Be Good To Your Money Bulletin http://ezezine.com
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THE NEW KID ON THE BLOCK
50-year mortgages
Get cold sweats just contemplating 30 straight years of mortgage
payments? You ain't seen nothing yet.
Home buyers shopping for a loan may notice a new kid on the block: the
50-year mortgage.
Some mortgage lenders see the idea as an alternative to "interest only"
loans and a tool to shrink those monthly obligations.
If you need to stretch payments over 20 more years, maybe you are
buying too much house. If you are in your 20's or early 30's, it can
possibly be the only means of purchasing your first home. Plus, there
is a great chance you will purchase another home, in the future. With
a higher paying salary and equity from the first home, you can convert
back to a 30 year mortgage, on the second home.
While the 50-year fully amortized mortgage certainly means a slower
rate of repaying the balance, at least the balance is being reduced,
not remaining stagnant or increasing. If you opt for a 50-year
motgage, additional "principal payments" are highly recommended.
www.LisaFrye.com
L L Q Publishing Company
631 N. Stephanie Street
Suite 311
Henderson, NV 89014
(866) 750-0188