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Because of rising interest rates and higher home values, the monthly mortgage payment on a typical US home is 62% higher than a year ago. So, it’s only natural to be looking for a way to cut costs. But if you’re borrowing money to buy a home and think the answer to a cheaper mortgage is a longer-term loan, like 40-years long, think again.

The idea seems simple enough – just extend the life of the loan to save on monthly payments and refinance as soon as rates drop enough to make it worthwhile. Plus, a 30-year mortgage is a bit of a misnomer, as no one really keeps the same home loan for three decades these days. So why not just go for 40 years? There are many reasons not to play with the terms.

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