40 Year Mortgage Loans. Should you consider? What are the payments? Pros & Cons.
#mortgagetips #losangelesrealestate #buyingahome @JacobLiubov
You may have already heard the news about the recently approved new mortgage term. If you haven't, quick recap two months ago The Federal Housing Administration introduced a new term for which you can get a mortgage, and now it can be as long as 40 years. The vast majority of homebuyers obtain a 30 year mortgage, and now that the new loan term has been introduced, a number of questions has arisen. Does it make even sense to consider a 40 year mortgage? Can any buyer be eligible for such a long-term loan? What are the pros and cons of a 40-year mortgage? We will run the numbers together and see what's going on. By the way, modify your existing 30-year mortgage for 40 years. The main purpose of a 40-year mortgage is to reduce your monthly payment by breaking down the loan over a longer period which will make your home purchase more affordable. Using such a long-term loan will result in a significantly higher interest paid over the course of mortgage.
Timeline:
0:00 Intro
0:33 The Purpose of a 40-year mortgage loan
1:22 CONS of a 40-Year mortgage loan
2:41 PROS of a 40-Year mortgage loan
3:09 Monthly Payments Comparison
4:00 Conclusions
Should you have any questions or comments, or if you are looking to buy or sell, feel free to reach out🤝:
📧 Email: [email protected]
📞 Phone: 818.660.9039
👉 California Real Estate Agent Licenses:
Jacob Arutiunian - DRE 01990588
Liubov Savoskin - DRE 02015017
Our brokerage - Compass Real Estate
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