Mortgage Means Death
The word mortgage literally means death as it is an old French word interpreted as death pledge. And, contrary to popular belief, it is realistic to pay off a mortgage, especially in today’s American economy. Mortgage rates have changed significantly over the years due to economic variances that resulted from the Great Depression. Since then, down payments and interest rates have been lowered substantially. During the Great Depression, mortgage interest rates were as high as 18 percent, and in modern history at nearly 17% in 1981. Today, interest rates are hovering around 3 percent.
Trivia to Pay Debt: What is Givling?
Since 2015, a company called Givling has pledged to help individuals with their student loans and mortgage debt through a trivia game. What is Givling? Givling is a trivia crowdfunding game and a community of players focused on this enormous debt problem. To start, participants answer trivia questions to earn points, and those points allow players to climb the scoreboard. Players in the top spots on the scoreboard or “funding box” have been deemed the recipients of Givling players crowdfunding efforts. Players are to answer general trivia questions within a 10 second time limit to accumulate points. You can find additional information on how Givling works here and what Givling is on their FAQ page.
Mortgages are Traditional
Mortgages are prevalent, with about 80 percent of American home buyers taking out a home loan to pay for their dwellings. Most of these homebuyers only put down 10 percent while financing the remaining 90 percent.
Mortgages Around the World
In the United States, mortgages are rarely entirely financed, meaning buyers are generally required to give a down payment. In other countries such as the Netherlands and the United Kingdom, buyers can finance up to 115 percent of their home costs. After paying off a home mortgage in some cultures, the owner will paint their door red; this is common in Scotland. Homes with doors painted red represent mortgage freedom.
“First Time” Home Buyer
To be considered a first-time homebuyer, it doesn’t necessarily have to be the first home you’ve purchased. The phrase first-time home buyer represents a person who hasn’t purchased a home within the last three years.