Fidelity Allows Customers To Use Assets for Mortgages
April 12, 1999
Fidelity Investments of Boston is allowing customers of Fidelity Brokerage Services to use their assets as security for mortgage loans. Customers can receive up to 100 percent mortgage financing with no cash down. Called the Fidelity Pledged Asset Program, it is being offered in conjunction with GMAC Mortgage Corporation.
The arrangement means that customers' money can continue to grow in Fidelity portfolios, without incurring capital gains while being used as security for a mortgage.