Home Loans
50 Year Loan Options
(presented by www.refinance-refinance.net - mortgage lenders)
By Ben Afzal
Basics Fifty year mortgage loans have recently been introduced.
The longer loan term means that the monthly payment will be lower than a similar 30 year term.
In a rising interest rate environment this loan type offers a new option for borrowers looking for a lower payment. This loan type can partly offset rising interest rates.
These types of loans are now offered by a variety of lenders.
Checklist To See What Qualifies These types of loans are available for different types of properties, including primary residences, vacation homes, and rental properties.
A borrower can do an application with a variety of different documentation levels, including:
- Full documentation
- Stated income, verified assets
- Stated income, stated assets
The 50 year loan term comes with different options for how long it can be fixed. Loans are offered that are fixed up to 30 years, but usually not longer than this.
Fifty year loans usually have balloon payments at the end of 30 years. This is usually not a problem, since most people do not keep a loan for 30 years.
Credit scores for this type of loan can be as low as 500, depending on other loan factors including the equity in the property.
These loans can also be up to 100% of the value of the property.
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