Homeownership has long been part of the American dream. Whether it’s your generation, your grandparents ‘generation, or your great-great-grandparents’ generation, most people equate the idea of ​​owning a home with getting the right one. type of success. After all, owning a property can help you build wealth, give you access to equity, and provide something tangible to pass down from generation to generation.

Better, an online lender and homeownership platform with a free mortgage calculator, has compiled a list of 15 events and milestones in the history of the U.S. mortgage system, using information from articles from press, encyclopedias and historical literature.

While the idea of ​​homeownership is not new, mortgages, the tool many people use to reach this milestone, are a relatively new concept. In fact, the ability to borrow money to buy a house has only been around for a few hundred years. And mortgages, as we know them, have been around even less than that.

The first real mortgages in America were not issued until the late 1700s, after the formation of the first commercial bank. In the late 1800s, banking and mortgages were common, but still different from the mortgages we see today. At that time, lump sum payments were common and the mortgage terms offered by lenders were much shorter than expected, making it difficult for buyers to use them or even qualify.

Events of the past 100 years have had an even greater impact on mortgage loan formation. The introduction of new laws, along with massive economic changes – and other events, like questionable lending practices – have all played a role in refining the mortgage lending process. But what exactly are the events that have played a role in the history of American mortgages? And how did they help shape mortgages to become what we know today?

Keep reading to learn more about the major historical landmarks of the US mortgage system.