A property mortgage is the biggest debt most of us will ever take on. So choosing the right one is vital. Tim Bennett explains the basics of mortgages and highlights the main pitfalls to avoid.
+Kerri Simpson I know. They should teach economics and financial accounting. Instead they teach arts, communications, social studies. Not that these other things aren't good but they should focus on things which will impact us for the rest of our lives.
I have struggled and struggled to understand financial concepts all my life and you have just made it all made sense in a concise and non-patronising way. Thank you so much!!!
Excellent video. Very good presentation style and language used, clear speaking, good pausing, good phrasing. I understood everything and i'm a financial dummy :P
This is definitely a great help for the begginers. Topics that were never taught in school need someone who can define every detail in a thorough manner. Thank you for sharing!
So helpful, really opened my eyes. Everyone keeps telling me to buy a house because renting is dead money, and a mortgage really isn't a big deal. Don't know what they're on about as it obviously is a massive deal, glad to have informative videos like this.
Harnett. You have nothing to bargain with when you are old or needs equity. The money that your are paing in rent, the person is paying their morgage with and buying another property. When they send you home after working 40 years, you go back homw with the clothes on your back, nothing to show what you work 40 years for. Nothing to collect rent for to give you a meal. So you can pay someone's rent for 40 years and let them sell the building under you or you can pay a morgage.
Interest rate is currently at 4.75%(8th rate hike since March last year) Inflation at 7% and mortgage rates is at over 7.5% but yet minimum wage remains the same and my retirement portfolio has suffered tremendously these past years, so my question is how do senior citizens retire and live off such unstable economy. The long term game is obviously not for me at this point.
It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.
@@hermanramos7092 I get such worries too. I'm 50 and retiring early. Already worried of the future and where its headed, especially in terms of financies and how to get by. I'm also considering making my first investment in the stock market, but how can I do so given that the market has been in a mess for the majority of the year?
@@martingiavarini Personally, I can connect to that. When I began working with "Catherine Morrison Evans," a fiduciary financial counsellor, my advantages were certain. In these circumstances, I would always advise getting professional help so they can steer you through choppy markets and just give you indicators and strategies for knowing when to enter and exit the market.
@@hermanramos7092 Please how do I connect to her? My funds are being murdered by inflation, and I'm looking for a more profitable investing strategy to put them to work.
Excellent video Tim. As an Estate Agent, I found it to be very informative and more importantly, well structured. Thank you for taking the time to make it. Any chance of an updated version explaining the impact of MMR?
I realized that the secret to making a million is making better investment. I always tell myself you don't need that new Car or that vacation just yet and that mindset helps me make more money invest:ng. For example last year I invested 70k in blue chip stocks and crypt0 s (with the help of my advisor of course) and made about 380k, but guess what? I put it back and traded with her again and now I'm rounding up close to a million. Delayed gratification always pays off
My first experience with her gave me the assurance that has made me to invest without fear of loosing and I got four of my friends involved with her already
You are awesome. It sounds like I am just in the room and you are talking to me. Great pacing...I love the straight forwardness of your side comments. lol. Thank you!
Well so nice tutorial I love it Beautiful explanation step by step good teacher. I have learned lot of thing from you & also who had so nice helpful comments Look forward more to watch in near future Thanks to all Raj
that would depend if the loan is on a reducing basis or a flat basis. If it is reducing, the interest would be calculated on the remaining principal and if it is a flat rate, the interest would be calculated on the original principal. If your banker quotes you a very low flat rate, be aware that you will continue to pay a higher interest through out the term of the facility unlike loans on reducing rates.
Great explanations! This was very insightful to learn as a first time buyer! Extremely informative ! Great use of examples to show the differences, definitely helped me understand.
This is what I needed to hear. No hype, no Brad Pitt salesman type ......and easy to understand. The things he says should be part of what one is taught at school so as to equip youngsters to more effectively deal with the realities of life. But then again a smart population means less profit for many institutions.
With the uncertainty of the new year, everyone should be worried about the state of the stock market right now, and might be considering the best stocks to buy that can keep your portfolio on track.
@@aureliocantos8466 Absolutely, fortunately my financial advisor Dan Raziel was able to build a portfolio which helped pay off my mortgage, cleared my debt and greatly increased my annual earnings through consistent trading in stocks and crypto. Retirement came early with no regrets.
