40-Year Fixed-Rate

• 40-Year Fixed-Rate Mortgage By increasing the standard loan term from 30 to 40 years, monthly payments are lower, thus making them more affordable, and increasing borrowers' purchasing power. This mortgage is ideal for borrowers who face affordability issues and think homeownership is beyond their reach. First-time homebuyers, or those living in high-cost areas seeking manageable monthly payments may find this amortization term attractive. The 40-year Mortgage is eligible on both standard fixed-rate products as well as our standard 3/1, 5/1, 7/1, and 10/1 hybrid ARMs. Lender Benefits Broaden your lending reach to underserved areas -- minorities and new immigrants are expected to represent a significant portion of the future growth in homeownership Expand business volume and appeal to first-time home buyers, particularly those living in high-cost areas where affordability is an issue Consumer Benefits With a longer amortization period, borrowers obtain lower mortgage payments Easier to qualify for a mortgage as well as a larger loan amount