What Is A Mortgage | #PowerTips S2: Ep #1
Hey this is Cherine Anderson with mypowerliving.com
You may have heard the word mortgage being used in relation to buying a home or land in Jamaica. Or if you live pon di rock you may have hear ‘mortgridge’ but “What exactly is a Mortgage?”
In a nutshell, a mortgage is a loan from a lender to help you purchase your home or land without paying everything upfront or out of pocket. Your lender could be a bank, a credit union or NHT.
Now a mortgage is paid monthly and generally over a long period like 15 , 20 up to 35 years in Jamaica. So when you make your monthly payments you are actually paying a portion of several things
● The total amount you borrowed – they call this the principal
● The cost for the amount you borrowed – this is called the interest. Now this is eally how the banks make their money. So whether low or high they are in this to make a profit.
● Insurance on the home
● Insurance on the money borrowed
Bonus: Savings and Life Insurance
Now you may have seen several ads on tv, on the radio in the newspaper and social media and feel a bit overwhelmed, yuh don’t want to lose the yuh hard earned cash and savings. We wouldn’t want that to happen to you either. But there has never been a better time to get in the market than now.
Do you need more information on how to purchase a home using a mortgage?
We will show you how – Call or whatsapp us at (876) 513-9222
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