40 Year Mortgage Options

Home Loans

40 Year Mortgage Options
(presented by www.refinance-refinance.net - mortgage lenders)

By Louie Latour

Mortgage lenders are always on the lookout for new ways to take money from homeowners. The 40 year mortgage is a perfect example of this. Here is what you need to know about this expensive mortgage option.

The 40 year mortgage is very similar to a traditional 30 year mortgage; the main difference is that the loan is amortized over 40 years. Because there is more risk for the lender interest rates are higher and you will pay significantly more in finance charges for that extra ten years. Depending on you needs you will be able to choose fixed or adjustable interest rates.

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The advantage of a 40 year mortgage is the lower payment amount. The problem with this loan is that you pay most of the interest up front; while your payment will be lower you will build equity at a snails pace. Most of your money in the beginning goes into the lender

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This entry was posted on Wednesday, July 26th, 2006 at 3:55 am and is filed under Refinance. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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