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 principal 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.