Most people buy a home without truly understanding what a mortgage is or how it actually works. In this episode, we break down mortgages from the ground up, in plain, no BS terms so you know exactly what you're agreeing to before you sign.
Whether you're a first time buyer or just want to actually understand your existing mortgage, this covers the principal, interest, and payment structure, amortization versus term, down payment rules in Canada, how lenders qualify you, fixed versus variable rates, equity, and the most common mistakes people make.
0:00 What A Mortgage Actually Is
0:40 Principal, Interest, And Payments
2:02 Where Your Money Really Goes Early On
3:02 Amortization Vs Term
3:58 Down Payments And Mortgage Insurance
4:57 Fixed Vs Variable Rates
7:08 Equity And Common Mortgage Mistakes
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About Us
I am a physician (M.D.) turned entrepreneur and educator. I grew up in an immigrant family focused on scarcity and saving. Always follow the safe path and the sure thing. Save money, live frugal and that’s how life would go.
I questioned nothing, followed that path and ended up unhappy, broke, in debt and not at all living the life I wanted. I had to educate myself on everything money and got quite upset that it had never been taught to me over my many years of “education”. This platform is an effort to remedy that.
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DISCLAIMER: Do your own research. We are not licensed financial advisor. There is no legal advice or financial advice in these videos. This video, the topics discussed, and ideas presented are our opinions and presented for entertainment purposes only. The information presented should not be construed as financial or legal advice. Always do your own due diligence.