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40 Year Term Loan

With this option, loan payments are calculated on a 40 year term versus the more traditional 15 or 30. This reduces the monthly payment quite a bit. Because the 40 year term is available on our Option ARM product you also get the advantage of up to four monthly payments so it's easy to make larger payments in those months when you have more disposable cash, or when you want to accelerate the amortization on your loan.

Mortgage Rates NY will be happy to advise you on what loan type and program is right for you. Call Mortgage Rates NY today, at (888) 996-9529.

Advantages:

• Lower monthly payments
• Leaves you more cash each month for other uses
• If you own a rental property, it's a better way to manage your monthly cash flow

Consider a 40 Year Loan When:

• You want to minimize your monthly payment.
• You're trying to minimize cash expenses on an investment property.
• You plan to be in the house 5 years or less and home values in your area are appreciating.

Mortgage Rates NY will be happy to advise you on what loan type and program is right for you. 

Call Mortgage Rates NY today, at (888) 996-9529.