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What's the Difference Between a 30 & 40 Year Mortgage?
Manage episode 436728667 series 3039481
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What's the big deal between these two loan products?
We've all heard how expensive it is to buy a home in this crazy market. There is some discussion among policymakers and politicians to make the dream of home ownership more affordable by making the 40-year mortgage a common practice. Banks and government entities like Freddie and Fannie have often used a 40-year mortgage as a way for lenders to avoid borrowers going to foreclosure by stretching out the payments.
What are the differences between a 30 and 40-year mortgage? Is there a big difference in monthly savings? Will more people be able to afford homes? Does it make a huge difference for the average American? Do note buyers like this idea?
In this episode, Scott Carson breaks down the numbers on an apples vs apples basis and you'll learn:
-When and how the 30-year mortgage became common.
-The difference in monthly payment between the two terms.
-The difference in mortgage balance in 7 & 10 years between the two.
-How much do you need to make annually to afford either loan product on the same home?
-How much equity will you build over 7 & 10 years given a constant rate of home appreciation?
-How note investors adjust their bids when buying longer-term mortgages.
Watch the original video HERE!
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