Personal finance expert Dave Ramsey, who decries any sort of high-interest debt, including credit cards and car loans, acknowledges that middle-class people often need to take out a mortgage to afford a home. He typically recommends a 15-year mortgage versus 30-year to save roughly 24% in interest over the life of the loan.
When President Donald Trump presented the idea of a 50-year mortgage to make homeownership more affordable, personal finance experts largely decried the concept — including Ramsey. Find out why below.
