Asked by Omo, Florida • Sun Feb 8, 2009
Does anyone know about the Pros and Cons Of a 40, 45 or 50 year Loan - You may have heard that there are now 40, 45, and even 50 year mortgages. This type of mortgage can lower my payments so I will be able to afford my current house and rent it out until the better time comes to sell it. I will then rent a house where I want to move to and buy when my current house sells. I was told that no one keeps even a 30 year mortgage in todays times. It sounds like a solution for the purpose of lowering my mortgage payments so I can break even with the rental fee I would charge. I don't want to go into short sale and your answers may help other home owners who are facing the same problem..
I know not to accept an early payoff penalty of any percentage, balloons, or interest only mortgage.
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