40-year mortgages becoming popular in booming housing market

40-year mortgages becoming popular in booming housing market

>> Turning now to a money alert as the housing market in central Arkansas continues to boom 40 year mortgages are becoming more popular but as Cassandra Webb reports financial experts and even real estate agents are warning homebuyers against to this kind of financing. >> So you found the perfect House, but it costs more than you really want to pay we all have champagne taste a beer budget that trap is why economists say 40 year loans are becoming more popular because compared to a 30 year conventional mortgage.

>> You can have a smaller monthly payment to afford the same value of home doctor Michael with you a Little Rock says people tend to focus just on their monthly payments so many people are short-term oriented but this type of financing comes with tradeoffs you end up paying much more interest over the life of the loan, real estate brokers agree it sounds too good to be true than it typically is the longer the more money you'll have to dish out deal our motions excitement of to make >> In 2 or financial data and we really need to be in for the long term doctor pack of says typically if you need to extend the terms to a 40 year or longer mortgage we really need to seriously ask yourselves can I really afford this home oftentimes the answer will be no think about what other things might be able to do with that money, the bottom line do not a lot. The market dictate your decisions I would you can truly afford there's always another House and use logic not a motion while signing that dotted line. Some good advice to think about.


>> Financial experts say you can expect to pay at least an extra point to.

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