Quote:
Originally posted by Porsche-O-Phile
(Semi-related) question - why on earth do lenders insist on making this so difficult on people? Why can't some smart lender just figure, "hey, we'll give people what they actually want and can use - a 40+ year FIXED-RATE mortgage with 100% financing, no closing cost B.S. and none of this making people pay exorbitant sums monthly for a 25 or 30-year fixed or making them constantly have to live in fear, lose sleep and worry over rates with an ARM or I.O."
|
There are 40 and even 50 year loans out there. Big lenders even offer them you just have to ask. It does not save you very much each month off of your payment however over a 30 year loan so they are not very popular.