Are you looking for a low monthly payment and have a small amount (no amount) to put down then this may or may not be the way to go as the longer you stretch your mortgage the lower the payments will be. There are huge drawbacks to this depending on your age as Mortgages a very boring subject but a necessary piece of business in real estate. There is still alot of confusion regarding this loan. The 40 year mortage is new on the scene becoming available in 2007. I will point out some issues. 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.
