30 vs 40 year
I’m just getting into my real estate journey and am working on understanding all my financing options when it comes to my first purchase. I recently spoke with a lender that is able to offer a 40 year mortgage with 10 years of interest up front. Wondering if anyone has experience with this type of loan? I know the overall interest is higher but the trade off of a low monthly seems to make up for it? What’s the drawback other than higher interest paid?
Purchase: 1,100,000
25% down
12k monthly income from rent