Welcome to EitanPinsky.com, where you will find all the answers to your home financing needs.
In this video, I will explain: Mortgage Basics
When you want to buy a house, there is a good chance that you will need to get a mortgage.
For instance, take my friend Byron the Home Buyer. Byron wants to buy a home but he only has a small down payment to pay for it. Byron would need to get a mortgage for the remainder…
A mortgage is a loan, usually from a bank, that provides a home buyer with the money required to purchase a home. In return for receiving a loan, the homebuyer needs to pay back the bank with interest.
Let’s assume that Byron has $10,000 and would like to purchase a $200,000 home. In this case, Byron doesn’t have enough cash to pay for his home. Byron will need to borrow $190,000.
Byron chooses a 30-year amortization 5% fixed rate mortgage. – Don’t worry, I will explain what all of that means in another video… This means that Byron must make monthly payments to his bank of $1,014. After making this payment for 30 years, Byron will own his house!
Congratulations Byron, on purchasing your first home!!
Over the course of 30 years, Byron pays back the $190,000 he owes the bank plus $175,000 in interest. In very simple terms, this means that his $200,000 home actually cost him $375,000.
However, if the loan was paid back, in let’s say, 20 years, Byron would save a over $65,000
Byron’s mortgage helped him purchase his home. But it’s important for him to remember that his home is also a type of debt. The faster he pays off his mortgage, the less he pays in interest, the sooner Byron becomes debt free.
Thank you for watching!
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