40 year mortgages are sold to folks who want or need a lower payment. A 40 year is less in monthly payment because the loan is amortized over 40 years instead of 30…at least in theory! (more…) --- Related Articles at The Mortgage Insider Blog-Site:Home Mortgages and Builder HomesA Bad Credit Second Mortgage Primer Many home owners are seeking a monthly payment even lower those provided on standard 30 year fixed loans. The mortgage loan itself is made by a bank, a savings and loan association, a mortgage company, a credit union, or any other lender. For it to become an FHA mortgage loan, the lender would have to be approved by the Federal Housing Administration.
