Back in the early 1900′s, around the 20s and 30s, society introduced mortgages as a way to give people a way to buy houses. They thought it wasn’t fair that everyone couldn’t own a home. So they started with 5 and 7-year mortgages. 4 out of 10 people owned a house back then. They put 50% down and paid 50% off in that span.
Over the years, I think around the 40s, they extended the mortgages to make it possible for even more people to buy houses. As of 2012, 56% of people own their own home. However, only 17% of the population own their home free and clear.
We’d like to see the number of people who own their home outright increase. Plum Genius introduces our 7-year mortgages. It’s part of our rent-to-own program. Learn more about it today.