FRESNO, Calif.–Noble Credit Union has launched a 40-year mortgage product it said is designed to offer a more affordable and accessible alternative to traditional 30-year mortgages.
The new mortgage product features lower rates, providing borrowers with the opportunity to save more over the life of the loan, according to a statement from the $1.27-billion credit union.
“While a 40-Year mortgage may be a new concept for some, it offers distinct advantages for those looking to purchase their first home,” said President and CEO Gino Cayanan, The Business Journal reported. “It provides a stable mortgage solution that aligns with the financial needs of first-time homebuyers, allowing them to invest in their future and start building generational wealth.”
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