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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Wed Mar 09, 2005 4:38 pm Post subject: 40 year mortgages |
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| who does these and how are they different from the convential 30??????? |
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The Big Easy
Joined: 20 Jan 2005
Posts: 30
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| Posted: Wed Mar 09, 2005 5:12 pm Post subject: |
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| They last 10 years longer? |
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Haplo
Joined: 20 Jan 2005
Posts: 2422
Location: Springfield, IL
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| Posted: Wed Mar 09, 2005 5:33 pm Post subject: |
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We have a kind of 40 year...it's retail though. I don't know if wholesale has it available.
On ours basically what it is is 10 year heloc that rolls into a 30 year fixed. 10 years of interest only and adjustable based on prime+.
Don't know how other lenders do it though, so would love to hear about this ;) |
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BECCA9892003
Joined: 20 Jan 2005
Posts: 400
Location: Altoona, PA
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| Posted: Wed Mar 09, 2005 6:12 pm Post subject: |
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| big easy....you are so smart..i would have never figured it out...lol..thanks |
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nikko3
Joined: 20 Jan 2005
Posts: 246
Location: acton, ca
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| Posted: Wed Mar 09, 2005 6:21 pm Post subject: |
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| Sierra Pacific used to offer a 40 year fixed, but I don;t know if they still do. |
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Quixote
Joined: 28 Jan 2005
Posts: 60
Location: Southern California
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| Posted: Fri Mar 11, 2005 8:13 am Post subject: |
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BNC is offering one,, but I can't for the life of me imagine why anyone would do it. Drops the payment all of $30- $40 compared to a thirty. Costs thousand more in interest.
If it's all about kower near term payment, go 2/28 or 3/27 I/O and refi into a real loan in a couple of years.
Heck of a sales pitch, huh? Can you believe it, I actually have a couple of 40's in my pipeline, despite my best efforts. |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Tue May 19, 2009 12:28 pm Post subject: |
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| thanks for sharing |
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Jenie0109
Joined: 27 Jan 2009
Posts: 307
Location: chicago IL
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| Posted: Tue May 19, 2009 12:34 pm Post subject: |
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| thanks for the tip. |
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