Providing home loan mortgage financing in Lake, Geauga, Mahoning, Columbiana, Erie, Sandusky, Seneca, Wyandot, Putnam, Hancock, Ottowa, Fulton, Williams, Henry, Defiance, and many more Ohio counties.
Providing financing in Lucas, Cuyahoga, Lorain, Medina, Wood, Summit, Montgomery, Licking, Deleware, Warren, Hamilton, Butler, Franklin, Fairfield, Stark, Wayne, Knox and many other Ohio counties.
Providing home mortgages in Findlay, North Ridgeville, Highland Hills, Beachwood, Moreland Hills, Ashtabula, Rock Creek, Delaware, Franklin, Brunswick, Geauga, Grafton, Lorain, Green, Bath, Sandusky, Port Clinton, Huron and many other Ohio communities.
Providing mortgage financing in Cleveland, Cincinnati, Toledo, Bowling Green, Columbus, Akron, Canton, Avon, Strongsville, Avon Lake, Solon, Dayton, Medina, Wooster, Youngstown, Alliance, Mentor, Elyria and many other Ohio cities.


40 Year Mortgage

So why would you want a 40 year mortgage? There are many reasons as to why you may want to get a 40 year mortgage. A 40 year mortgage will save you some money on your monthly payment from a 30 year mortgage. Some people who are very tight with debt to income ratio, may actually need to go ahead with a 40 year mortgage in order to stay below the debt to income ratio limits so that they can qualify for a mortgage. Thus, 40 year mortgages can be somewhat advantageous, however they do have a few drawbacks to.

The 40 year mortgage is a newer mortgage product to come on to the market recently. While it allows you to lower your payment it also takes you longer to build equity in your home.

Most 40 year mortgages are fixed rates so you can enjoy a low payment without the concern of a payment increase. Other loans that offer lower payments such as ARM loans or fixed rate interest only loans always have the ability to have large payment increases.

The new 40 year mortgages are great to help someone get into their dream home sooner, while keeping the payments down. Inquire now to see if you will qualify.

On a 30 year loan it really takes about 10 years to really start noticing your balance dropping and a decent amount of money going towards the principal of your loan. On a 40 year mortgage the amount of money that is applied towards principal is extremely low and the amount going towards interest is amazingly high. However, a 40 year mortgage can help out with qualifying for a mortgage sometimes or provide enough of a lower payment to help out for your situation.

Having a 40 year mortgage loan will lower your monthly payment allowing you additional purchasing power to get a bigger house or use the extra cash for expenses in your household.

The 40 year loan is taking the place of the interest only loan.

You might want to initially consider a 40 year mortgage in order to qualify for your loan. However, as your income increases, you may want to make larger payments in order to pay your loan off in 30 or even fewer years.

Some of the 40yr terms available now are set up similar to a balloon mortgage. The payments are based on a 40 year term, but the full loan amount is due in 30 years.

40-Years mortgages are available in Fixed Rate as well as Adjustable Rate. Many mortgage programs with 40 years amortization are offered in Full Documentation and Reduced Income Documentation formats.

A 40 year mortgage can be fixed for the full term or with adjustable options.


If you have any questions regarding our products, you can contact us by calling or e-mailing us and we'll get back to you as soon as possible. Thanks!



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