Finding a 40-year mortgage

Pitt, Aniston Selling Beverly Hills Estate


Jennifer Aniston and Brad Pitt, whose marriage officially ended this weekend, have put their $28 million mansion up for sale.
The couple bought the estate, which features a French Normandy-style home designed by Wallace Neff, for $13.5 million in 2001.
Both have relocated to Malibu. Pitt bought an $8 million mid-century home last spring. Aniston has been renting a $15 million home. They have kept the Hollywood Hills homes they each owned before they married.
Real estate agents who toured the estate described a screening room with 35mm equipment and black leather seats, Brazilian mahogany floors and an art studio with skylights, the Los Angeles Times reported Sunday.
The ground level of the home boasts a pub with glass walls opening to an outdoor fireplace, pool and spa. The grounds also feature a tennis court, the newspaper said. Pitt and Aniston separated in January after 4 1/2 years of marriage. She filed for divorce in March citing irreconcilable differences, and the divorce became final on Sunday. Pitt has since been romantically linked to Angelina Jolie.

Finding a 40-year mortgage
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.