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 qualify for the dream home that might be beyond their financial reach with a 30-year payout.
Compared to the benchmark 30-year, fixed-rate mortgage, stretching payments out for 40 years can lower the monthly payment “by as much as 12 percent,” Watkins said, potentially resulting in a monthly payment that is lower by hundreds of dollars, depending upon loan amount, interest rate, and other terms of the mortgage.
The 40-year, fixed-rate mortgage loan joins a vast Weichert Financial Services’ product array of more than 360 mortgage products. In addition to a national presence, experienced Weichert Financial Services mortgage professionals serve every Weichert real estate office and can address any questions or concerns buyers may have.
Weichert is a full-service real estate and financial services company with more than 15,800 sales associates in 330 company-owned and franchised sales offices in key markets throughout the United States.
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