Buying a home is one of the greatest investments you’ll likely make in your life, so it’s important to be prepared prior to jumping into the housing market. In fact, according to various industry experts, understanding even the most basic mortgage terms can save you tons of time in the long-run as you move through the stages of the home buying process.
Applying for a mortgage can get a little confusing—especially for first-time homebuyers. You see, the trick to the trade is understanding the lender lingo before setting foot in the mortgage specialist’s office. Then, by understanding the mortgage process’ most basic terms, you save yourself tons of time and confusion. Take a look at the top 14 most common mortgage terms and their definitions and you’ll sound like a pro in no time.