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Mr. cool | Has anyone heard of a FOURTY year mortgage? |
If so, what is the name of the mortgage company or bank.
I live in california
Thanks |
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yodeladyhoo
|
Yes, they are pretty new in this country. Try http://www.lendingtree.com. Also, shop around the banks. I'm on the East Coast, so, I can't really give you any names of lenders in your area. |
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barraganf2001
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Lots of banks offer 40 year loan programs, you should try working with a broker in California that can find the best rate and lowest fees.
Try this website out: http://www.firstmeridiancapital.com/HowMuchYouCanAfford
This Home Loan Consultant has a masters in finance and currently studying Law.
Frank
909-489-4692 |
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RJ
 |
I've heard they're 50 yr mortgages also..
In Japan years ago they've created a 100 yr generation mortgage.... oh my |
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SCCRealEstateUNCENSORED.com
 |
Im in California and I tell you that these loan DO exist and they even have 40yr fixed with Interest only options.
Contrary to what others might have told you, these loans are not bad at all. In reality NO loan is a bad loan. The only bad thing is the loan officer that puts you in a loan that does not fit your lifestyle and your financial situation. For example, I tell all my new home owner to stay away from the Option Arm loans because these are very dangerous BUT I have one of these loans on a rental property I own. So why am I against these loans when in fact I have one???? The reason is because this loan fits me well on my investment property and it does not fit well at all with FTHB (First Time Home Buyers).
Now going back to the 40yr, this loan COULD be a loan that might fit your situation but at the same time it is a somewhat dangerous loan that may not be of any benefit to you. That is where a Loan Consultant would look at your whole profile and your future goals and help you decide what loan fits you better and not the loan officer that just puts you in a loan that "looks" good but pays him/her more for that loan.
With that said there are many lenders, big and small that are offering the 40yr options. Ask your mortgage consultant and they should be able to tell you but always do your homework on how they work so you are fully aware.
Good luck
Washington Mutula, Own it Mortgage, etc, etc, |
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Amy J
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Washington Mutual offers 40 year loans.
http://www.wamuhomeloans.com/calculators/c08term/index.ognc
Although I also found this that says that you may find a better alternative:
http://moneycentral.msn.com/content/Banking/Homefinancing/P99137.asp |
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unclejesse1
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Countrywide does a 40 year |
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♥ On
 |
Yes.. Call my Loan Officer.
Email me for more info.. they DO exist. |
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♥Spiky Sandy♥
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I've heard of a 50 year mortgage on the news recently. |
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matchew318
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Yes 40 year mortgages came out a few years ago and now they have 50 year programs.
I've read a few of the answers to this and want to remind people that the average person not only refinances their home on average every 5-7 years. But the average person only lives in a home for 10-13 years.
Who really pays off their mortgage? And yes you will pay, in interest, you homes value many times over. But that's the way most mortgages are. That small number most people try to reduce is applied EVERY YEAR. The whole reason for buying a home is because it should increase in value and return some of your interest you paid for it. |
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dcgirl
 |
They exist and others have already posted some good points of contact for these loans, but they're really not a good idea. Your payments are not all that much lower unless you are dealing with a very, very expensive home; you build hardly any equity until you are very far into the loan and you end up spending an insane amount of money to pay off the house. If you can't afford the home you want on a 30-year note, you may want to opt for a less expensive home rather than a longer loan life because those extra ten years will not reduce your payments enough to really change your quality of life (OK, so you can get a couple of extra channels on cable) but you'll pay very dearly for them! |
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LoanOfficer
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40 year and 50 year loans are available. Please keep in mind that these are really 30 year loans but the payments are amortized as if they were 40 or 50 years long and your last payment at the end of 30 years is considerend a balloon payment. For instance; on a loan amount of $172,000 at 7.00%your monthly payment would be $1068.86 for 359 months, on the 360 month your payment would be $93,128.06. With the 50 year version your monthly payment would be $1,034.90 with a final payment on the 360 month of $134,524.56. Now, depending on how long you plane to keep the house, in NJ the average is that every 5 to 7 years a homeowner either refinances or sells their home. If you plan to stay in the house less than 10 years, your best bet would be to obtain a 10 year fixed mortgage at the 50 year term. Please feel free to contact me for more information at whoffman@morganfundingcorp.com |
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mockingbird
 |
Most lenders have offered a 40 year option on at least a limited range of products for several years now (at an increased interest rate.) In some areas, California in particular, there are now 50 year options. These longer terms offer surprisingly little decrease in your payments, especially since the rates are higher.
To keep payments down, an interest only loan is a viable option, as long as you're in an area where house prices are increasing. In the right market, you'll have much more equity after five years from appreciation than you would from paying down principal with regular monthly payments. |
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TONY B
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yes...probably o.k. if you expect to sell the house in 4-5 years and the value goes up 30-40% not a good idea if you plan on living there for the in tire loan, you'll pay way more in interest! |
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andy
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Yes I have, I do not know of any mortgage company or bank in California, but if I was you, I would ask my Realtor about this. This information is what you are paying her for. |
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Kevlar
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Forty years!! No, I don't think so. Why would anybody want a 40 year mortgage???!!! Do you have any idea how much you'd pay for a house if you took 40 years to do it?? Probably more than double the price you paid for it when you bought it. Sorry, I just can't see the practicality of somebody wanting to take 40 years to pay for a house. |
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JulepQueen
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Yep. They even have fifty year mortgages now. |
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