Justin
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The longest term available is a 50-year mortgage. However, these are typically balloon loans, with the remaining balance being due in 30-years.
These are great loans for folks who want the lowest payment possible, however you will pay the more interest than a typical 30-year loan.
There are 40 year loans as well, also with a 30-year balloon. |
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Nobody's home
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Do you REALLY want to be chained to a house for 50 years? |
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Hoorah
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yes.
you can do 30 40 or 50 |
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mortgage help
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yes |
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rinfrance
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Yes probably but think about this. If you were to take out a 25 year mortgage the last 5 years ar more or less just a con as the difference in amount between 20 and 25 year repayments may only vary in a couple of pounds maximum.
We were given that tip by a Halifax manager some 30 years ago and even the other year the difference in the 2 to my daughters mortgage of £40,000 was less than £2 per week.. That meant a whopping extra over £10,000 to be payed back... |
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OriginalBubble
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It depends on your age, and the plans/income you have got for your retirement. Go to an independant mortgage adviser.
You can get 50 year mortgages btw, look here
http://www.learnmoney.co.uk/mortgages/mort-19.html
or do a google search |
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KL
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50 years is the longest term available as of right now. But hey, a couple of years ago 40 years was the longest... |
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abutterfly2k2
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my friend got one over 40 years |
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Jeff
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Yes. Your payments will be lower but you'll pay more interest over the 50 years. Mortgage Consultant. Email if you need help getting started. |
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Rich T
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I'm in the uk, and a couple of years ago I took out a 35 year morgage. I think thats the maximum in England. Not sure where abouts in the world you are though.
SInce taking out my mortgage I have reduced the length of time it is over. I think I have just 29 or 30 years left now. |
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Skip
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Yes there is a 50 year loan product. This does not mean that you have to pay your home off in 50 years this is how the loan is amortized so the payments will be lower and more people qualify for a mortgage to purchase a home.
If you want to pay your mortgage off early simply add an extra amount to you monthly payment. This will reduce the mortgage by paying toward the principal.
Justin was right about this loan being a balloon payment at the end of 30 years because that it the call date. I have seen trends in different parts of the country.
In the southern part of the United States there has been a trend to want t pay off a home and own it free and clear.
In the western part of the United States, especially California there is not that urgency to have a free and clear home. Californian's seem to refinance about every 4-5 years.
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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Helen
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tesco's offer a 50 year term but the criteria is so strict that it's virtually hypothetical but most mortgage companies now are very flexible and would offer a 50 year term if they thought there was a realistic probability that the debt would be settled . |
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Leo N
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Per above, there is a 50 year mortgage.
But, if you are going out to 50 years, why not just go with an interest only loan. With a 50 year ammortization, only ~4% of your payment is going to principle anyway.
Some institutions really increase their interest rate for interest only loans. E-mail me and I can put you in touch with an agent that can get a good interest rate on interest only loans. (please include "mortgage info" in the subject for filtering reasons.) |
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The Truth
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You can get a 50 year mortgage in the UK now. They're still pretty rate though. |
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tadopoly@sbcglobal.net
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Yes, but a 50 year mortgage is rarely the best option. If you are looking to lower payments, there are smarter financial options. Contact me to discuss.
Web: http://www.SLarson.com/contact
Email: Steve@SLarson.com |
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little flower
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no no such thing as a 50 year morgage it depends on yur age at present you accupantion and health so i have heard of 25 and 30 yrs though i think even 40 but it does depend on age |
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Ratdaddy
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No. 30 Years is Max. |
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Enchanted
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30 years is the maximum length of time at this point. Besides, do you really want to pay an additional 20 years' worth of interest? |
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antzzy
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there are 40 year loans. I never heard of a 50 year loan, but I sure wish I could get one! |
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