If you’ve bought a home or two through the years, you probably know a bit about mortgages. But here are some fun facts you probably don’t know:
• The word mortgage comes from the Old French word “mortgage,” or “mort gaige,” which means “dead pledge.” So when you pay it off the mortgage dies.
• In Scotland people paint their front doors red once the mortgage has been paid off.
• According to the Federal Reserve, there was $15.8 trillion in mortgage debt at the end of 2019. Overall home values in owner occupied homes was valued at $29.2 trillion.
• Mortgage rates are at the lowest level in years.
• Fannie Mae was founded in 1938 by Franklin Roosevelt to free up money for lenders. Freddie Mac was created in 1970 just after Fannie Mae became a publicly traded company. The two entities combine to guarantee about half the mortgages in the US.
• 32% of buyers in 2019 were first-time buyers. 21% were cash buyers nationwide In Green Valley, the number of cash buyers is closer to 60%.
For more information on mortgages, interest rates and financing, contact Steve at Nation’s Lending, 520-612-0479, or stop in at 210 W. Continental Road, Suite 116A, Green Valley AZ 85622.
Corp NMLS # 32416