Dave Ramsey: 'If you can't afford a home on a 15-year mortgage, it means you can't afford the house. Period.'

Dave Ramsey delivered a definitive stance on the debate between 30-year and 15-year mortgages.

Ramsey elaborated on the conditions under which a homeowner might consider refinancing to a 30 year mortgage, such as avoiding foreclosure or bankruptcy.

Ramsey: “You'll never hear me recommend a 30 years mortgage. Period.” Despite the strong endorsement of 15 year mortgages by the Ramseys, there are compelling arguments for choosing a longer mortgage.

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