Mortgage loans come in 40-year flavors, too

Mortgage loans with a term of 30 years or 15 years are most commonly chosen by borrowers. Fortunately, these aren’t your only options. You can also select a 40-year mortgage if you qualify.

Finding 40-year mortgage lenders probably won’t be easy, and 40-year mortgage rates today are higher than rates for 30-year mortgages. But especially for a first-time buyer, 40-year mortgage loans offer the potential benefit of lower monthly payments.

Take the time to learn how 40-year mortgages work, their pros and cons, and how to get a 40-year mortgage loan by reading my first article for new client NextAdvisor, Time Magazine’s new website featuring personal finance content and tips, available here.