With a 40 year fixed mortgage you don't have to worry about mortgage payments fluctuating based on market trends.  A 40 year fixed mortgage can be beneficial to those in a high cost housing market or perhaps the climbing interest rates make buying a home more difficult.  A 40 year fixed mortgage has the advantage that it makes monthly payments more affordable by adding an additional 10 years to the mortgage loan term.  Currently 40 year fixed mortgage loans are growing in popularity and lenders are growing more accepting of the longer term length.

You should note that with a 40 year fixed mortgage,  you're monthly mortgage payment will be lower than a 30 year fixed, but equity will take longer to accrue, and you will pay more in interest over the full term of the loan.  If you are interested in seeing is a 40 year fixed mortgage could be for you, get your free quotes today with no cost and no obligation.

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