I am just curious as to when 15 and 30 year mortgages started becoming common in the USA.
When Did 15 and 30 Year Mortgages Become Common in the USA?
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I am just curious as to when 15 and 30 year mortgages started becoming common in the USA.
I reckon right after the depression, I have basis for this, just a hunch or a touch I heard a while back…
Interest only loans were common especially during the 1920′s. When the fantastic depression hit we had conditions like today. Real Estate values fell and individuals could not sell their property for what it was mortgaged for. Banks then turned to an amortizing loan. The typical period was 20 years. Since then the period has stretch to 25 years in the 60′s and now 30 years. 15 year mortgages were instituited in the 80′s I believe.