10 Interesting Fact About Mortgages

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• Mortage comes from the French word Morgage which means promise.
• The word mortgage was first used in England in the 12th century.
• One of the most popular types of mortgage is Fixed Rate Mortgage, where interest rates remain for a certain period of time.
• There is also a type of mortgage called adjustable rate mortgage, where interest rates can change according to market conditions.
• In 2008, the housing and mortgage crisis occurred in the United States, which triggered a global financial crisis.
• In Indonesia, Bank Indonesia has strict regulations related to the requirements for granting a mortgage credit.
• The amount of cash needed to pay an advance in a mortgage can reach tens of millions of rupiah.
• Mortgage can also be used to finance commercial property purchases, such as office buildings or shops.
• There are two types of mortgage insurance, namely Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP).
• Mortgage can also be an investment, where investors buy a portion of the mortgage and get a part of interest and principal payments.