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Understanding Mortgages
Understand mortgage loan terminology and the process of obtaining a mortgagePreview the first lesson free — get full access to all 6 lessons.
Beginner Provider : KnowledgeCity 6 Lessons · 17m in Arabic, English, Spanish
Course Description
Home ownership plays a key role in helping you establish financial stability. A home may also serve as an asset you can leverage during times of financial need. And as you build equity in your home, you’re also building your net worth. But not many of us can afford to pay cash for a home. This is where mortgages come in handy—by allowing us to borrow money to finance the home purchase, then pay it back over an extended time. When you apply for a mortgage, you’ll want to know who you’ll be interacting with during the process, as well as all the relevant mortgage terminology.
In this course on Understanding Mortgages, you’ll learn what mortgages are and how they function. We’ll discuss the different types of mortgages, how you can apply for a mortgage, and which factors determine whether your mortgage application is approved. You’ll also learn how interest rates impact what you will pay over the lifetime of your loan.
What You'll Learn
- Define the terms and parties involved in a mortgage
- Explain how interest rates impact mortgage payments over the lifetime of the loan
- Understand how the mortgage application process works
- Identify the documents needed to process a mortgage application
- Compare the different types of mortgages
- Recognize the factors that determine whether a mortgage application is approved
Key Takeaways
- Mortgages let you borrow money to finance a home purchase and pay it back over an extended time.
- Home ownership supports financial stability, and building equity in a home also builds your net worth.
- A home can serve as an asset you can leverage during times of financial need.
- Interest rates affect what you will pay over the lifetime of your loan.
- Specific factors and required documents determine whether a mortgage application is approved.
Frequently Asked Questions
What will I learn in this course?
You'll learn what mortgages are and how they function, the different types of mortgages, how to apply for a mortgage, which factors determine whether your application is approved, and how interest rates impact what you pay over the lifetime of your loan.
Who are the parties involved in a mortgage?
The course covers who you'll be interacting with during the mortgage process along with the relevant mortgage terminology, helping you define the terms and parties involved in a mortgage.
What topics do the lessons cover?
The lessons include an Introduction, How Mortgage Loans Work, Exploring Different Types of Mortgages, Exploring the Process of Getting a Mortgage, Interest Rates and Payments, and a Test Your Knowledge assessment.
What skills does this course help build?
This course builds skills in Credit Analysis, Mortgage Loans, and Real Estate Finance.
Does the course explain how interest rates affect payments?
Yes. The course explains how interest rates impact mortgage payments and what you will pay over the lifetime of your loan.
