Financial experts warn against the growing popularity of 40-year mortgages. Though this option reduces monthly payments, more interest is accrued over the life of the loan. Potential homebuyers may want to consider whether a 40-year mortgage is really in their best interest, or if they would rather use their money in other ways.
Financial experts say you can expect to pay at least an extra .25% on interest on a 40-year mortgage than you would on a 30-year plan.
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