is it a good idea to get a 40 year mortgage to lower my monthly payments does anyone have that?

Answer 1

I don't know if you can but I'm sure you can, but a suggestion is, if your house needs,V. siding,new roof,new windows,heating and air,or repairs needed fixed,deck or porch, then i would check into getting a loan to fix up your home cause it will most likely increase the value of your home so therefore you will increase your line of equity .so you should be able to set your home up on a new loan with maybe payments to be made off a 40 year mortgage and have a new like home to pay for the next 40 years and not have to worry about costly repairs through out the time you pay loan off and when you pay it off. you will get the most out of your investment, plus get to live in a nice home.you deserve the best, good luck.

Answer 2

I would have to ask what is your long term goal? If you aniticipate prices rising quickly, and you want to sell in 2-4 years, then this might not be a bad option and you can keep some money in your pocket.

If your goal is cash flow for a rental/income unit, then also a reasonable consideration.

If you are going to keep it, then aren't you going to want to pay it off as soon as possible? If the finances can afford a 30 year fixed, I would go in that direction.

I would do a 40 versus an adjustable rate mortgage (ARM) if I was going to stay in the house longer than 5 years and couldn't swing the payment any other way.

I have people coming to me everyday with ARM's that have skyrocketed their payments. I turn down 95% of them. You don't want to find yourself in that same position.

Hope that helps.

Answer 3

geeze, you'll be in debt for life
the idea is to pay off your motgage as quick as you can in the least amount of time
extending your loan year to lower your repayments is not wise
the better way is to put all your money onto your mortgage (to lower the interest calculated/charged) and withdraw only what you need ie: for food/bills etc

if you are having troubles with the current loan you have, have you tried speaking with your bank or financial adviser?

Have you also looked at refinancing the loan?
Speak to a qualified person and good luck

Answer 4

i've never even heard that existing.if its possible then i might say yes it could be a good idea.