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Many savings and loan associations were founded for the purpose of promoting thrift, helping people to save, and encouraging home ownership. In earlier centuries, only the very wealthy people could afford owning their home, and most people could not save enough money in their lifetime to build or buy a home. Only when they joined with their neighbors and saved together through savings and loan associations did it become possible to borrow enough money to buy homes. Savings and loan associations became a strong force in the early 20th century by assisting people with home ownership through mortgage lending, and further assisting their members with basic saving and investing outlets, typically through passbook savings accounts and term certificates of deposit.
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