Know the Risks of a 40-Year Mortgage

Subscribe To Our Newsletter

By clicking submit, I authorize Mint Market Online and its affiliated companies to: (1) use, sell, and share my information for marketing purposes, including cross-context behavioral advertising, as described in our Terms of Service and Privacy Policy, (2) supplement the information that I provide with additional information lawfully obtained from other sources, like demographic data from public sources, interests inferred from web page views, or other data relevant to what might interest me, like past purchase or location data, (3) contact me or enable others to contact me by email with offers for goods and services from any category at the email address provided, and (4) retain my information while I am engaging with marketing messages that I receive and for a reasonable amount of time thereafter. I understand I can opt out at any time through an email that I receive, or by clicking here.

While it’s possible today to stretch your mortgage loan out to 40 years, this option is only a good idea if there’s no other way for you to afford a home. While it will work for some people, these mortgages generally come with higher than typical interest rates. Additionally, you’ll end up paying quite a bit more over the lifetime of the loan. Click through to learn more about the risks of a 40-year mortgage loan.

Image via Unsplash/Evan Dvorkin

Continue to original source.