 Finding
a 40-year mortgage
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 Dear
Dr. Don,
I know that there are 40-year loans out there,
but where are they? Fannie Mae said they were out there, but no
one seems to be able to identify the lenders. Why can't we find
one? -- Renay Realty
 Dear
Renay,
A Bankrate feature, "40-year
mortgages join the mix" by Holden Lewis, identified Washington
Mutual as one financial institution active in the 40-year market.
The article also explained how Fannie Mae tested a 40-year mortgage
loan program by working with credit unions, so you'll want to talk
to your credit union.
The Credit Union National Asssociation, or CUNA, has
a credit
union locator that can help you find credit unions in your area,
if you're not already a member of a credit union. A credit union
limits its membership to people within their stated "field
of membership" but it's likely that you are part of one or
more fields through work, school, church or community affiliations
and could join a credit union.
If you can't find a lender in your market that offers
a 40-year mortgage, then it's time to talk to a mortgage broker.
I recommend that you deal with an upfront mortgage broker, as described
by Jack Guttentag in the Bankrate article, "Want
your mortgage wholesale? Try an upfront broker."
I'm not sure a 40-year mortgage is the right
approach to funding your home purchase, but if you are sure, these
tips should put you in touch with a lender that can provide that
mortgage to you.
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