Money Matters: Mortgage Terms @757

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TRANSCRIPT

(Kristen) Welcome to Money Matters at 757 with Justin Chastain. And, Justin, so, buying a house right now, mortgages are hot. This is a hot topic, but I don’t think that a lot of people understand the vocab that goes into it, so explain it to us.

(Justin) That’s exactly right, and you are right. Mortgages are hot, and the reality of it is, that’s not a good or bad thing. It’s just right now, with the environment that we’re in, everybody is looking and thinking that home buying is for them. But I always say make sure it aligns with your values. Renting could be right for somebody, but you don’t want to rush into it without a plan. So, for instance, the big one is something called “PMI,” primary mortgage insurance. So, when you don’t have enough of a down payment, in order for lenders to protect themselves, they will request you to put additional insurance on that mortgage, which can be very pricey. And sometimes it’s on the loan forever if you are not careful, and you don’t want to overpay.

(Kristen) That’s why people need to come to you. Make sure you bring in your trusted advisors. And we will see you next time at 757.

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