Understanding the terminology used in mortgages

FALLBROOK - Buying a home can be simultaneously exciting and stressful. Owning a home is still a dream for many people, but first-time buyers often find that their unfamiliarity with the home buying process is a source of stress.

Part of that stress stems from the terminology associated with home mortgages. Many terms may raise an eyebrow among first-time buyers, so the following are a few mortgage terms buyers can familiarize themselves with to facilitate the process of buying their own homes.

Closing costs

Buying a home is expensive, and part of that expense is the closing costs. Any time a...