Long Term Mortgages

The cost of housing is rising all the time, which makes it hard for buyers, especially first home buyers to afford a house or the house they want. So along come longer mortgages of 30, 40 and maybe even 50 years. The advantage to a longer mortgage is lower monthly repayments but the pitfalls are generally a higher interest rate( meaning you pay a lot more interest) and the fact you could be paying off your home for the rest of your life. Before you dive into a long term home loan, check out the repayments on shorter termed loans, the difference in repayments might not be as great as you imagine.
Mortgage Science Fiction
"When most of us think of science fiction, we may imagine life on other planets or animals forming governments. When bankers engage the science fiction gears of their brains, though, they may be thinking of ... 50-year mortgages". MSNBC
# Loans and Mortgages