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Fo'o Ham | What are the differences between a 30, 40 and 50 year mortgages? |
I want to refinance my home for a 40 or 45 year mortgage. What are the avantages and disavantages of this type of mortgages?
Thanks |
 |
 
redwine
|
Mortgages are simply a payment schedule that takes into account the interest rate on your outstanding loan. The longer the mortgage, the longer you are borrowing money, the more interest you will have to pay on the loan. You will also take longer to build the equity in your house (the amount of principal that you pay down every month). While a lower monthly payment is usually the case with a longer mortgage, it also has a higher interest rate, so you are actually paying more when it is all done and told. Take out a 30 year fixed if you can afford it. |
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mortgagesbycarrie
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The only difference is a lower payment than a 30 year mortgae, the longer the term the lower the payment, A 40 year mortgage will take you longer obviously to pay off, but most people refinance every 4-7 years so it may not be a bad idea. Payment wise a 40 year mortgage is pretty close to a 30 year interest only loan. I would suggest you talk to a mortgage professional and find out what you can qualify for and ask them to show you options and explain the differences to you. |
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glenn
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If I am the mortgage company I would love it!
When you sell the house 15 years from now you will still owe almost exactly what you borrowed today and you payments are not really much lower. |
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Rick B
 |
That is a terrible idea. Most of us want to pay our homes off as quickly as possible, not drag it out forever.
The disadvantage is that you will build very very little equity in your home, you will never truly own it, and you will pay a fortune in interest charges.
If you have to finance a house for that long, you are buying too much house. Start living within your means. |
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lepr0kan
 |
Although they give you lower monthly payments, any mortgage with a term longer than 30 years makes it very difficult for the owner to build equity in the property, which means if property values continue to go down you may end up owing more than your house is worth. You'll also pay significantly more interest in the long run. Typically these are not a good idea and if you can't afford the normal 30 yr monthly payment you should be owning that property because you're just digging yourself a hole. |
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bostonianinmo
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There's little or no advantage to going from a 30 year mortgage to something longer. There is only a very slight reduction in the monthly payment though the total interest charge will increase massively. |
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aida
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Basically, the longer the mortgage, the lower the payments but the greater the percentage of the payments is interest. Unless the present payments are breaking your back, I would advise against refinancing for such a long term. After all, it would be good to have your house paid for before you retire! (Of course, you can always refinance again later for a shorter term if your finances improve.) |
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daeve930
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There aren't many lenders offering terms longer than 30 years. |
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Net Advisor
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It means you'll never own the house. If you can, have a 15 yr mortgage. If no, get a 30 yr fixed, refi as rates drop 1/2 point or more. Countrywide has currently no cost refi.
Make you payments "bi-monthly" instead of just monthly. Same payment will decrease your interest cost of the loan. |
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