Knowing the 6 Basic Knowledge About Mortgages

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When applying for a mortgage, especially as a first-time home buyer, you may not be familiar with the terminology. fear not, we’re here to help you understand some key mortgage terms, ultimately leading to a smoother home-buying experience. Take our quick 10-question quiz to test your knowledge – plus pick up plenty of tips along the way!

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Mortgage: A mortgage is a debt instrument , secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages.

The Investing Answer: We’ve armed you with some basic knowledge about mortgage terms, but there’s much more to learn.Check out our Financial Dictionary for more.. And of course, there’s nothing more important in buying a mortgage than getting the best rate. Use our helpful tool below to find the best mortgage rates in your city.

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