U.S. President Donald Trump is floating a controversial idea to help more Americans achieve home ownership: 50-year mortgages.
On the front end, such loans would lower people’s monthly payments by stretching out the principal over a much longer period. But in the end, the interest payments would be way higher — more than double the amount forked over during a typical 30-year mortgage.
North of the border, Trump’s proposal raises the obvious question: Should Canada consider allowing 50-year mortgages?
Don’t bank on it.
On tonight’s episode of Closer Look, we break down the pros and cons — and a lot more — with Dan Eisner, founder and CEO of True North Mortgage.
Hosted by Village Media’s Michael Friscolanti and Scott Sexsmith, and produced by Derek Turner, Closer Look is a new daily podcast that goes way beyond the headlines with insightful, in-depth conversations featuring our reporters and editors, leading experts, key stakeholders and big newsmakers.
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