Looking For A Florida Mortgage, Are 40 Or 50 Year Mortgages A Good Idea?

Many different forms of mortgages have developed in recent years. From no-money down loans to interest-only loans, there is a type of loan for everyone. One type of loan that has recently gained in popularity is the extended fixed mortgage.

These types of mortgages are for as long as 40 or 50 years. 40 or 50 year fixed mortgages can make home buying affordable for people who live in high cost areas, like New York and California. These mortgages lower the monthly payment considerably, but is it worth it? First of all, these types of loans are a little more difficult to find. You may have to look to national lenders instead of locally. The smaller lenders will not be willing to risk it on these types of loans.

You may be exhausted after conducting this type of search. If you are planning to stay in your home for a long time, you will pay a great deal more in interest-possibly even repaying the lender over three times the amount you originally borrowed! If you arent planning to live in your home for the long haul youll still pay a lot in interest without building equity. Mortgages are front-loaded with interest, meaning you pay mostly interest on the loan for a long period of time before you start building equity.

This means you wont get as much back for your home when it comes time to sell. This will most likely be the scenario for you as most homeowners stay in their homes for 6 or 7 years. In short, its best for you to weigh your own personal situation against the pros and cons of these mortgages. If you want a high priced home, this may be the loan for you. Otherwise, take a look at the different types of mortgages out there today and find a house according to what you can truly afford for your money.

In the end, it wont matter how big your house is, but you will remember how much you lost on a bad home buying decision. Do your research and consult a mortgage professional before becoming locked into something you wont be able to get out of successfully for a long period of time.

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Sean Watson is a licensed mortgage broker that lives in the state of Florida. He specializes in working with homeowners that have less than perfect credit and helps them do the things necessary to improve their credit ratings, so that they will no longer have to pay the higher rates and fees typically associated with having a blemished credit profile.

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