Last week, President Trump tossed around the idea of wanting the federal government to back a 50 year mortgage plan. Most people take out a 30 year mortgage, some, even a 15 year mortgage contract. Local real estate agent and planning commission member Cal Lantis says if the 50 year mortgage happens:
The advantage of a 50 year mortgage would be possible lower monthly payments, but one huge disadvantage, is 20 extra years of payments making the overall cost of the house much, much more expensive.
