Industry News

Weichert among first to offer 40-year real estate loans

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Weichert Financial Services has introduced a fixed-rate mortgage that extends payments out for 40 years.  Fred Watkins, president, said that Weichert Financial Services is one of a few lenders in the nation to offer the 40-year, fixed-rate loan being rolled out by Fannie Mae on a pilot basis. According to Watkins, Weichert Financial Services was chosen based upon "strong historical loan performance" and "a business model uniquely focused on providing comprehensive mortgage solutions for home buyers." "We're delighted that Fannie Mae has tapped us to introduce a mortgage alternative that will help more people get the home of their dreams at a monthly payment they can afford," Watkins said. Weichert Financial Services expects the strongest interest from first-time buyers who want to enhance their purchasing power while gaining the security of locking in an affordable fixed rate at a time when mortgage rates are at historic lows. The lower payments may enable the buyer to qu...