>Are you looking into real estate? Are you a first time home buyer? You will be interested in this video if you are a first-time home buyer. The video will explain all you should know about a mortgage. Let’s dive into it.
To begin, you need to know what mortgages are. It is the method by which banks lend you funds to purchase a property with the promise of repayment. Though the principle is easy but you need to know more about how they work.
You should be familiar with how mortgages function no matter if you’re buying your first home for the first time or you’re buying your first property. The bank asks for money. After they’ve decided you’re fit for a mortgage, they will typically ask for a down payment. This will be a percentage of the total loan amount. It is usually about three to five percent of the total amount. When the loan is fully paid, the vendor will receive the remaining amount. It is your obligation to continue making payments to the lender until you have your own home.
For more information about the various loan options available to you for buying a home check out the whole video. Join our mailing list to get more information.