Mortgages 101 What You Need To Know

Mortgages 101 What You Need To Know

A mortgage, basically speaking, is a loan. When you set out to purchase a home, no one expects you to have, say, $500,000 in cash. So that’s where a mortgage comes in: You borrow the extra money that you need to buy your chosen home, agreeing to pay it back in the coming years.

The huge debt a mortgage incurs can be seen as a burden. But its appeal lies in the fact that the mortgage helps you to buy an asset with the expectation that its value will increase over time, which adds to your financial portfolio, gives you a big tax break and, you know, finances a place for you to live.

Along with being expensive, a mortgage can also be complicated, so we’re breaking down the basics for you.

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Dated: November 10th 2018
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