Buying a home is one of the biggest life events most of us will experience. It’s not only a huge milestone and an exciting prospect, it can also be scary and sometimes overwhelming. When applying for a mortgage, you’ll see a lot of terms that can quickly get confusing. Understanding these terms will take away some of that terrifying sense of not knowing what’s going on during the process and help give you some confidence in dealing with your mortgage. In this article, we’ll dive into some key mortgage terms, what they mean, their significance, and when a homebuyer will see them.
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