40 Year Mortgage Loan
This is a fairly new mortgage offer by most banks. It extends the 30 year fixed rate mortgage to 40 years. It just creates a lower monthly payment so that more people can afford a home.
I like and dislike this idea for a few reasons. I like that more people can afford homes and be able to experience the same thing that the rest of us home owners can. I'm sure it's a wonderful feeling to finally be able to get that mortgage and start living the American dream.
I don't like that the banks keep coming up with ways for the less fortunate to get approved for a mortgage. That's all they're doing in the long run. A 30 year mortgage is long enough and when you start discussing 40 years the bank might as well offer the interest only loan to allow people to add any amount of principal they like each month.
The interest only loan turned into a disaster because after the 5 year mark the interest rate got adjusted and the principal was added in to the mortgage. That almost doubled a lot of people mortgages with the increase in interest rates. The banks need to start looking at the long term for their customers because it's very difficult to understand everything about a mortgage.
I do have calculators on my site to help you with your mortgage payment and borrowing power. I also have a calculator to show you how much you will save by adding extra principal each month. They are very handy like a banker should be so I suggest you try them out. | 
