Homeownership is an accomplishment that many people revel in. The pride that you feel as you turn the key to the door of a new home is hard to explain, except to other proud homeowners.
Mortgages are like the key that lets you in the front door of this personal palace. They allow countless people to step into new homes each day and for that reason it is imperative that a good part of the general population understands how they work.
Mortgages, by definition, are legal documents that pledge a property to the lender, usually a bank or other financial institution, as a security for payment of a debt.
Mortgage payments are made up of two parts the principle, which is the amount that was initially borrowed, and the interest, which is calculated by the lender according to current mortgage rates.
The amount you end up paying for your mortgage is entirely dependant on how quickly you pay it off, the type of payment plan you choose, mortgage rates and, of course, the type of property you purchase.
This site is designed to help you make sense of mortgage terminology and the different options that you may have for paying off your mortgage.
You don’t need to be a financial wizard to invest in a mortgage, you just need to know what you are getting yourself into and how to get yourself out of it.