Buying a home is confusing, and most people never get the mortgage side explained to them in plain English. So I sat down with my friend Chris Bonin, owner of New City Mortgage, to break it all down.

We get into what actually determines your interest rate, the real difference between each loan, how much you truly need for a down payment (spoiler: it's not 20%), and a few loan programs — including a couple of zero-down options — that most first-time buyers have never heard of. Chris also breaks down the mistakes that quietly cost buyers money, and how financing works when you build instead of buy.

What we cover:

• What really goes into the rate you're quoted
• How much you actually need for a down payment
• FHA, conventional, USDA & VA loans — who each one is for
• The mistakes that cost buyers real money ...