Beginners’ guide to mortgages – MoneyWeek investment tutorials

A property mortgage is the biggest debt most of us will ever take on. So choosing the right one is vitally important. Tim Bennett explains the basics of mortgages and highlights the main pitfalls to avoid.

Related links:

– Introduction to house price surveys

– Why you need an Isa

– How to cut your tax bill

– A beginner’s guide to pensions

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34 Replies to “Beginners’ guide to mortgages – MoneyWeek investment tutorials”

  1. Need help from strangers (unbiased advice).
    Buying a house in NC, USA for $215k (new 2800sqft single home)
    I currently earn $106k, started job in april so have saved only 10k as of now.
    House completion in Dec, so expecting to save another 10k by then.
    Currently rent for $1000 (1000sqft apartment – same area as house)

    2 options by Jan 2016 (assuming i stay in house for atleast 25 years):
    1. 10% down – Interest 4.125% – $75/month PMI = $1300 mortgage incl tax/ins/hoa (PMI till end of Oct 2021)
    This option will empty my pockets completely (short term) for installing fence/furniture.
    Plus, if I pay an additional 200/month, i will reduce total term by 8 years and reduce effective interest rate to 2.95% (PMI till end of Jul 2019)

    2. 0down-no pmi mortgage at 4.625%. = $1395 mortgage incl tax/ins/hoa
    I will have $20k for disposal – which is approximately 10 months of saved mortgage payment plus fence/furniture
    Plus, if I pay an additional 200/month, i will reduce total term by 8 years and reduce effective interest rate to 3.37%

    What do you guys think?

  2. 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.

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