- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (4)
Best Answer
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3428
40 year are still out there, but effectively priced out of the market. Comparing 30 year rates to 40 year rates, the 30 year comes out with lower payments.
- Dan, "the_country_hick"
- Contributions:4699
Michael, what are you going to do for your client when that 2.75% mortgage resets to a 9% mortgage payment they can not afford on a few years?
The ARM has been a huge reason for many foreclosures. The rate goes up and the house is not able to be paid for.
The ARM has been a huge reason for many foreclosures. The rate goes up and the house is not able to be paid for.
- Michael Dolan, "BrokerPro"
- Contributions:277
This loan disappeared from many lenders offerings along with several other types of loans that were designed mainly to make it easier for borrowers to qualify.
As I am sure you are aware, there have been problems with homeowners who could easily acquire a loan but then had trouble paying.
If you are looking to reduce your monthly payment, look at 7-1 ARMs. I just locked one in Bellevue (for a qualified borrower) at 2.75%
As I am sure you are aware, there have been problems with homeowners who could easily acquire a loan but then had trouble paying.
If you are looking to reduce your monthly payment, look at 7-1 ARMs. I just locked one in Bellevue (for a qualified borrower) at 2.75%
- Dan, "the_country_hick"
- Contributions:4699
The 40 years was just a way to stretch imaginary affordability. It made no sense in real life.
Either look for a 30 (or less) year fixed rate mortgage or rent until you can afford that kind of payment.
Either look for a 30 (or less) year fixed rate mortgage or rent until you can afford that kind of payment.
What happened to 40 year fixed rate home loans?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.