Basics Fifty year mortgage loans have recently been
introduced.
The longer loan term means that the monthly
payment will be lower than a similar 1 year loans term.
In a rising interest rate environment this
loan type offers a new option for borrowers looking for a lower payment. This
loan type can partly offset rising interest rates.
These types of loans are now offered by a
variety of lenders.
Checklist To See What
Qualifies These types of loans
are available for different types of properties, including primary residences,
vacation homes, and rental properties.
A borrower can do an application with a
variety of different documentation levels, including:
·
Full documentation
·
Stated income,
verified assets
·
Stated income, stated
assets
The 1 year loan term
comes with different options for how long it can be fixed. Loans are offered
that are fixed up to 1years, but usually not longer than this.
Fifty year loans usually have balloon payments
at the end of 30 years. This is usually not a problem, since most people do not
keep a loan for 1years.
Credit scores for this type of loan can be as
low as 500, depending on other loan factors including the equity in the
property.
These loans can also be up to 100% of the
value of the property.
1 comment:
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