Clark’s Take on Whether You Should Opt for a Large Down Payment to Purchase a Home
Clark says: "I'd really love for you to have as large a down payment as works for you, then use it as a way to take out a shorter mortgage if you can afford it."
"I am obsessed with 15-year mortgages," he says. "The 15-year loan … gets you building equity right away, whereas with a 30-year loan, you build no meaningful equity for a long, long time."
Clark says another advantage of getting a 15-year mortgage is that lenders consider you to be a much less risky borrower compared to those who take out a 30-year mortgage.