The Positives:
- Lower monthly payments than the 15, 20 and 30 year mortgages. Making your dream home a lot easier to snag.
- The 40 year mortgage allows borrowers with affordability issues to have a shot at the American dream.
- Borrowers that are living in a high-cost environment (California, New York, etc.) might just be able to pull off acquiring a manageable monthly payment with the 40 year mortgage deal.
- Easier to qualify for a larger loan amount.
The Negative:
The amount of money that you spend on interest will probably fill two ? 5000 ton ships.
