When one of the wealthiest men in the world says that homeownership is a good idea, people should listen.
Billionaire business magnate Warren Buffett said to CNBC that the 30-year mortgage is a terrific option for prospective owners who are planning to put down roots.
A 30-year mortgage is "the best instrument in the world," Buffett says. "Because if you're wrong and rates go to 2 percent, which I don't think they will, you pay it off. It's a one-way renegotiation. It is an incredibly attractive instrument for the homeowner and you've got a one-way bet."
Buffett himself took out a 30-year mortgage back in 1971 for a $150,000 house in Laguna Beach, Calif. He recently listed it for $11 million.