In a social post on Saturday, President Trump floated the idea of a 50-year mortgage to boost housing affordability, but the idea got a frosty reception online. One reason is that stretching the loan term out that long ends up costing much more in interest over the life of the loan while only shaving a few hundred dollars off the monthly payment.

You also have to factor in a higher mortgage rate than what you get with a 30-year fixed loan.

On Sunday, FHFA Director Bill Pulte responded to the backlash with this post: “We hear you. We are details ⇒

BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com