What is a Mortgage? A Simple Explanation for Kids and Beginners Video
This video answers the basic question "What is a Mortgage" in a simple, kid-friendly way.
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The video addresses the topics below:
- What is a Mortgage (loan for buying a home)
- Using a mortgage, can you get more money than the value of the home / house
- What is a down payment
- How much is the down payment (usually, 20% of the home's value)
- Can you get a mortgage if you don't have money for 20% down payment (yes, for example, using FHA mortgage)
- How is the amount you borrow using mortgage decided (based on your income, other payments like car or student loan payments, your credit score, the value of the property, down payment)
- For how long do you make mortgage payments (10-30 years)
- How frequently do you make mortgage payments (monthly)
- How much do you have to pay every month (depends on the mortgage amount, term of the mortgage and the rate of interest)
- What happens if you cannot make the monthly mortgage payment on time (grace period, followed by foreclosure)
- What happens after you make all mortgage payments and repay all the money (the home is all yours)
- Can only banks provide a mortgage (many financial institutions can, like credit unions)
- The types of interest rate for a mortgage (fixed and floating)
⬇️ RELATED VIDEOS ⬇️
What is Real Estate: https://www.youtube.com/watch?v=EaJoxeI_Mjc
What is Down Payment: https://www.youtube.com/watch?v=hYhCaVmd-a4
What is Foreclosure and How Can You Prevent it: https://youtu.be/9Ud_YgW3ZmI
What is APR or Annual Percentage Rate: https://youtu.be/nYois7ahJf0
Mortgage Interest Rate: Fixed vs Floating: https://www.youtube.com/watch?v=8HyUOuM7Y7s
What is Refinancing or Mortgage Refinancing: https://youtu.be/kno_br2_sKk
FHA Loan vs Conventional Mortgage: https://www.youtube.com/watch?v=zJwQ4qmYTmc
What is a Credit Report: https://www.youtube.com/watch?v=z4STIxmDeXU
What is a Home Equity Loan or Second Mortgage: https://www.youtube.com/watch?v=o0zcrosPg78
⬇️ RELATED PLAYLISTS ⬇️
Introduction to Real Estate and Mortgage for Kids - Mortgage, Floating and Fixed Interest Etc.: https://www.youtube.com/watch?v=qZZJgJ7gG2c&list=PLD1Hjcbe9g7pgtY3ylRTGXvw8B5tfXHRg
Key Personal Finance Terms for Kids: https://www.youtube.com/watch?v=mi0N0ZQtN4k&list=PLD1Hjcbe9g7qM1_HcgCIbA4b1V9VygbJN
Introduction to Borrowing and Loans for Kids: https://www.youtube.com/watch?v=Em_jN_bAC7s&list=PLD1Hjcbe9g7p2cmNFhpJ-U3_DyJErHOXH
Introduction to Finance for Kids - Earning, Saving, Investing, Compound Interest, Inflation, Net Worth, Emergency Fund: https://www.youtube.com/watch?v=3wMITaE5_Qk&list=PLD1Hjcbe9g7opE4MnIRUhDEJSHdaG1vTE
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For more information and transcript, please visit: https://www.easypeasyfinance.com/mortgage-for-kids-teens-beginners/
FREE Crash Course in Money Management - Basics of Money and Personal Finance for Kids & Beginners: https://www.easypeasyfinance.com/free
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Credits:
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Music: http://www.freesfx.co.uk/, http://www.SoundBible.com
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The links here may be affiliate links, meaning at no additional cost to you, we earn a commission if you click through & make a purchase. Easy Peasy Finance is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.
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The information presented in the video and the description is for educational purpose only. The presenter(s) / speaker(s) / Easy Peasy Finance are not financial advisors, and do not provide investment advise. Please consult a qualified financial advisor before making any investment decision.
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