See if 50 Year Mortgages Are a Good Financing Option

Laura Mancinelli Blog

When most people are taking out a mortgage on a property, they select either a 15 or 30 year mortgage loan. However, there is a new mortgage option that has been available to home owners since 2006 and that is the 50 year mortgage loan. Although a half-century might seem like a very long loan term, there can be some advantages to taking out a five-decade mortgage. Here are some of the pros and cons to taking out a mortgage that you repay over 50 years. Advantages The main benefit that you will experience with a 50 year mortgage is the ability to take out a larger loan and buy a more expensive house that you might not have otherwise been able to afford. This means that you can enjoy a better standard of living with lower monthly payments. A 50 year mortgage might also make home ownership easier to…

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