger homes, as they can take on a mortgage that is 17 percent larger than one that also calls for the payment of principal. Principal-free mortgages continue to grow in popularity in the United States, currently making up between 5 percent and 10 percent of all mortgages there, as well as in Britain. In Canada--where the option is virtually unknown--the product will look to attract a niche group of buyers who would otherwise be unable to afford a standard mortgage.

Source: Vancouver Province (05/23/05); Moxley, Mitch

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