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.
