Pop Quiz: 1. Other than America, how many nations have 30-year fixed-rate mortgages?
FYI: There are now 193 nations in the United Nations.
ANSWER: 0. Zero. Zip. Nada.
2. Why is that?
A. The 30-year fixed rate mortgage was developed by the Federal Housing Agency (FHA) to help Americans become homeowners. It is been extraordinarily successful, as government programs go. Originally, it was an alternative to the conventional “balloon payment mortgage.”
See our next blog for: More To That Story …… bet you can’t wait!