Can you get a mortgage for a specific # of years?
by Mortgage Rates on Thursday, September 23rd, 2010 | 5 Comments
-
Mortgage Info
-
Updates
-
Useful Links
-
-
Tags
2010 About article Auctions bank banks best Business buyers change Credit Debt Equity Financial First fixed Foreclosure From good Government Help Home house Housing interest Loan Loans Market more Mortgage Mortgages Need News options qualify Rate Rates refi refinance Refinancing should this Time variable would-
Meta
Typically, no. We offer 10, 15, 20, 25 and 30.
But any amortization chart can show you exactly what you need to pay each month to accomplish whatever year you’re shooting for. You just have to stick to it.
Some lenders might be willing. You’d have to ask.
When I refinanced about seven years ago I got a 23 year loan. I found out later that it was like a home improvement loan- not like a first mortgage at all. When I sold I had to swear that I had no other lien and they said it was unusual for it to have been done that way.
Actual mortgages are made in standard loan years so they can easily be resold on the secondary market. The 15 and 30 being the most popular. The 10 year and 20 year are next most popular.
Wells Fargo does any year term you want… if you have one in yoru area, give them a call… good luck.
There are adjustable rate mortage (ARMS) that are for 3 or 5 or 7 years. Just because you get a 30 year mortgage doesn’t mean you can’t pay it off faster. Just make sure there is not a pprepaymentppenaltyin the loan documents.