Asked by Lisa  |  Submitted May 22, 2017

Is there really a 40 year mortgage?

Why don't lenders mention it?

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  Answers  |  1

May 23, 2017

Thank you for asking the question.

I am guessing the reason that anyone would consider a longer mortgage is that it translates to a lower payment. Yet, the longer amortization schedule means that you pay more in interest.

I have never seen one and I have only heard of a 40 year mortgage back in the days before the Great Recession. I don't think that they were very popular and I doubt that they will make a meaningful comeback. So to answer your question. Yes! There is a 40 year mortgage.

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