Long term mortgages

October 5, 2007 10:32am CST
Just wondering what people think of the new, longer term mortgages that you're able to take out now. Here in Canada, a 30 year mortgage is being made available, and in the U.S, apparently you can get a 40 year mortgage. These types of mortgages can cost a staggering amount in interest charges over the long term. Is there anyone out there who has decided to go with one of these long term mortgages? What do you see the benefits as being? Why did you decide to go with one? I'd love to hear peoples thoughts.
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