This video answers the basic question “What is a Mortgage” in a simple, kid-friendly way.
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The video addresses the topics below:
– What is a Mortgage (loan for buying a home)
– Using a mortgage, can you get more money than the value of the home / house
– What is a down payment
– How much is the down payment (usually, 20% of the home’s value)
– Can you get a mortgage if you don’t have money for 20% down payment (yes, for example, using FHA mortgage)
– How is the amount you borrow using mortgage decided (based on your income, other payments like car or student loan payments, your credit score, the value of the property, down payment)
– For how long do you make mortgage payments (10-30 years)
– How frequently do you make mortgage payments (monthly)
– How much do you have to pay every month (depends on the mortgage amount, term of the mortgage and the rate of interest)
– What happens if you cannot make the monthly mortgage payment on time (grace period, followed by foreclosure)
– What happens after you make all mortgage payments and repay all the money (the home is all yours)
– Can only banks provide a mortgage (many financial institutions can, like credit unions)
– The types of interest rate for a mortgage (fixed and floating)
Hope you like the video and stick around for more finance fun! And please let us know your thoughts (or a suggestion for a video) by leaving a comment!
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