A 40 year mortgage increases affordability by reducing the mortgage payment for borrowers who need to lower their monthly payment more than a 30 year term offers.  With the rising interest rates, a 40 year mortgage lender can offer first time homebuyers or those who need extra help with payment reduction, a chance to still invest in buying a home.  The disadvantage of a 40 year  mortgage is that it will take longer to build up the equity in the home as well as paying off the mortgage.

If you are interested in seeing if a 40 year mortgage lender can offer you an affordable alternative to traditional financing, we'll provide you with free, multiple quotes with absolutely no obligation.