4 ms·
When you say "140 year mortgage term", what exactly are you talking about? Effective term or something? Because the banks only offer a choice between 20, 25 and
by semi-extrinsic 10y ago
When you say "140 year mortgage term", what exactly are you talking about? Effective term or something? Because the banks only offer a choice between 20, 25 and 30 year mortgage terms usually.
- dogma1138 10y agoOverall the time you are allocated to clear the debt, the 30 years is the "nominal" max term offered, it can be extended.
- cowsandmilk 10y ago(a) in the 1990's, many banks did offer 50 year terms. (b) sweden has a lot of interest-only mortgages. If you look at the rate they are being repaid, it represents a repayment period of 148 years.[1] [1] http://www.fi.se/upload/43_Utredningar/20_Rapporter/2013/bolan_2013eng_2.pdf http://www.fi.se/upload/43_Utredningar/20_Rapporter/2013/bol...
- semi-extrinsic 10y agoNorway's been tightening the mortgage belt for years now. You can only borrow less than 85% of the purchase price of the house, excluding fees. That was set in 2012 IIRC. And now (from January 2017) there will be a complete ban on interest-only mortgages (even just for limited time periods), and a hard cap at total loan amount (including also student/car loan etc.) for each family not exceeding 5x total gross income. Source: am planning to buy a new house, had a meeting with my bank man two weeks ago.