The 40-Year Mortgage is Real

The 40-Year Mortgage is Real
Daniel Silver

The 40-year mortgage is real, and it’s here at Newfi!

People talk about 40-year mortgages as if they were mythological beasts of old, like dragons, gremlins, or presidents who never told a lie. But 40-year mortgages are real, and they’re here at Newfi!

Now, our 40-year mortgage isn’t a standard mortgage, where each month your pay down your interest and principal. Rather, the loan is interest-only for the first 10 years — you’re only paying for the interest on the loan.  You can pay more to pay down the [extra href=”#principal” title=”What is Principal?” info_content=”Principal is the amount you still owe on your mortgage.” info=”popover” info_place=”top” info_trigger=”hover”]principal[/extra] with no penalty, but you don’t have to.

After the 10 years are up, the loan effectively becomes a standard 30-year fixed rate loan, where each payment goes toward your interest and reducing your loan principal.

If you’re interested in a 40-year mortgage, call us at (888) 316-3934. Note that loans are subject to credit qualifications.

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