40 year loans are mortgage loans financed over a period of 40 years.
By increasing the number of years over which a loan is financed, a
home buyer - or a homeowner is enabled to qualify for a higher loan
amount or reduce the monthly mortgage payments from what one would
pay on a loan amortized over a shorter time period i.e.- 30 year
loan, 30 year loan, etc.
While 40 years may seem
like a long time to finance a loan, savvy home buyers and homeowners
are tending to choose this option if they realize they are not going
to live in the same home for forty years. In this sense, the
homeowner or home buyer is more interested in the lower payments
since they plan to sell the home and move (or refinance) in a
shorter period of time.
Rates on a 40 year loan may be
equally attractive as a 30 year loan; and in some cases, the rates
may even be lower. Some programs may also offer an "interest
only option" for part of the 40 year loan.
A MidasFinancial.com loan
consultant will be able to assist you in determining what type of 40
year loan may work best for you and your family.
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