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LahianaMN | 50 year mortgage loans? |
are there any positives to getting a 50yr loan? are they legite? any info will be helpful thanks |
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aquaman
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I am currently still in the business, and there are 20 year loans still around (as well as 10,15, & 40 yr fixed by some).
Yes, some lenders are offering 50 year loans and there is an adjustment to the rate which varies. Most 50 year loans are actually amortized over 50 years and due in 30 (like a balloon payment) and they are legitimate.
Obviously most lenders don't truly expect you to stay in that loan over 30 years but it was designed to offer some alternative to the interest only loans that offered lower payments without the same level of risk.
The average amount of time people keep their mortgage before refinancing or selling and paying the existing financing off runs between 3 to 6 years nationwide.
50 year loans are neither good nor evil, you just need to choose the loan that best meets your needs. I personally would examine the payment you can afford to guide the choice in how much house and which loan to choose from. Do the math between the 30 year fixed and the 50 year. If you need the difference between the 2 options perhaps you might be trying to buy more house than you can truly afford. |
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glamour girl
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There are 50 year loans, due to the large time frame your monthly payment is lower but interest will be a bit higher than a 30 year mortgage. The positive is that if funds are a bit tight now you could do the 50 year to get the lower payments and then refinance at a later time. I used to be in the business but am no longer. My daughter is a loan officer for Premier Mortgage. The application process is free. If you would like to contact her the number is 240-843-4416. Her name is Amanda - tell her Gina referred you. |
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sdmike
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Anyone who would tell you that a particular loan is right or wrong for you without getting the details of your situation first doesn't know what they are talking about.
Mortgage man got it exactly right. Loans are tools - every loan has a purpose, but there isn't a loan that will fit every purpose.
The 50 year loan is an alternative to an interest only loan and allows for a lower monthly payment while still contributing to principal reduction. There are several varieties, so make sure you are familiar with the specific loan you are being quoted - and comfortable with the way it works. |
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open4one
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A 100,000 loan at 6% for 30 years has a payment of $599.55, but if you push it out to 50 years, it drops to $526.40.
Each month you make a payment, you pay the interest on the balance for that month, and anything over that reduces the principal. With both of them, you pay the same interest in the first month, but after that, the shorter term monthly interest goes down faster than the longer term.
Now, let's suppose you sold the house after a year of payments under each. Because under the 30 year term you'd have paid more principal, your net proceeds from the sale would be about $900 higher than under the 50 year term. That means for paying $877 more in payments for a year, you get $900 more in proceeds, because you pay off a smaller loan at Closing.
Which one is better really depends on your situation, and the answer lies in what you plan to do with the difference in payments. Will you put that money to a better use than paying down your mortgage, such as eliminating costlier debt? If you can do that, go for it. If not, maybe it isn't a bad thing to have the requirement of building equity in the house.
I've seen people whose situation made it right for them to take "interest only" loans. Given their payments, they never pay any principal, and before the full amount comes due, they plan to die or sell anyway, so they want to enjoy their cash.
It's legit. It's not a bad idea in and of itself. It may or may not be right for you. You have to think about your long term plan for the house, and your overall financial situation. It can help you to afford more house than you otherwise could, and that might be okay if you have a legitimate reason to expect your income to go up in the future. |
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Jennifer L
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Probably not a good idea. You'll be paying so much interest. You'll probably end up paying 3 times of what the original loan amount was. |
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dana b
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I work at a mortgage company, and a lot of our clients love the idea of a fifty year mortgage, and it looks to be a big seller. |
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LGT
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No, I used to be a mortgage broker, and I've never even heard of a 50 year loan. I know 20 year loans were phased out a few years ago. If it was a 50 year loan, I'd imagine the interest rate would be ridiculously high. |
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choice_finance
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They're out there, and yes they are legit. If you look at these, you should also look at a 30 year fixed rate with an interest only option. |
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Enchanted
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They are new; they are legit; and they are a horrid idea. The interest you'd be paying would certainly not be worth it. |
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magic13sf2003
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They do exist but very few companies currently offer this product. There aren't to many positives. I would not recommend this for the general public. This should be used only for those who are completely aware of what they are getting themselves into. For example, I would use use this as a potential tool for a tax write off. I would not use this to purchase my home. If you buy when you are 30 years old do you really want to be working until age 80 to pay it off? |
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