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Carney introduces bill to preserve 30-year mortgage

Cape Gazette, By John Carney 

When I was in my early thirties, I bought the home I live in now – in Wilmington right near Warner Elementary. My brother and dad went in on it with me. The only way my brother and I could qualify was with my dad’s credit, and the only way we could afford the monthly payments was to take out a 30-year mortgage.

If homeownership is part of the American dream, so is the 30-year fixed rate mortgage. Most of you reading this, if you own a home, probably purchased it using this type of mortgage. For those of us first-time home buyers with car payments or student loans or credit card debt, spreading your mortgage out over thirty years is the only way to make it work. For many, the 30-year mortgage is a gateway to the middle class.

Read full article: Carney introduces bill to preserve 30-year mortgage