The 40-Year Mortgage Is Looking More Inviting

By SCOTT KIMBLER The 40-year mortgage is popular again but financial experts warn they come with a lot of risks and potentially no payoffs. Needham Bank, with 14 locations in Massachusetts, promotes 40-year mortgages. “Owning a home has never been so easy,” is the term they use on their website. Before the crash of 2008, 40-year mortgages were a popular option. Today, the expenses of getting into a home are driving buyers to consider signing up for loans they won’t pay off until after they are 65 years old. Roy Black is an Economics Professor at the Emory University Goizueta School of Business and has been examining real estate finance for decades. It is his opinion that negotiating a 40-year…

U.S. Mortgage Markets Heat Up As Interest Rates and Prices Rise

By SCOTT KIMBLER Potential homebuyers are rushing to mortgage offices to make sure they get a loan before prices and interest rates go even higher. Mortgage rates jumped again to an average of 4.67%, up from last week’s 4.42%, Freddie Mac reported Thursday. At the same time, the spring selling season is looking promising for sellers. Home prices rose 1.84% in February and 19.6% year-over-year – the largest annual gains on record – according to Black Knight’s Monthly Mortgage Monitor Report. These numbers, along with an awkward supply and demand situation, are pushing some buyers who are in a position to do so to go ahead with their home purchase now.  Jerry Stover, sales manager with Homeowners Financial, said this has been…