Wells Fargo offering 40 year mortgage and Accelerated Ownership Plan

By
Real Estate Agent with Compass

Wells Fargo Home Mortgage has introduced a combination of two mortgage products.

40-Year Mortgage

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.

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Rainer
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Christopher Smith
TREGO REALTY - Cedar Rapids, IA
The only problem with the 40 year Mortgage, is it doesn't really drop your monthly payments by all that much.  We looked at it the other week because our mortgage company uses Wells Fargo products, and it didn't amount to that much of a savings.  Howver, that little savings might make a difference to some folks!
Aug 23, 2006 06:24 AM #1
Rainer
46,690
Mrs. Sheri Ann Johnson, GRI
Tropic Shores Realty - Spring Hill, FL
I think a 40-year mortgage is a scary thing.
Aug 23, 2006 12:45 PM #2
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Mitchell J Hall

Lic Associate RE Broker - Manhattan & Brooklyn
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