Do your friends consider mortgages as the useless thing to consider out? If so, then probably they are not aware of some of the amazing facts about mortgages! Are you ready to make them learn some interesting facts about mortgages! Let’s have a look!
Major Facts You Should Know About Mortgages:
The very first use of the mortgages was held as in the poem Confessio Amantis that was written in the 1300s. In that poem, the word was basically used as in order to define the marriage and not a home loan.
In the last few years, the mortgages system of American has brought about with so many changes in its account. After the American Great Depression, the mortgages get on with the short maturity times and even underwent with the high down payment. In the category of the Pre-Depression mortgages, you will be featuring the variable interest rates.
It has been investigated through the survey that almost one-third of the people are probably not aware of the concept of mortgages. Some of the people even hold the conception that the lenders would be charging the same fees as to every single customer. This is not true at all!
Interest rates on the mortgages are getting on the low percentage rate with the passage of time. The very first fixed-rate mortgages were given away in the year 1971. At that time the rates were around the limit of 7.5 percent. In the year 1980, they jumped to nearly 20 percent. Today it is about 5%.
In Scotland, as the individuals paid off the complete mortgages, they paint up their house front door with the red paint color. Is’nt it funs?
In the third quarter of 2013, the total sum of the mortgage debt was more than $13 trillion.