50-Year Fixed Mortgage
This page originally highlighted First Franklin's 50-year fixed rate mortgage product. The program was essentially a 30 year fixed rate mortgage with a 50 year loan amortization.
They also offered this product as a 2/28, 3/27 and 5/25 ARMs with a 50 year home mortgage loan amortization.
With these alternatives, one's rate remained locked for 2 years, 3 years, or 5 years and then begins to adjust upward after the corresponding period of time.
The program was fairly short lived and Merrill Lynch, who owned First Franklin, eventually shut down this subsidiary due to the subprime lending environment.
Today, fixed rate mortgages remain the most popular home financing products of choice.