Last article, we watched Graham Stephan’s video on the benefits of a 30-year mortgage. For the sake of balance, and the fact that I am honestly split on this issue, we are going to check out a great counter-argument. A 15-year mortgage is usually the optioned favored by fiscal conservatives. This is because, by the end of the loan term, you pay less interest. Not only that, but you obviously end up with a paid-off home faster. Just like last time, we will get some background on our “guest,” Dave Ramsay, before diving into the video.
One of the most prominent financial content creators in the world, Dave has built a network of great financial advice over the years. Another long-time real estate agent, Dave has solid conservative advice on investing in houses. Another benefit to listening to Dave is that he is much older than Graham; with this age comes a lot of experience. Ramsay has been through almost every financial situation one can imagine: Bankruptcy, small business ownership, all the way to being the owner and head creator for a massive network of financial web content. With all that said, let’s check out his thoughts on the 15-year mortgage:
Dave is clearly very conservative and debt-averse, and that is a great thing for a lot of his viewers. With some absolutely stellar points made, just like Graham, Dave makes a great case for this approach. A 15-year mortgage is a very safe option that keeps people accountable for the home they are buying. In all honesty, I am still pretty undecided on this issue; maybe I’ll be more sure when it comes time for me to buy my own home. Tell me what you think by commenting on the post, and check out the previous article to make sure you’ve heard both sides. Thanks for reading this two-part series! If you like this format, please let us know in the comments, and share wherever you can!