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Great 40 Year Mortgage Rates
Compare mortgage
rates for a variety of fixed rate home loan products
using the rate survey below. If you do not find 40
year mortgage rates published please call the lenders
and brokers directly for rates.
ForTheBestRate.com
is pleased to provide visitors with information on
40 year fixed mortgage programs. 40 year mortgage
rates tend to be slightly higher than that of
a 30 year fixed, but the monthly payment could be
lower due to the extended term of the loan. This program
may be a good alternative to borrowers who do not
feel comfortable in an adjustable rate mortgage but
want or need the low monthly payment that this program
offers. Customers who pursue a 40 year mortgage are
usually looking for one of two things - either they
are searching for a lower payment so they can afford
a more expensive house, or they simply want a lower
payment without the instability of an ARM product.
Contact the lenders and brokers listed on ForTheBestRate.com
to find out if a 40 year home loan is the right choice
for you and your family.
Research 40 year mortgage rates (options):
1. Call the companies directly to speak with a mortgage
consultant.
2. Use the survey to visit the web sites for the various
providers.
Comparison of a 40 year mortgage, 30 year mortgage,
& 5/1 ARM (example)
40 Year Fixed Rate Mortgage Rate Program
$200,000 Loan Amount
6.125% Note Rate
$1,118.61 Monthly Principal & Interest Payment
Interest Paid Over Life of Loan: $336,930.61
30 Year Fixed
$200,000 Loan Amount
6.000% Note Rate
$1,199.10 Monthly Principal & Interest Payment
Interest Paid Over Life of Loan: $231,676.38
5/1 ARM
$200,000 Loan Amount
5.750% Note Rate
$1,167.15 Monthly Principal & Interest Payment
(first 5 years – then adjusts)
Interest Paid Over Life of Loan: Will vary with fluctuation
in rate.
As you can see, you will likely drive down your monthly
payment with the 40 year mortgage but the amount of
interest paid over the life of the loan could be significantly
higher. The big questions that you need to ask yourself
are: ''what are you hoping to accomplish with your
home investment and how will your loan program complement
those objectives''. Contact a mortgage professional
to help you form a roadmap to get you where you want
to be. Best of luck financing great 40 year mortgage
rates for your next purchase or mortgage refinance.
Potential Benefits of a 40 Year Mortgage
- Potential for lower monthly payments than with a 30 year fixed.
- Security of fixed rate product.
- May help borrower afford more expensive home.
- Fixed monthly payments may simplify budgeting process.
Other fixed rate products:
10
Year Fixed Mortgage Rate
15
Year Mortgage Programs
20
Year Fixed Mortgage Rate
30
Year Mortgage Rates
40
Year Mortgages
