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Real Estate
Eileen M. Day REALTOR
DID YOU SAY
40-YR. MORTGAGE?
If you think a 5 or 10-year auto loan is a long time to pay off a car, get ready for the 40-year home mortgage. Its just popping its head over the horizon now. Climbing real estate values are forcing some borrowers to stretch home loan payments beyond the conventional 15 or 30-year periods.
So far, these 40-year mortgages have caught on only in such high-priced real estate markets as: California, Mew York, and Washington, D.C. However, if home prices continue upward, longer term mortgages may spread.
If the 40-year mortgage becomes more popular, it should be treated gingerly - as a last resort for folks anxious to own a home at any price. That crucially lower monthly payment may sometimes make the difference for certain buyers to qualify for a loan. However, you'll pay for the opportunity with a decade of extra interest expense. This could be a lot - like $60,000 on a $100,000 loan.
If there is anything we can do to help you in the field of real estate please stop in at EILEEM M. DAY, Realtor, the Clopton House, Washington, Va. 22747. Phone 675-3033. We re here to help.
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