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Interest rates & 50 yr mortgages
Moderators: Mortgage-X

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   General Questions-> Mortgage Loan FeaturesMessage format
 
dfurlong
Posted 1/28/2008 2:13 PM (#1707)
Subject: Interest rates & 50 yr mortgages
We all hear ads on the radio all the time to refinance our existing mortgages. I am seriously considering it (haven't since 2003). My home is in need of some major improvements/renovation. I have approx $125K-$150K equity in the home. I need about $75K-$100K to do what I want. In order to keep my mortgage payment (PITI) about the same, I've figured that I need a 5% interest rate, with a 50 year mortgage. I WILL be in this home until at least 2013.

1. Based on the above, what are opinions of 50 year mortgages?
2. Heard an ad where the interest rate is 4.875%, with an APR of 5.6%. I don't understand that. Is it 4.875% or is it 5.6%?

Thanks!!!
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