“How do 40 Year Mortgages work and is it the right loan for me?”

Have you heard about the “new kid” on the block?  40 year mortgages are here to stay, along with its partner, the 50 year mortgage.  Not only are these new loans saving homeowners thousands many are also supported by Fannie Mae ^TM. (Click here for more information about Fannie Mae)

Commonly referred to as 40 yr term or 40 yr mortgages, these exciting programs can help you refinance or purchase the home your family deserves.  With the cost of the average home rising these new programs are now providing safe fixed rate alternatives to make your home affordable.  A 40 year fixed mortgage provides the comfort of a rate that won’t ever change with the affordability your budget can handle.  There are no “teaser rates” that promise low payments only to adjust by unbearable amounts in the near future.  By taking a longer term you have the ability to make smaller monthly payments but still pay down your loan principal.

If your credit is average or better you have a good chance of qualifying for a forty year mortgage.  Apply online to learn if this is the right loan for you.

To learn more about the next step in buying a new home or refinancing your existing home, take a few minutes and give us a call.  Or click here and let us know a little about your situation.  A member of our team will contact you within hours.  There is zero cost for a consultation and in 15 minutes you can save literally thousands in interest.

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