A longer loan term gives you the ability to purchase a more expensive home with monthly payments you can afford. Typically, these long terms carry a higher interest rate than the 30 year mortgage.

Sample Scenario:

For a 40 year loan, a $100,000 mortgage loan with a rate of 7.25% (APR 7.312%) with a 20% down payment ($25,000) on a purchase price of $125,000 with no points, would have a monthly payment of $639.68 (principal & interest).*

* Stated rates and terms intended as examples only. Call (800) 422-3641 for current rates and terms.