MADISON, Wis. (WRN) — President Donald Trump recently floated an idea to bring down the price of home ownership: 50-year mortgages.
Madison area realtor David Stark says taking that deal might lower monthly payments, but it will cost you.
“If you were to hold the mortgage to term, which most people would not do, but if you were to, the total amount of interest that you would pay over the life of the loan would be quite a bit more,” Stark said.
It’s unclear if any banks will actually offer a 50-year-mortgage. Stark says the real solution to bringing down housing prices is more houses and more people selling their homes.