Say hello to the 50 Year Mortgage - not just for the First Time Buyer
With the median price going from high to higher the newest answer to making home ownership affordable is the 50 year mortgage. It was only a matter of time. As car prices went from $15,000 to $30,000 +++ we saw car loans grow longer and longer so that people could afford the monthly payments. As housing prices have grown and grown it makes sense that the time for this new baby has come.
What is the difference between the 50 year mortgage and the conventional 30 year that has been the standard for eons? According to Mike Langs, Senior Vice President of Arizona Mortgage Specialists, they are very similar - the differences really are just the term of the loan and typically a somewhat higher interest rate with the longer term.
Although young first time homeowners may seem the obvious choice for this loan Mike pointed out a less obvious candidate - soon to be retirees. Lenders cannot discriminate because of age! With a savings of between $100 - $200.00 per month with these new loans it might make sense for baby boomers to look into one of these (before they retire) and take their savings to lunch, on vacation, to the golf course - or just to the gas pump.
Welcome to the 50 year mortgage - anything that can allow people to buy and maintain home ownership is a good thing.
Written by David Thomas
Mike Langs can be reached at (480) 905-0888.
What is the difference between the 50 year mortgage and the conventional 30 year that has been the standard for eons? According to Mike Langs, Senior Vice President of Arizona Mortgage Specialists, they are very similar - the differences really are just the term of the loan and typically a somewhat higher interest rate with the longer term.
Although young first time homeowners may seem the obvious choice for this loan Mike pointed out a less obvious candidate - soon to be retirees. Lenders cannot discriminate because of age! With a savings of between $100 - $200.00 per month with these new loans it might make sense for baby boomers to look into one of these (before they retire) and take their savings to lunch, on vacation, to the golf course - or just to the gas pump.
Welcome to the 50 year mortgage - anything that can allow people to buy and maintain home ownership is a good thing.
Written by David Thomas
Mike Langs can be reached at (480) 905-0888.
posted by David Thomas at
5:17 PM
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