How Do Mortgages Work?

Intro

For many Americans, buying a home is a sign of wealth, The American Dream, and adulthood. It's also seen as the stepping stone to starting a family. But homes are expensive — the average home price sits at close to $400,000 nationwide with homes along the coastline being closer to $600,000.

It's safe to say that very few people actually have that kind of money sitting around to go purchase a home. Enter, the home mortgage.