When you are shopping for a home mortgage today, there are so many options available that the choice can become overwhelming. The loan officers at First National Mortgage Sources will guide you through the mortgage process and explain all of the options available today so you can make an informed decision.

One factor of your mortgage that you must consider is the repayment term. Most loans have a 30 year term. However, if you get a 15-year mortgage term, you'll pay considerably less interest overall, but your monthly payments will be much higher than a 30 year mortgage. A new option today is the 40 year loan term which is quickly growing in popularity. The 40-year loan will cost you more in interest payments, but your monthly payments will be less--and in some cases, significantly less. Many borrowers are choosing the 40 year mortgage over interest only mortgages or in conjunction with interest only mortgages.

A 40-year mortgage loan comes in many forms. You can get a 40 year fixed rate mortgage, an adjustable rate mortgage (ARM) which is fixed for a period of time and then adjusts either every 6 months or yearly, or a 40 year option arm mortgage which multiple payment options. We now also offer interest only 40 year mortgage loans which offer interest only for the first 10 years of the loan. The benefit to the 40 year term is that if you decide to keep the mortgage past the interest only period, when principal kicks in it will be amortized over the remaining 30 year term.

At First National Mortgage Sources, we work with you to find the best solution for your home mortgage needs. Call us toll-free at (866) 535-8987 with questions, and we can help guide you through your home mortgage process or fill out our online application (we will not pull credit unless authorized verbally by you). With First National Mortgage Sources, you can find the perfect solution to your home loan needs!

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