Wells Fargo Home Mortgage has introduced a combination of two mortgage products.
The 40-year Mortgage option allow buyers to extend the life of their loan and lower their monthly payments. If they have not been able to afford the payments of a 30 year mortgage, a longer term may give them the chance to buy a home.
According to Wells Fargo Home Mortgage "the longer-term loan is a loan is well suited to homebuyers in an upper-end market. first-time homebuyers, buyers on a fixed income, those who are downsizing and those who are buying a second home or investment property".
Accelerated Ownwership Plan
The Accelerated Ownership plan is a free bi-weekly payment draft plan program that allows homebuyers to split one large monthly mortgage payment into two "half payments" By making 26 half payments in a year, homebuyers actually make 13 full payments instead of 12. Over time this can add up to thousands of dollars saved in interest charges and a reduction in the life of their mortgage.
Combining the 40 year mortgage and the Accelerated plan, their monthly payments will be lower than with a shorter term - andat the same time, they will decrease the overall legnth of the mortgage and interest paid.