More interest means that you pay more for the same house than if you had gotten a 15 or 30-year mortgage...One negative aspect of 40-year mortgages is the fact that you end up paying more interest over this extended period of time. Loan officers at a bank or a credit union are employees working to sell and process mortgages and loans for mortgage customers or home buyers like you. Their loan types and mortgage products have several varieties but they all come from one specific originator, their employers.
