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40-Year Mortgages

June 14, 2005 01:47 PM PST

According to an article on MSN Money, 40-year mortgages are about to become mainstream.

Forty-year mortgages have lower monthly payments than their 30-year cousins, although they cost more over the life of the loan because the borrower pays interest for 10 years longer. With the lower monthly payments, they are seen as a tool to allow people to buy homes that are unaffordable with 30-year mortgages.

The economy seems to be becoming more creative in order to find ways unaffordable houses can pretend to be affordable.

Here are other creative examples I described earlier this year, including interest-only mortgages.

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