2007-02-03 16:20:08 · 10 answers · asked by casllc2003 2 in Business & Finance ➔ Renting & Real Estate
Yes, there is a 40 year mortgage, 45 year mortgage, and 50 year mortgage. Only particular lenders offer these programs. The goal is to make your payments cheaper and you don't ONLY pay interest, you are paying a little to the principal also.
Also, these types of mortgages are "balloon" mortgages. Meaning 40 due in 30 years. 45 due in 30 years and 50 due in 30 years. By the 30th year, you will have a HUGE payment due, but normally you have your house refinanced by then or you have moved :)
2007-02-03 16:24:12 · answer #1 · answered by healthspot_2000 4 · 2⤊ 0⤋
Yes, you can get more information by calling Wells Fargo Bank or just about any other major bank in the US.
Note, the 40 yr mortgage won't reduce your payment much, if that's what you're looking for. You may want to try a 30 year mortgage with interest only payments during the first 15 years.
Good luck!
Your Real Estate Professionals
http://movetolatinamerica.com/
2007-02-04 00:42:31 · answer #2 · answered by MovetoLatinAmerica 3 · 0⤊ 0⤋
Yes and you should see the new loan programs comming down the pipeline. There is a new loan where your monthly payments are $20 for every 100k borrowed and this is fixed for 10 years! You can own a million dollar home and have a $200/mo payment.
Regards
2007-02-05 00:38:47 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, but usually your payment is not very much less than a 30 year mortgage, so you just end up paying more interest, and it does not let you afford that much more house. Nor worth it...
2007-02-04 00:24:23 · answer #4 · answered by dwanzor 2 · 0⤊ 0⤋
Yes, Ive heard of it but it's hard to believe anyone would go in debt for that many years.
2007-02-04 00:24:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes, the first ten years are usually interest only payments... Bad, bad, bad.
2007-02-04 00:23:40 · answer #6 · answered by gryphion1961 2 · 0⤊ 0⤋
I think I heard of a 60 year mortage.... they are rare... but banks will do it....
2007-02-04 00:24:35 · answer #7 · answered by tapc101 2 · 0⤊ 0⤋
in california yes everywere else i am almost sure no
2007-02-04 00:23:15 · answer #8 · answered by Anonymous · 0⤊ 0⤋
I've never heard of one.
2007-02-04 00:23:01 · answer #9 · answered by Jade D. 4 · 0⤊ 0⤋
yes..and I do not recc'd it
2007-02-04 00:22:59 · answer #10 · answered by fade_this_rally 7 · 0⤊ 0⤋