Monday, August 28, 2006
50 Year Mortgages
It's a sign of desperation. Some mortgage companies are offering 40 and 50 year mortgages in order for buyers to buy a house with an affordable monthly payment. These are adjustable rate mortgages. (The lender doesn't want to lock in a rate for 40 or 50 years.) Equity will build very slowly and the chance of interest rates pushing up the monthly payment is very great. This is something most people should avoid.
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