102 - How Mortgages Work

We take a deep dive into home mortgages. This includes conventional, FHA and VA mortgages, as well as fixed-rate, adjustable-rate, and interest-only. We also discuss the difference between interest rate and annual percentage rate, pre-qualified and pre-approved, what's an amortization school, what's an impound account, how a mortgage buy down works, and what happens if your new home is appraised for less than the price you're paying. Plus, an overview of first-time homebuyer programs. More at: https://dre.ca.gov/FirstHomeCalifornia