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CouponKT
Our family is complete
Member since 6/06 16494 total posts
Name:
K
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Has anyone gotten 4% AND a 40-year mortgage?
I am wondering if this is all possible. Thanks! 
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Posted 1/10/09 1:29 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Has anyone gotten 4% AND a 40-year mortgage?
No that's not possible. I wouldn't do a 40yr mrotgage anyways. Too long.
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| Posted 1/10/09 3:24 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Has anyone gotten 4% AND a 40-year mortgage?
Rates are not that low - they are in the 5s
And even if they were the amount of interest you would pay would be crazy
I can figure it out for you when I get home and have a mortgage calulator
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| Posted 1/10/09 3:38 PM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Has anyone gotten 4% AND a 40-year mortgage?
We were quoted 4.25 at TFCU early last week on a 30-year...not sure about 40 though.
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| Posted 1/10/09 3:40 PM |
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KartveliT
...
Member since 1/08 8363 total posts
Name:
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Re: Has anyone gotten 4% AND a 40-year mortgage?
I don't know bout 40 years , but they are saying interest will go down to 4. You could get 4.5% 30 years now.
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| Posted 1/10/09 3:56 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Has anyone gotten 4% AND a 40-year mortgage?
don't do a 40 year. If that's what you're able to afford, don't buy yet. Save your money and put down more to get a lower payment. That makes paying off your mortgage and gaining equity almost impossible.
The rates are really low and could drop more. Try for the 30 year conventional.
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| Posted 1/10/09 5:05 PM |
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ILJ619
LIF Adult
Member since 6/06 1985 total posts
Name:
Irene
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Re: Has anyone gotten 4% AND a 40-year mortgage?
eeck you will be paying a ton of interest on a 40yr mortgage dont be fooledby the low rate.
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| Posted 1/11/09 12:42 AM |
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kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Has anyone gotten 4% AND a 40-year mortgage?
Posted by Beth1210
Rates are not that low - they are in the 5s
And even if they were the amount of interest you would pay would be crazy
I can figure it out for you when I get home and have a mortgage calulator
hey Beth, actually there was a article in the paper last week that rates were now in the 4's. Not sure last time you checke.d
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| Posted 1/11/09 9:33 AM |
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Re: Has anyone gotten 4% AND a 40-year mortgage?
I initially was against it but if there was no early prepayment penalty ---it may make sense on paper. ISay your mortgage on a 500K house at 4% with a payment of 2069.00 a month--at this rate you pay it off in 2049 but if you add an additional 2K a month to principal each month you pay off the loan in the year 2022 I beleive..its a risk Becauese you have to be disciplined and make that payment since you are only paying interest if you only pay the agreed mortgage payment....
I am not a broker so there may be other factors I am missing.
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| Posted 1/11/09 10:00 AM |
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Ladybug63
Ohh... baby
Member since 5/06 2527 total posts
Name:
D
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Re: Has anyone gotten 4% AND a 40-year mortgage?
We just Re-fined at 4.8 for 20yrs (originally 5.8 & 30yrs with 25 left)
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| Posted 1/11/09 5:45 PM |
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ali120206
2 Boys
Member since 7/06 17792 total posts
Name:
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Re: Has anyone gotten 4% AND a 40-year mortgage?
I was looking at the rates for Wells Fargo and the rate on the 40 year was a lot higher than the rate on the 30 year... For a mortgage, they were showing 7.25% for the 40 year and 4.875% for a 30 year (paying points).
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| Posted 1/12/09 8:22 AM |
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