@@noelstout3056 I’m trying to have someone on my team who know how the market works and get its benefits. How reliable and profitable has Dan Raziel been?
@@amberhills5296 Dan has been handling my investment for 3 years, and my portfolio has grown rapidly. In my first 5 months I got a trade profit of $94,000 with an investment of $20,000. His analysis are sure and his stakes are at near zero risks. He manages all risks effectively and I’m confident in the future performance of my portfolio.
Sir you are really provided quality content I really like your all video after watching your all video I am feeling yes today I learn something I don't know why you tube not pushing your you tube chenal
I understand the numbers easily, but the practical side of things isn't fun. You work from 9-5 for 48 weeks a year and must pay certain amount of money to a financial institution per month for 30 years otherwise you end up on the street. There's no fun in that. No wonder so many people are so depressed all the time.
You have a point but the way i see it is that you have to pay some sort of rent to live anyway. Why not invest it in to something you own rather than work 9-5 for 48 weeks a year and have nothing at all.
lets say for example i borrow 100,000 pounds for a house and i want to pay back using the repay method(i.e not interest only method). i am reducing the money i owe every month because i am paying a small portion of the original principle every month. But every month, is the interest rate charge on the original principal that i borrowed or on the remaining principal i owe right now.
Hello, thank you to make this possible. I am a financially uneducated person with a good graduate salary that is struggling to understand all these technicalities and you are making it easier for me. What is an arrangement fee that you mentioned in 11:24?
What I don’t understand is, where does the builder surface in the arrangement between a potential house owner and the bank? After all the property is first owned by the builder because he creates it and he is the original owner. So does the bank buy the property first from the builder and then loan it to the house owner? Or what????
hi tim :) thanx a lot for all your nice videos .. i found them very useful :) i am wondering if you can you do videos on buy back of shares and collective investment vehicles ( with as much details as possible)... i am a student from india and i will be very glad to learn from you ... you are a brilliant teacher :)
Very informative video for people who literally no nothing about mortgages because the school system is fucking useless when it comes to financial education, you’ve just earned a sub sir!
Its a very informative video . Thank you very much. If it is possible then can you please make a video which shows that certain amoun of home loan being taken at certain rate for certain years and is paid in form of monthly payment. And it would be great of you to describe the components such as tax and insurance that a;ffects the loan payment and other factors that are considered by financial institution while giving the loan. Thank you.
Do the math paying a monthly rent of $1,500 x 12 months x 25 years............ interest is just a small fee to accumulate equity and wealth. Whereas rent is dead money and getting you nowhere in life. It'll make you even more sick. At least after 25 years you'll have 300k to your name.
can anyone tell me where to find a mortgage if I want to put my existing home as a deposit without paying any money upfront? And what is the term for that sort of morgage, coz I can't find it on the net?
Read these scenarios if you want to understand what's really going on: 1. Wealthy person buys $300,000 home with cash. 20 years later sells the home for $600,000. Profit: $300,000 (minus home ownership expenses) 2. Middle class person who can't afford to pay $300,000 cash for a home (99.99999% of the middle class) gets a mortgage from the bank aka wealthy people. 20 years later middle class person sells the home for $600,000 but ended up paying the bank $600,000 over the course of the mortgage. Profit to middle class person: $0. (You might consider that free rent for 20 years, but that's in a perfect world. That's also a 20 year struggle to make the monthly payments and if most of your money over the course of those 20 years goes towards home payments, then by the end you are technically considered worthless despite the fact that you own a home. Regardless, you earn nothing) Profit to bank aka wealthy people: $300,000. 3. Lower class person rents a home or apartment valued at $300,000, which is owned by a wealthy person who paid cash for it, for $1000/month for 20 years. After 20 years wealthy person sells home for $600,000. Profit to lower class person: -$240,000 (that's negative $240,000 to clarify). Profit to wealthy person: $540,000. Conclusion: If you can't pay cash for a home, or anything for that matter, then you are getting screwed no matter what. Your nothing unless you own something. Having a roof over your head is one of the most important factors of life. This is why certain groups of the wealthy make it one of the most controlled, manipulated, and hard to obtain objects. This is a huge factor for how the rich get richer. By holding down everyone else by using everyone else as a means to make them richer. Do you see the cycle? Not all wealthy are to blame entirely for intentionally and directly doing this just because they're wealthy, it's how the system works. But since the system was developed by wealthy people for wealthy people, well....you get the point. Now wake up people.
