Are you looking into real estate? Are you a first time home buyer? If so, then you will want to stay tuned. This video explains everything you need to know about a mortgage. Now, let’s get into it.
First things first, you need to know what a mortgage is. A mortgage is simply the way a bank lends you money for a home with the promise of repayment.
Although the definition is simple, there are more details you need to know about how they work.
Whether you are a first time home buyer or buying your first real estate property, you should know exactly how mortgages work. The process starts out with you asking a bank to lend you money. Once they decide you are fit for a mortgage, they will typically ask for a down payment. This will be a percentage of the overall loan amount. This amount is usually around three to five percent of the total cost. The loan company will then pay the remainder to the person selling the home. It is then your job to continuously pay the loan company back until your home is paid off.
To learn about the different mortgage options you have when buying a home, watch the full video. Don’t forget to like and subscribe for more content.