No More 40 Year Home Loans

In the days of our parents and grandparents, 40 year home loans were the norm. Families during this time were determined to stay in one place for the rest of their lives and a long term home loan made sense. Present day is a much different situation. People are constantly moving from house to house and city to city. It seems that once you are finally settled into one location, the job requires you to move to another town. Families have begun to look at 10 year mortgages or loans with the lowest interest rate. In fact, 25 years ago, 40 year home loans were asked for 63 percent of the time. Now, it has dropped down to 38 percent. A lengthy home loan is easier to pay off, but it is only convenient when you stay in one location for awhile.

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