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Wednesday, May 17, 2006

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.

Mike Langs can be reached at (480) 905-0888.

David Thomas of West USA Realty Written By: David Thomas
Realtor®, ABR
West USA Realty
Direct: (602) 763-6363
Office: (480) 820-3333
Email me

Posted by David Thomas on May 17, 2006 | Permalink

Comments

The only problem with that is the homeowner is going to end up paying so much more for their home over the course of the loan. BUT if that is the only way they can afford it, its better than not owning.

Posted by: Charles Richey | May 16, 2007 3:05:31 PM

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