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40 Year Mortgages
Over the past few years 40 year home loans have become an attractive financing solution for many home buyers and homeowners. While 40 year mortgage rates tend to be slightly higher than their 30 fixed rate mortgage counterparts, the extra ten years of amortization usually results in a lower monthly payment. The biggest benefit of a 40 year mortgage is the lower monthly payments. The downside...more interest paid over the life of a loan. We do not necessarily recommend 40 year mortgages unless the product makes complete sense for the consumer. For instance, let's say you are a first time home buyer who needs a low payment because you just started your career but you feel confident that your income will increase soon and you can accelerate paying down your principal, then a 40 year home loan might make sense. On the flip side, if you are stretching yourself to get into a home that might be a little more than you can afford and you have little to fall back on financially, then the best solution may not be to stretch yourself so thin and end up paying piles of interest over the next 40 years. At AFR we understand that every scenario is different and we are here to help guide you down the right path.
Request Current 40 Year Mortgage Rates
- Call 800-316-9508 and speak with one of our home loan specialists.
- Request 40 year home loan rates using the Rate Quote form on this page.
- Get started online
Other popular fixed rate mortgage products to research:
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