Storyboard Text
- I think I am going to purchase my own house.
- Good for you, there is a lot you are going to have to take care of.
- Correct. The recommended amount that you put down as a down payment is 20% of the price of the house
- I know. The monthly payment is going to be more then my rent payment
- 20%! That is a lot of money. I am going to have to start saving.
- Yeah it is. Are you aware of the advantages and disadvantages?
- No what are they?
- Advantages are: You can do whatever you want to your house, you can build equity, no rules, and you are free to have any pet you want.
- What are some Disadvantages though?
- You will have to get a mortgage loan, the monthly payment is higher, your landlord doesn't do the repairs for you anymore. and you have to maintain the property.
- What is a mortgage?
- A Mortgage is a legal agreement by which a bank or other creditor lends money at interest in exchange for taking title of the debtor's property.
