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30-year Mortgage is King. But should it be?

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Longer mortgage pushes up home prices, by making it easier for buyers to manage a bigger loan.

Buyers end up paying a lot more interest over the life of the loan.

Principal relative to interest is very small

Takes a very long time to build up equity

You can still get 5-, 15-, and 20-year mortgages but you must be able to afford the  higher monthly payments.

According to the Mortgage Bankers Association, the 30-year fixed is such an integral part of  the home-buying process, it made up 88% of applications last month.