Hey, Just curious, but have you worked on any loans that were 40 years yet? I know they made a 40m year program sometime last year. But I haven't seen any yet? Wonder if people are using it? Anyone else have a 40 year mortgage?
I am sure it's meant for those who can't afford the higher payment. But now they are paying alot more interest.
I, at first thought it was a good idea. Get a 40 year loan. Have the lower payments for a few years than refi to maybe a 15 or 20 and use the money you saved to pay the mortgage off faster. But now thinking I am not sure if thats a good idea.
Was curious if anyone else thought about a 40. That would make me **** near 70 when I payoff my house.
NOPE haven't seen anyone or heard of anyone using this. I am sure a broker will lean away from it, unless it was the ONLY way to get a loan for a home. I know the brokers I use to work with would never even bring it up. Especially now with so many homes going into foreclosure.