The Trump administration announced they’re working on a 50-year loan program designed to lower monthly mortgage payments for home buyers, generating significant discussion about the potential benefits and drawbacks of extended loan terms.
The proposal aims to make home ownership more accessible by reducing monthly payment amounts, though financial experts warn about the long-term costs.”They could qualify for up to 18% higher on the price of the home,” said Desiree Lowe, the producing branch manager at Supreme Lending. “In a market like this, that could be a difference between them being able to buy at all.”
The impact could be particularly significant in expensive markets like San Diego, where housing costs remain high due to a supply and demand issue…