04.24.23 Two Mortgage Warnings / Clark’s NEVER NEVER Advance Deposit Rule
The Clark Howard Podcast
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How to Avoid a 40-Year Mortgage
When you take out a longer loan, the more likely you're going to be upside down on that vehicle for a long, long time. With these ultra, ultra, ultra long mortgages, your ability to establish meaningful equity is really harmed by that ultra long loan. You may not have enough equity to be able to refie the loan you have into what will be a future lower rate if home values don't rise a meaningful amount over the years till interest rates decline. New data shows older people are buying a home and buying one right out of the gate with a 30-year mortgage.
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