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The 40 year mortgage is becoming more
and more common. As home prices continue to increase,
new programs are being added to enable more and more people to realize
their goals of being homeowners. The 40 year mortgage is one such
program. By extending the term of the loan to make it a 40 year
mortgage rather than a 30 year, it allows for lower
monthly payments at the same interest rate. It also will allow a
borrower to qualify for a larger loan because of this lower payment.
There are many programs to choose from
that offer longer terms than the traditional 30 years, including the 40 year
mortgage terms. The 40 year mortgage also brings another benefit
to the table. Your payments are similar to those of an interest
only loan, but you are paying down the principal since it is a 40 year
mortgage, and is fully amortized over a 40 year term.
Please contact me today if you are
interested in learning more about our California 40 year mortgage program.
You can call, email or use our quick contact
form here to find out more about the new 40 year mortgage..
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