What Is A Mortgage 101 скачать в хорошем качестве

What Is A Mortgage 101

#mortgage #thekeringroup #realestate #realtor #florida #tampa Mortgage 101: A Simple Guide to the Loan That Builds a Home The word "mortgage" can sound intimidating, but at its heart, it is one of the most powerful financial tools you’ll ever use. In a 2026 housing market where home prices remain steady and rates are hovering in the mid-6% range, understanding exactly how this loan works is the first step toward homeownership. Put simply: A mortgage is a loan specifically for real estate. Because houses are expensive, most people don't have the cash to buy one outright. A mortgage allows you to buy the home now and pay for it over a long period—usually 15 to 30 years. How a Mortgage Works: The Collateral Agreement When you take out a mortgage, you are making a deal with a lender (like a bank or credit union). They give you the bulk of the money to buy the house, and in return, you agree to: Pay them back with interest over time. Use the home as collateral. This is the "catch." If you stop making payments, the lender has the legal right to take the home back through a process called foreclosure to recover their money. The Four Pillars of Your Payment (P.I.T.I.) Most people think of their mortgage as just a loan payment, but it’s actually a "bundle" of four different costs, often remembered by the acronym PITI: Principal: This is the actual amount you borrowed. If you buy a $400,000 home and put $20,000 down, your principal is $380,000. Interest: This is what the lender charges you for the privilege of borrowing the money. In 2026, interest rates are a major factor in how much house you can afford. Taxes: Most lenders collect your annual property taxes in small monthly chunks and hold them in an escrow account to pay the government on your behalf. Insurance: This includes your homeowners insurance (to protect against fire/theft) and potentially PMI (Private Mortgage Insurance) if your down payment was less than 20%. Common Types of Mortgages in 2026 Not all mortgages are created equal. Depending on your credit and savings, you’ll likely choose one of these: Loan TypeBest For...Key FeatureFixed-RateStability seekersYour interest rate never changes for 30 years.Adjustable-Rate (ARM)Short-term ownersLower initial rate that "adjusts" after 5 or 10 years.FHA LoanFirst-time buyersAllows for credit scores as low as 580 and 3.5% down.VA LoanVeterans0% down payment and no monthly mortgage insurance. Why Amortization Matters In the beginning of your mortgage, most of your monthly payment goes toward interest. Very little goes toward the principal. This process is called amortization. As the years go by, the math flips—you start paying off more of the actual loan balance and less interest. Pro-Tip: Making even one extra payment toward your "principal" each year can shave years off your loan and save you tens of thousands of dollars in interest! The Bottom Line A mortgage isn't just debt; it's a way to freeze your housing costs. While renters face annual price hikes, a fixed-rate mortgage ensures your "Principal and Interest" stay the same for decades, all while you build equity (the portion of the home you truly own). The Kerin Group (813) 530-1996 REAL Estate - REAL Fun - REAL Community http://www.TheKerin.com   / thekeringroup   FOLLOW US ⇢ Subscribe!    / @thekeringroup   ⇢ Facebook:   / thekeringroup   ⇢ Instagram:   / kerinrealty   ⇢ Twitter:   / kerinrealty   ⇢ Google+: https://plus.google.com/u/0/b/1141369... For all your Tampa Real Estate Needs!! - http://www.TheKerin.com If you're relocating to Tampa or just visiting, be sure to check out our other channel for AWESOME food & fun! Go to http://www.FunTampa.com ⇢ Subscribe!    / funtampa   ⇢ Facebook:   / funtampa   ⇢ Instagram:   / funtampa   ⇢ TikTok:   / funtampa