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.

Calling all Phoenicians - Your vote is needed - or we may end up as Marvin Gardens!

Help! It was reported today in the Arizona Republic that we all need to vote! What is this pressing matter? Until recently Phoenix was dead LAST in the standings in Hasbro's competition for its new Monopoly game.

Hasbro Inc. will debut a Here & Now Edition of its classic game this
summer, with real cities and their attractions substituting for fictional
streets. The catch is that cities with the most votes will be in the high-rent
districts, while those with the least support will be relegated to Mediterranean
Avenue.

Phoenix lurched from last place to 19th out of 22 cities after
the convention bureau sent an e-mail blast to its 1,200 members and staff on
Tuesday imploring them to vote every day through the May 12 deadline.

Wednesday, Phoenix surpassed Cleveland, Dallas and Nashville and was
"closing the gap on Atlanta," staff member Brett Brooks said.

Phoenix had nearly 132,000 votes, with Camelback Mountain its favorite landmark.

"I think we're actually creating some momentum to move Phoenix into Park
Place status," spokesman Doug MacKenzie added. "The word is spreading. We're
going to make it to the top. We're not Marvin Gardens."

So, let your fingers fly you over to Hasbro's site at http://www.hasbro.com/monopoly/ and vote!