#mortgage-regulation

#mortgage-regulation

It is critical that we deliver real solutions that empower Americans and strengthen communities, committee Chair French Hill (R-Ark.) said in a statement. This month, the Financial Services Committee will advance solutions to tackle housing cost and access challenges for American families, homeowners and renters. Next year, we look forward to working with our Senate colleagues to send a bill to the president's desk that reflects the views of both chambers and leads to more affordable choices for America's homeowners and renters.

Extending terms from 30 years to 50 years does lower monthly payments but it also substantially increases total interest paid and slows equity accumulation. An Associated Press analysis shows a median-priced home would see monthly principal and interest fall modestly under a 50-year term while the buyer could pay roughly $389,000 more in interest over the life of the loan compared with a 30-year mortgage.