JANUARY 9, 2024 Share this article:  Important Terms to Understand Homebuying By Delaney Nelson Homebuying comes with a new lingo, so understanding the new terms is important for a successful sale. NEW YORK – The process of getting ready to buy a home can be complicated — and wordy. Especially if it's your first time. Here, we've made it a little easier for you by defining some of the words and phrases you're likely to come across at the start of your home buying journey. Here are some of the terms you'll need to know. The big picture Mortgage: an agreement between a homebuyer and lender that says if the borrower fails to pay off their loan plus interest, the lender can take possession of the property. Mortgage is also often used to refer to a home loan. Mortgage rate: the percentage of interest on a home loan. Mortgage rates can change with overall economic conditions, but also depend on your credit score and financial circumstances. Variable rate mortgage: This is a t