Interest rates have gone up a lot, and buyers are looking for ways to afford Lofts.
One of the ways I discussed in the past is a buy-down loan. Now, today, I want to talk about a 40-year mortgage.
A 40-year mortgage functions the same as a 30-year mortgage, but because it is a longer loan, the payments are lower.
Now, the disadvantages of that are that you will take longer to pay the loan, and you will pay more interest in the long run.
The smart play is to do a 40-year mortgage now and take advantage of the lower payments, and then when interest rates go down, you can refinance and get a standard 30-year mortgage.
One of my lenders offers these loans, and the terms are very good.
You will need a 20% Down payment and the first 10 Years have interest-only payments, so your payment will be even lower.
