Are you ready for a 40-year mortgage?
Real estate prices have been increasing steadily over the last five years, particularly on the East and West coasts. In parts of California, homes are selling for 33% more than they were a year ago. This has made it more difficult than ever for first-time homebuyers to purchase a home. Over the years, a number of new mortgage options have become available to prospective buyers that ease the burden of buying a home. Buyers can now obtain a mortgage with a variable interest rate that rises or falls with the market or even a mortgage that requires only interest payments for the first few years of the loan term.
This allows buyers to make smaller payments early in the repayment schedule while purchasing a more expensive home than they otherwise might be able to afford. The payments would increase in later years, but so, presumably, would the income of the buyers, so that the home would still be within the buyers' range of affordability. A relatively new mortgage option that may soon adjustable rate mortgage and the interest-only mortgage in popularity is the mortgage with a 40 year term. While most mortgages offered today are for either 15 or 30 years, the 40 year mortgage has been available for nearly 20 years, but few lenders offer it as an option, as they are often reluctant to tie up their money for such a long period of time. That may change, however, as Fannie Mae has announced their intention to purchase more 40-year mortgages.
With Fannie Mae purchasing more 40-year mortgages on the secondary market, lenders will probably be more willing to offer them to customers.Interest rates will likely be somewhat higher for a 40-year mortgage than a 30-year mortgage, but the extra length of the loan term will keep the payments lower than with a traditional mortgage. Prospective buyers should be aware that they will pay more in interest on a 40-year mortgage than they will on a traditional 30-year note. Studies show that most homebuyers do not stay in their homes for anywhere near 30 years, let alone 40. This being the case, the market for 40-year mortgages may remain fairly small. But for some buyers, it may mean the difference between continuing to rent and buying the home of their dreams..
?Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a Website devoted to debt consolidation information and HomeEquityHelp.net, a site devoted to information on home equity loans.Twelve Deadly Mistakes Real Estate Investors Make
Twelve Deadly Mistakes
Real Estate Investors Make
and How You Can and Must Avoid Making Them
Mistake # 1. Spending thousands of dollars buying books, tapes and attending seminars and then putting all of that information on a bookshelf and never looking at (or using) it.
Comment: I'm continually amazed at the number of "would be" investors who have spent a bundle of money attending seminars, getting an education and then never using it to start
their investment program. Not only is it a waste of thousand of dollars but it could be the biggest financial mistake you can make.
Mistake # 2. Failure to learn the basics of real estate investing.
Comment: The other extreme to Number 1 above, are potential investors who realize real estate is the best way to accumulate wealth and venture into the purchase of properties without knowing the basics of real estate investing. Those investors are almost certain to get into...
Mortgage calculator > Twelve Deadly Mistakes Real Estate Investors Make
Secured Loans ? Everything You Need to Know
SECURED LOANS ? EVERYTHING YOU NEED TO KNOW24Hourfinance.co.uk is a leading financial portal enabling UK consumers to find and compare loans, credit cards, mortgages, bank accounts and cheap insurance quotes. Consumers can apply for finance 24-Hours a day with popular lenders such as Halifax, Lloyds TSB, Dial4aloan and unfamiliar lenders you won't find on the High Street.FACTS ABOUT SECURED LOANS? Secured loans are available to UK homeowners aged 18 to 65 years old.? Secured loans range from ?1000 to ?1 million.? Secured loans can be repaid over 3 to 30 years.? Secured loans are a solution if you've been declined an unsecured loan.? Secured loans can be used for short-term cashflow problems, consolidating debts, home improvements, cosmetic surgery, new car or motorbike, holidays and lots more purposes.? Secured loans can be used for almost any purpose; the most popular reason being debt consolidation in the UK.? Secured loans take 2 to 4 weeks to arrange.? Secured loans can be arranged...
Secured Loans ? Everything You Need to Know
Mortgage calculator > Secured Loans ? Everything You Need to Know
Scotsman Guide Relaunches Web Site
(ContentDesk) October 26, 2005 -- Scotsman Guide, the leading resource for mortgage originators, has relaunched its Web site, providing visitors with new and improved design and functionality.At scotsmanguide.com, visitors can now use a brand-new search engine to find and compare lenders and products in our matrixes. The revamped Web site also allows visitors to read all archived educational articles in HTML format, subscribe to the residential and commercial editions or renew their subscriptions...
Are you ready for a 40-year mortgage? student loans Scotsman Guide Relaunches Web Site Mortgage calculator
Mortgage calculator > Scotsman Guide Relaunches Web Site
Are you ready for a 40-year mortgage? Mortgage calculator puppy training
Are you ready for a 40-year mortgage?
Are you ready for a 40-year mortgage? Mortgage calculator
Are you ready for a 40-year mortgage? Mortgage calculator
OEM and Aftermarket Parts: Parts Train's Best Quality Radiator Support
Parts Train's radiator support restores the original look and contour of your car's radiator. Rusted, dented or cracked parts are primer painted and bolt on easily with original mounting hardware. It has die-formed steel with all correct bodylines, light holes, cutouts, mounting holes, etc. If you have repeated heater core or aluminum radiator failures, consider one possible source to be coolant breakdown and electrolysis due to combustion gases from head gasket leaks. The two most common causes...
OEM and Aftermarket Parts: Parts Train's Best Quality Radiator Support Are you ready for a 40-year mortgage?
Mortgage calculator > OEM and Aftermarket Parts: Parts Train's Best Quality Radiator Support