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 Posted: Mon Nov 21, 2005 2:49 pm Post subject: Long term mortgage |
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| Which type is termed as Long Term Mortgage? |
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 Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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| Posted: Mon Nov 21, 2005 3:16 pm Post subject: |
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Hi,
A long term loan is termed as mortgage and a long term mortgage is that type which extends more than the life of a typical loan.
Generally a conventional mortgage has a period of 15-30 years whereas in case of a long term mortgage the time period is 40-50 years.
Though most lenders prefer short term mortgages, but there are some lenders who offer long term mortgages provided either the property is in excellent condition or the borrower is having very good record as a customer.
It is particularly beneficial to young persons going for a first time home purchase as the monthly payment is low because of the long period.
Hope this information will help you.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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Guest
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| Posted: Mon Nov 21, 2005 3:23 pm Post subject: |
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| When to go for a long term mortgage? |
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Samantha
Community Mentor
Joined: 16 Sep 2005
Posts: 1602
Location: MASSACHUSETTS
149.70 Dollars($)
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| Posted: Mon Nov 21, 2005 3:32 pm Post subject: |
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Hi,
It is advisable to go for a long term mortgage when the rates are low in the market. If the rates are high then you should opt for a shorter term.
Feel free to ask if you have any more doubts.
God bless you.
For MortgageFit,
Samantha
_________________
Know how to compare lenders with mortgage booklet |
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