Surprising Facts About Mortgages
The world of mortgages isn't all dry contracts and interest rates. Dig a little deeper, and you'll find some quirky and amusing facts about these financial instruments! The Word "Mortgage" Means "Death Pledge"
The term "mortgage" is derived from a Law French term used in Britain in the Middle Ages, meaning "death pledge." This doesn’t refer to a grim faith in your finances but rather comes from the idea that the pledge (or obligation) “dies” either when the debt is paid off or the property is repossessed. Ronald Reagan's Record Deal
Famed for many roles beyond just being a U.S. President, Ronald Reagan once struck a particularly lucrative mortgage deal in the 1950s. At the time, he bought a Pacific Palisades home for $100,000 and wrote off the interest on his taxes—which was perfectly legal and common practice among Hollywood's elite. It's a classic case of real estate meeting a blockbuster deal! The Home Payment Scheme
Did you know there's an unusual mortgage payment strategy that involves making payments every two weeks instead of once a month? This bi-weekly plan equals 26 half-payments a year, which subtly equates to 13 full monthly payments instead of the usual 12! It’s a sneaky but effective way to pay off a loan quicker! Pets and Home Buying
Here's a funny stat: a significant number of first-time homebuyers confess that finding a nice yard for their pet was a major factor in choosing a home! It seems our furry friends can drive our financial decisions as much as they do our social ones. The Mortgage Mustache
An old, albeit rare, term in real estate history was the "mortgage mustache." In some regions, during the 1800s, salesmen used fiendishly curled mustaches to signify their ability to strike a mortgage deal. This might seem odd today, but it was a status symbol and a marketing tool back then.
These fun insights show that even the serious business of home loans has an entertaining side! Remember, keeping informed—and occasionally entertained—can help demystify the complexities of the mortgage process.
