40 year mortgage vs. 30 year mortgage

So your loan officer has confused you offering a 40 year mortgage instead of the infamous interest only arms to help satisfy your need for a low fixed payment. Yes, the 40 year mortgage is a better mortgage than a 5/25 Adjustable Rate Mortgage, a 3/27 ARM or a 2/28 ARM (which all simply mean your mortgage is fixed for 5, 3 or 2 years then they will adjust according to the market indexed rate + your margin after the fixed period) if you were paying on a 40 year mortgage for 40 years at the same initial rate without ever refinancing your big benefit is having a lower payment and a longer time to pay since homes have become unaffordable for the average working class and/or middle class person in the hot real estate markets such as CA, FL, NY AZ etc... But, what about th View the rest of this article