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Posted To: Pipeline Press

Sweden, with its population of about 9.6 million about the same as Michigan, just adopted a law limiting mortgage loans to 105 years. Our 30-year fixed-rate mortgage has plenty of critics, but Sweden’s unlimited amortization developed as a strategy to cope with high property prices as a longer term means monthly payments are lower. But inheritors are left with repaying the balance of the mortgage, often by selling the home. The recent average mortgage term was around 140 years, and nearly one-third of mortgages issued in 2014 allowed borrowers to repay only interest. New mortgages will have a 105-year repayment limit as borrowers will be required to reimburse a minimum amount of the loan capital each year, after a five-year grace period on loans for new homes. In state-specific news, aside…(read more)

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