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What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

Can I get a 40-year mortgage?

Is it possible to find a 40-year mortgage?

The answer should be "yes", although most are adjustable-rate loans. If you can find a 40-year fixed-rate mortgage, you might be surprised to find that the savings aren't so great. At 7%, for example, you'd pay $6.65 for every thousand dollars you borrowed. That drops only a little, to $6.21, for a 40-year term.

For a $100,000 loan, that's only about $44 per month. The savings, such as they are, fall at higher interest rates. At 7.25%, you'd save only about $25.60 per month.

The catch, of course, is that the interest cost over time is also significantly higher for the 40-year term.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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