027 Real Estate 101, Part 4 -- Financing Basics, aka the Miraculous Mortgage
In our fourth installment of our Podcast series on Real Estate for the Military, we finish building our Financial IQ Foundation by discussing financing and mortgages. Not just for the VA Loan, but general truths about home loans and the mortgage industry. While it may feel like a bit of tease to not jump into the VA Loan straightaway, understanding financing will help you take advantage of many different ways to buy a house, and do so without backing yourself into a corner or falling into any traps.
You'll learn about why the 30-year mortgage in the U.S. is such an amazing tool that few in the world have access to (and also explains why so many non-American millionaires and billionaires come to the U.S. just so they can buy real estate with a 30-year mortgage). You'll learn about what happens to your loan after you've taken the keys and moved into your new house, and give you the knowledge to not panic when you get those gibberish-sounding letters from banks you've never heard of announcing they bought your loan.
Most importantly, we'll break down the mortgage payment into Principal, Interest, Taxes, and Insurance, or PITI, as well as that other charge you might see on your monthly statement: Mortgage Insurance. You'll learn not only that you can pay less than 20% down on a house with non-VA loans if you qualify for it, but also that in 9 cases out of 10 you absolutely should pay less than 20% down -- and just pay the Mortgage Insurance. By the end of today's episode you'll be confident enough to stroll into any bank in town and take out a mortgage that's best for you so you can jump right into real estate investing and homeownership today!
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