A 7 year extendable loan product has a fixed interest rate for the first 7 years with a one time adjustment that fixes the interest rate for the remaining 23 years. The 7 year extendable loan still offers an interest rate noticeably lower than most fixed rate mortgage loans, yet it offers a significant amount of security with its generous initial 7 year fixed period

A 7 year extendable loan may be a good choice for you if you think it is possible that you may move or refinance in the next seven years. A 7 year extendable is also very popular because the low rate allows borrowers to maximize their cash flow to enjoy lower monthly payments and free up extra cash monthly to pay toward eliminating other monthly debts (i.e. credit cards, car payments, student loans, etc.).

Term: 7 years   Maximum Amount: $359,650

A 7 year extendable offers very substantial benefits with the low monthly payments associated with this type of loan. A borrower, however, must realize their is some risk in knowing that the rate on this type of loan can change after 7 years. We can help you determine if this type of loan is right for you.