Is there really a 40 year mortgage?
Why don't lenders mention it?
Answers | 1
May 23, 2017
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.
Asked by Brady
Answered by Brian Howell
Mortgage Professional in Castle Rock, CO
No Brady it usually isn't. I would recommend sending two separate checks for $100...
Asked by MORE DIOP
Asked by donna
Answered by David Skow
Mortgage Professional in Seattle , WA
Thanks for your post .....your best 1st step will be to get a loan pre approval ...