40 YEAR MORTGAGE
Florida Mortgage Corporation offers a variety of 40 year mortgages. A 40-year mortgage is a conventional mortgage, but instead of repaying the principal over the standard 15, 20 or 30 years (the amortization period), you pay it off over 40 years.
For borrowers who are looking for a stable, conservative and affordable home loan, our new 40 year mortgage delivers low monthly payments with the ability to pay down principal from the start.
A 40-year mortgage could also help you buy a higher-priced house for the payment you can afford, especially if mortgage rates are high. Or it could leave you more money for other expenses.
Remember, few people hold a mortgage to maturity. If, like most people, you move or refinance in five to seven years, the original 40-year term has little effect. And meanwhile, you’ve had the benefit of a lower monthly payment.
A 40-year mortgage can also be advantageous for high-income earners whose mortgage interest payments may be their only major income tax deduction. Or, it might reduce the carrying costs on a rental property.
By increasing the standard loan term
from 30 to 40 years, monthly payments are lower, thus making them more
affordable, and increasing borrowers' purchasing power. The 40-year
Mortgage is ideal for borrowers who face affordability issues and think
homeownership is beyond their reach. First-time homebuyers, or those
living in high-cost areas seeking manageable monthly payments may find
this amortization term attractive. There are also some general tips at
you can use to tackle mortgage affordability issue.
The 40-year Mortgage is eligible on both standard fixed-rate products as well as our standard 3/1, 5/1, 7/1 and 10/1 hybrid ARMs.
© COPYRIGHT MCMXCVIII Florida Mortgage Corporation®,
All Rights Reserved ▪
Site Map ▪
Site Map1 ▪