When I first heard the term MORTGAGE, I was 10yrs old and had no clue, I ask my dad and he jokingly stated "Son its something that if I do not pay, we will be homeless". Can you imagine the fear, but that was years ago, now i'm an adult tasked with paying my MORTGAGE. All jokes aside a "MORTGAGE" is loan to finance the purchase of home and consist of 5 parts Collateral; Principal; Interest; Taxes and Insurance. Credit to www.Realtor.com for the video below.
No comments:
Post a Comment