Press Release
Weichert Financial Services Among First to Offer 40-Year Mortgages through Fannie Mae
7/6/2005
MORRIS PLAINS, N.J. – Weichert Financial Services has introduced a fixed-rate mortgage that extends payments out for 40 years.
Fred Watkins, president, said that Weichert Financial Services is one of a few lenders in the nation to offer the 40-year, fixed-rate loan being rolled out by Fannie Mae (Federal National Mortgage Association) on a pilot basis.
According to Watkins, Weichert Financial Services was chosen based upon “strong historical loan performance” and “a business model uniquely focused on providing comprehensive mortgage solutions for homebuyers.”
He said, “We’re committed to providing the widest possible spectrum of mortgage products to help each customer achieve the best fit. We’re delighted that Fannie Mae has tapped us to introduce a mortgage alternative that will help more people get the home of their dreams at a monthly payment they can afford.”
Weichert Financial Services expects the strongest interest from first-time buyers who want to enhance their purchasing power while gaining the security of locking in an affordable fixed rate at a time when mortgage rates are at historic lows.
Just as important, those lower payments may enable the buyer to qualify for the dream home that might be beyond their financial reach with a 30-year payout. Compared to the benchmark 30-year, fixed-rate mortgage, stretching payments out for 40 years can lower the monthly payment “by as much as 12%,” Watkins said, potentially resulting in a monthly payment that is lower by hundreds of dollars, depending upon loan amount, interest rate, and other terms of the mortgage.
The 40-year, fixed-rate mortgage loan joins a vast Weichert Financial Services’ product array of more than 360 mortgage products. In addition to a national presence, experienced Weichert Financial Services mortgage professionals serve every Weichert real estate office and can address any questions or concerns buyers may have.
Weichert has more than 15,800 sales associates in over 330 company-owned and franchised sales offices in key markets throughout the U.S. A family of full-service real estate and financial services companies, Weichert helps customers buy and sell both residential and commercial real estate, and streamlines the delivery of mortgages and home and title insurance. For more information, call Weichert's customer service center at 1-800-USA SOLD or visit Weichert's Web site, www.weichert.com. Each Weichert franchised office is independently owned and operated.