Buying your own home is an exhilarating experience but with the numerous steps involved in the process, it can be an overwhelming time as well. If you want to go through the mortgage procedure without feeling hopelessly lost, you need to understand the basic terms that you will be encountering in your journey towards obtaining a home loan.
There are four basic terminologies that you need to understand during your foray into the world of home mortgage. These are also the most important as these are the figures that you will be very concerned with for the duration of your loan. These four are: 1) Principal, 2) Interest, 3) Term, and 4) Amortization. They will be discussed in more detail in the paragraphs that follow.
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