Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

Sounds like the problem is not with your credit - it's the lack of program availability. Depending on the area you live in, mortgage programs can become much more limited on amounts below $100,000. And many lenders simply don't offer a 10-year term.

However, this is pretty is to fix. You should be able to easily find a 15-year term loan - just make sure there's no pre-payment penalty. Your required payment will be lower than the payment for a 10-year term loan, but you can always pay more each month. Just set up an automatic payment from your bank account that pays a little more each month, and you've created your own 10-year loan. For example: let's say you get a 15-year $90,000 loan at 5.5% with amortized monthly payments of $735.38. Calculating the difference, you figure out that a payment of $976.74 per month will pay off the loan in 10 years. Just pay the higher amount, tell your lender that the extra amount should be applied toward principal, and then you're all set.

Now, you might think that with a 10-year term you should be able to get a lower rate, but actually, depending on lack of availability, you might even find the rate could be higher. Doesn't really make sense, but sometimes these things are just not logical. Good luck.

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

its easy er to hook a tow truck on your car than your house

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

Car buying credit is a little different than home buying credit.

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

Are you serious?

Please be joking.

How much is the car worth in 6 years.

How much will the house be worth in 10.

Duhh

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

Has to do with the brackets the place thier APR's, it sucks doesn't it? Everything is a chart has a stopping point to all loans. You also may have tried the wrong mortgage companies. Try some others. And if you signed for the car, you may not have enough credit now.Good Luck!

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

You probably went to the wrong mortgage company. A car loan is less secure vs. a home loan. You should 100% qualify for a home loan if you got a car. If you need help getting it you can e-mail me. My company is licensed in almost every state.

Why can I get $55,000 car loan for 6 years, but I can't get a $90,000 home loan for 10 years.?

If you qualify for a $55k car than you probably don't have credit issues. Your problem is that you are going to a mortgage lender. They don't have 10 year programs and if they do they won't tell you because there is not a big wholesale market for that paper. Go to a bank not a mortgage company. They have programs for real estate for max 10 years minimum money of 10K. If you don't have a debt ratio problem than that should work for you. Capital One should be able to do that for you. I have many investors using them for 10 year mortgages. You were just looking in the wrong place to get what you wanted.

Good Luck,

Michael