More than half of mortgages on the market can be stretched out over 40 years – The Florida Post

The middle-aged couple took out a mortgage on a $168,000, four-bedroom home in a gated community with swimming pools, tennis courts and a clubhouse.. there were 39 where more than half of all.

But over years of debate-Wagner. targets of his anti-government, pro-market worldview. With Reagan in the White House, HUD’s budget was cut by more than half, falling from $83.6 billion in 1976 to.

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More than half of all mortgage products can now be taken out for a 40-year term, up from 36 per cent just five years ago, raising concerns over whether borrowers are overpaying in the long term.

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Most numerous are the hybrid mortgages, accounting for more than half of all subprime loans in our data set originated between 2001 and 2007. A hybrid mortgage carries a fixed rate for an initial period (typically 2 or 3 years) and then the rate resets to a reference rate (often the six-month LIBOR) plus a margin.

Imagine that you borrow $175,000 and that you can get fixed-rate loans for 30 and 40 years, both at 4.25 percent. With the 30-year mortgage, the monthly payment for principal and interest is $860.89. With a 40-year loan, the monthly cost falls to $758.84, a savings of $102 per month or $1,225 per year.

That amounts to roughly $470 less interest over five years, for every $100,000 of mortgage (given a 25-year amortization). On the other hand, calling every broker within 500 miles to save one basis point (0.01%) might mean you have too much time on your hands. Spend that time finding more favourable terms and features instead.

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Another Florida Homeowner Suffers Pre-Foreclosure House-Trashing; Cops To Victim: Don’t Bother Us, It’s A ‘Civil Matter!’ The home equity theft reporter: Clarification Of Judges’ Legal, Ethical Duties In hearing uncontested securitized mortgage foreclosure cases To Be Addressed By Florida Task Force; The Home Equity Theft Reporter: Another Florida Homeowner Suffers Pre-Foreclosure House-Trashing; Cops To Victim: Don’t Bother Us, It’s A Civil Matter!’

Lowest Mortgage Rates In 40 Years. The average interest rate on 30-year fixed-rate mortgages dropped to 5.61 percent for the week ending March 14, Freddie Mac, the mortgage company, reported Thursday in its weekly nationwide survey. That surpassed the previous record low rate of 5.67 percent set last week.