San Francisco Business Times - 2:54 PM PDT 7-25-2006
Wells Fargo Home Mortgage said Tuesday that it will offer 40-year mortgages, adding to the bevy of creative loan products on the market to help home buyers secure financing.
"The primary advantage of a 40-year mortgage is a smaller monthly payment without the risks associated with interest-only loans or Option ARMs," said Joe Rogers, an executive vice president at Wells Fargo Home Mortgage. "A 40-year term reduces monthly payments, making home ownership more affordable."
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