Navigating the home-buying process can be a challenge, for first-timers and seasoned buyers alike. In addition to looking for the perfect home, prospective buyers need to be knowledgeable about the ins and outs associated with choosing a mortgage, beginning with having a general understanding of the terminology involved in mortgage papers.

While many borrowers simply seek rates and terms that appear reasonable, it’s important that they understand the type of lender they’re dealing with.

Following are some of the most common terms you’ll come across when going through the process of choosing a lender.
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