Part 1 of 4:
In this video, we’re talking about the mortgage...which isss...one of the greatest inventions the banking industry has ever developed and you’ll soon understand why. We are going to take 4 videos to look at its history, its moving parts, bank and mortgage company motivations, and its benefits.
Quick Fact: The US mortgage market is $11 trillion and THAT is larger than every economy in the world except China!
Part 2 of 4:
We are going to dive into the individual components of a mortgage. The various pieces that make it work the way it does and also reveal some of the facts of mortgages that make it such a great product for banks but an incredibly inefficient product for people.
Quick Fact: The amount you pay in interest versus the amount going toward principal on your monthly mortgage payment is not equal until year 12-13 on most 30 year mortgages.
Part 3 of 4:
I realize it may seem strange to talk about the benefits a mortgage provides to those who have one. This IS training about HELOCs after all! BUT, that's exactly what we are going to do. It's important to understand these so that you can compare them to a HELOC.
Quick Fact: Although the stability a mortgage can provide is a benefit, it may not be as stable as you had hoped if you have an escrow since taxes and insurance costs usually don't decrease.
Part 4 of 4:
In this video, we are going to reveal some of the motivations behind the mortgage companies and banks that provide mortgages. This may be quite enlightening to some!
Quick Fact: The average length of time homeowners stay in their homes is 5-7 years. Also, mortgage payments are primarily interest for the first 12-13 years of the typical 30 year mortgage. Hmmmm...
