There are many words used in the mortgage process of which you need to know what they mean and most important why are they important!!! Mortgages can be complex and sometimes even a bit scary however if you are given the explanations during your mortgage application, commitment and throughout your mortgage life it will take away those fears!!! The length of time for locking in your interest rate and the length of time you choose works for your situation as well. Terms can vary from 6 months to 10 years with each one having a different rate attached to them. Lenders buy their money to lend to you…