In this video, Marco from Whiteboard Finance provides a guide to Home Mortgages For First Time Home Buyers, also known as mortgages 101. He explains that a home mortgage is usually the largest and longest loan that most people take out in their life. Marco breaks down the four factors that go into a mortgage payment, which are principal, interest, taxes, and insurance (PITI). He also discusses the different types of mortgage products, such as fixed-rate mortgages, adjustable-rate mortgages, and FHA loans. Marco provides a live demonstration of his home affordability spreadsheet, showing how different factors like the down payment amount, insurance, and taxes can affect the mortgage payment. Additionally, he explains the concept of private mortgage insurance (PMI) for those who put less than 20% down on a property. He also lists some other types of mortgages, such as VA loans and jumbo loans, which are available for specific situations. Overall, Marco aims to help viewers understand the inner workings of mortgages, so they can make informed decisions when purchasing a home.
Bullet Summary – Home Mortgages For First Time Home Buyers:
– A home mortgage is the largest and longest loan most people take out in their life
– PITI (principal, interest, taxes, insurance) are the four factors that go into a mortgage payment
– Different types of mortgage products include fixed-rate mortgages, adjustable-rate mortgages, and FHA loans
– Marco provides a live demonstration of his home affordability spreadsheet
– Private mortgage insurance (PMI) is required for those who put less than 20% down on a property
– Other types of mortgages include VA loans and jumbo loans, available for specific situations
