How Do You Get A 40 Year Mortgage?
A 40 year mortgage is a great way to reduce your monthly payments. These are common on high priced homes to lessen the burden of the monthly payment. Ask your lender if they offer a 40 year mortgage. Most lenders will offer a variety of loans so it should not be hard to find one. There are lenders that specialize in home loans longer than the typical 30 year loan. Make sure that you are willing to pay the extra interest associated with a longer loan. While the longer loan will decrease your monthly payments, you will pay more interest over the term of the loan. Fill out the necessary loan application and make sure that it is for a 40 year mortgage. This loan should be any harder to receive than the typical 30 year loan. Check the interest rate. Don’t pay a higher rate than the typical loan. While you might have to pay a slightly higher rate for the longer mortgage, make sure that is not a substantial amount.
