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MORTGAGE BOOK: Glossary of Terms

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A mortgage is the largest loan most people will ever have and it will indebt them for a significant portion of their lives, therefore anyone contemplating taking on a mortgage should have a clear understanding of the exact terms and conditions of the mortgage obligation. Some of the terms generally used in mortgage terminology can be obscure to the uninitiated, thus this glossary acts as a simple lookup guide to understanding the language of mortgage loans.