5 Fun Facts About Mortgages
Posted on July 27, 2021
5 fun facts about mortgages
Buying a house can be stressful and overwhelming. Not only are you spending a large amount of money, but you also will be taking on a large debt that you will continue to pay off for a long time. Between phone calls from realtors, lenders, and others, it can be hard to remember the excitement of buying a house! Take a break from stressing about numbers and check out these 5 fun facts about mortgages.
- In Scotland, homeowners paint their front door red once they’ve paid off their mortgage. A fun way to celebrate a great accomplishment!
- The term mortgage comes from the old French language. “Mort” meaning dead and “gage” meaning pledge. This “death pledge” was assumed because most thought paying off their debt would last until their death. No need to fear, the right lender can help make sure this doesn’t happen.
- In the U.S., the maximum value of a mortgage is typically 97 percent of the house value. In the Netherlands, a borrower can take out a mortgage for as much as 115 percent of the house value, and in the UK up to 110 percent.
- As of 2020, the total mortgage debt of the U.S. is approximately 16.56 trillion U.S. dollars.
- Most people are clueless when it comes to mortgages. That’s why there are great lenders out there. Set up a time to talk and one of our loan partners can answer all your questions!