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The 40-Year Mortgage

Benefits of a 40-Year Mortgage
  

In the last few years we've seen  the introduction of the 40-year mortgage.  Some homeowners were excited others were not.  The 40-year mortgage allows the homeowner to lower their monthly payment compared to a traditional 30-year mortgage.  There are longer mortgages, such as the 50-year mortgage.  With the 40-year mortgage, you are paying both principal and interest on a monthly basis.   Most of the time the payments are slightly higher than an Interest Only payments but lower than a traditional 30-year mortgage.  Below are some different lengths in mortgage terms:

 

10-Year Mortgage
15-Year Mortgage

20-Year Mortgage

30-Year Mortgage

40-Year Mortgage

50-Year Mortgage

 

Adjustable rate mortgages (mortgages that have a fixed term and then adjust) are usually 30-year mortgages that have a fixed rate for 2, 3, 5, 7 or 10-years.  There are some mortgage programs that base their adjustable rate programs on 40 or 50-year mortgages

 

Kevin O’Connor

Mortgage Consultant
www.koloans.com  

800.550.5538

 

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