50-year mortgages gain attention as homeownership slips further out of reach in Utah
Buying a home has become increasingly out of reach for many Utahns, as higher prices and interest rates continue to squeeze buyers.A new idea to put homeownersh The increasing availability of home ownership options in Utah has been gaining attention as higher prices and interest rates continue to squeeze buyers. The idea of extending the loan term could significantly lower monthly payments, but critics have warned that it comes with long-term costs. Rob Adams from Distinction Real Estate believes that the longer-term loans could be beneficial for some buyers due to their current financial situation. The loan would extend the traditional mortgage by 20 years, reducing the monthly payment by $250 to $300 on a $400,000 loan, but the interest paid could double. Some of these additional costs could be mitigated by refinancing the loan when rates drop or when homeowners can more comfortably afford the higher payments. However, Adams warns that while the longer term could help people get into a home who otherwise would be unable, it could disadvantage first-time home buyers.
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Buying a home has become increasingly out of reach for many Utahns, as higher prices and interest rates continue to squeeze buyers.
A new idea to put homeownership back within reach has been gaining ... [4691 symbols]