Wells Fargo has added a 40-year fixed rate mortgage to their products. They say that you have lower mortgage payments. Before you do a 40-year mortgage look at the overall picture of how much interest this will cost you. You could end upside down with this kind of mortgage. If I was a first-time homebuyer this scenario would not necessarily appeal to me. I am a person that thinks long-term and not just in the moment. Sure you might have less of a mortgage payment, but the interest that is being added is atrocious. Do you see any benefits to a 40-year mortgage? Share with the readers what is the number one reason you would do a 40-year mortgage.
