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Until the 1930s only 40% of U.S. households owned homes; the rate today is nearly 70%.

In 2003, total U.S. residential mortgage production reached a record level of $3.8 trillion through record low interest rates though these continue to vary according to credit rating.

There are various ways to repay a mortgage loan; repayment depends on locality, tax laws and prevailing culture. The mon way to repay a loan is to make regular payments of the capital also called principal and interest over a set term.

This monly referred to as self amortization in the U.S. and as a repayment mortgage in the UK.

Depending on the size of the loan and the prevailing practice in the country the term may be short 10 years or long 50 years plus. In the UK and U.S., 25 to 30 years is typical.

Mortgage repayments, which are typically made monthly, contain a capital element and an interest element. The amount of capital included in each repayment varies throughout the term of the mortgage.

In the early years the repayments are largely interest and a small part capital. Towards the end of the mortgage the repayments are mostly capital and a small part interest.

In this way the repayment amount determined at outset is calculated to ensure the loan is repaid at a specified period in the future. This gives borrowers assurance that by maintaining repayment the loan will definitely be cleared at a specified date.

The main alternative to capital and interest mortgage is an interest only mortgage, where the capital is not repaid throughout the term. This type of mortgage mon in the UK, especially when associated with a regular investment plan.

With this arrangement regular contributions are made to a separate investment plan designed to build up a lump sum to repay the mortgage at maturity. This type of arrangement is called an investment-backed mortgage or is often related to the type of plan used: endowment mortgage if an endowment policy is used, similarly a Personal Equity Plan PEP mortgage, Individual Savings Account ISA mortgage or pension mortgage.

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