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40- Year Fixed Mortgage

Security against rising mortgage rates with a lower payment

Your rate is fixed for the term of your loan.
Your rate and monthly principal and interest payments are amortized over 40 years. Therefore, your payments are lower than on a traditional 30-year fixed-rate mortgage.

With a lower payment, you can increase your monthly cash flow to use toward other things like paying off high-interest debts or contributing more to your 401k.

Quicken Loans allows you to pay more than the required monthly principal to lower your remaining balance, if you prefer.
Quicken Loans allows you to refinance your mortgage at any time with absolutely no pre-payment penalties.

With the 40-year mortgage, your mortgage term is 30 years and the loan is amortized over 40 years.
This gives you the stability of fixed monthly principal and interest payments that are lower than a traditional 30-year fully amortizing mortgage.
Your mortgage rate is fixed and your monthly principal and interest payment will never change over the term of your loan.
After 30 years, the remaining balance on the loan is due in full.
Actual mortgage payments will vary based on individual client situation and current mortgage rates.
Actual balance due after 30 years will vary depending upon how much additional principal has been applied to your loan.

People who want to avoid the risk of rising rates and get a lower payment than a traditional 30-year fixed-rate mortgage.
Homeowners who plan on owning their home for ten years or more.