First-Time Home Buyer

A person with no ownership interestThe cost you pay to borrow money. It is the payment you make to a lender for the money it has loaned to you. Interest is usually expressed as a percentage of the amount borrowed.... in a principalThe amount of money borrowed or the amount of the loan that has not yet been repaid to the lender. This does not include the interest you will pay to borrow that money. The principal balance (sometimes called the outstanding or unpaid principal balance) is the amount owed on the loan minus the amount you’ve repaid.... residence during the three-year period preceding the purchase of the securityThe property that will be given or pledged as collateral for a loan.... property.