How does a mortgage work? (what you MUST know to buy a home)

Homebuyer's School

In this episode of Homebuyer's School, we talk with Mujtaba Syed, Mortgage Specialist with the Bank of Montreal, and discuss how a mortgage actually works and all the elements involved when borrowing to buy a home. We explore what a lien is, what happens if you can't pay off your mortgage and mortgage portability. Finally, we talk about the types of mortgage penalties and how to avoid them.

Prefer to watch the video or read and take notes? See the transcript:

https://stories.brookfieldresidential.com/homebuyersschool/how-does-a-mortgage-work-in-canada

We discuss the following items:

• How a mortgage works
• What's a lien?
• What happens if you can't afford your mortgage?
• Can you transfer your mortgage if you buy a new home?
• Mortgage penalties

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