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.

***

Send tips or a Letter to the Editor to jessica@inman.com or call (510) 658-9252, ext. 133.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top
Real estate news and analysis that gives you the inside track. Subscribe to Inman Select for 50% off.SUBSCRIBE NOW×
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription