This YouTube video from Whiteboard Finance provides the basics of a home loan.
What is a Mortgage?
A mortgage (also called a home loan) is usually the longest and largest one taken out by individuals in their lifetime. Its value depends on the home’s cost and what the buyer is willing to put upfront.
While there are still some home loans available that don’t require anything down, the mortgage collapse of the Great Recession caused financial institutions to tighten their requirements. Thus, many require some money down.
Mortgages can last decades. The longest one, and the most common, is a 30-year home loan. However, a 15-year loan has become more popular over the years. While payments are larger, those who take this loan tend to pay lower interest rates.
The goal of this video is to help you through the process of getting a mortgage. Whether you’re a first-time homebuyer or a purchasing veteran, there’s something you could learn. As a result, you’ll receive a great value on your home loans. Plus, the return on investment for your purchase will be greater.