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Can conventional loans have terms longer than 30 years?

by SBlack from Mission Viejo, California. Dec 14th 2012 Reply


Georges Kfoury (GeorgesK)
#769 ranked lender in California - 7 contributions

Conventional loans have the maximum terms of 30 years. Having a term over 30 years is not possible. You can have terms lower than 30 years, but not over it.

Dec 14th 2012
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Larry Gray (lgray_312_247)
#595 ranked lender in California - 1,139 contributions

You can have conventional 40 yr fixed loan but it is not available with every lender.

Dec 14th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes, there are 40 year loans so just call around and you will find one that offers it.

Dec 14th 2012
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Chris Gummerson (cgummerson11)
#395 ranked lender in California - 648 contributions

Yes many lenders do 40 year loans, but they are generally going to be amortized over 30 years. So you would have a balloon payment once the 30 years are up.

Dec 14th 2012
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Bill Smalley (wsmall_209_722)
#549 ranked lender in California - 1 contribution

yes, you can currently go up to 40 years with a number of lenders in the market. There is talk/rumors of a 50 year mortgage on the horizon. In any case, the longer terms have higher fees or interest rates associated with them. BUT, the longer term will lower your monthly mortgage payment and allow you to qualify for a larger mortgage amount.

Dec 15th 2012
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