A NEW MEANING TO LONG-TERM COMMITMENT

Homebuyers have access to 40-year mortgages, which lower the monthly payment by stretching out the loan term beyond the traditional 30 years. Can a 50-year mortgage be far behind? There is talk about a 50-year mortgage being offered in the near future, although Fitch Ratings senior director Mark Douglass says no such loan is presently available. However, 50-year mortgages would offer even lower monthly payments, as well as the security of a fixed-rate product. Douglass adds that most borrowers would move or refinance long before the 50-year term is up. Source: © Los Angeles Times (01/22/06); Umberger, Mary © Copyright 2006 INFORMATION, INC. Bethesda, MD (301) 215-4688