Savings Associations

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FLORIDA REAL ESTATE SALES ASSOCIATE COURSE

Types of mortgages

Section 45 of 72

Savings associations, sometimes called savings and loan associations (S&Ls), were historically the primary source of residential mortgages in the United States. Their original charter was specifically designed to promote thrift and homeownership. While their dominance has waned compared to past decades, they remain active participants in the market. They specialize in long-term residential mortgages and are a common source for conventional loans to buy single-family homes.