With rates on the rise, the Interest Only Loan is on the decline.
What’s the next alternative to make homes more affordable?
It may be the 40 year mortgage, according to Realty Times.
These long-term loans could, in fact, improve cash flow by lowering monthly payments. And they might even qualify more borrowers. The downside is that they build equity at a slower rate. They’re not yet available everywhere, but a Google search is already showing 1,200,000 references to these loans
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