SDR, glad to be here.
The matrix is the same and the qualifications are the same. They simply stretch the payment out for you over the 480 months vs the 360 months. Use your mortgage calculator and you will see the difference. It really does help. Either one, interest only or the 40 year term is best.
3/27 vs 3/37 do the math. It may help with some of your borrowers in the future. But, best of all, it allows them to buy more house.
