Core
Principal
The original amount of money borrowed in a loan
Full Definition
Principal: The original amount of money borrowed in a loan. Understanding this concept is important when navigating the mortgage process. NMHL loan officers can explain how principal applies to your specific mortgage situation.
Why It Matters
Understanding principal helps you make informed decisions about your mortgage. This knowledge can save you money and help you avoid common pitfalls in the homebuying process.
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Frequently Asked Questions
Principal refers to the original amount of money borrowed in a loan. This is an important concept in mortgage lending that affects how your loan works.
Understanding principal can help you make better decisions about your mortgage. Contact NMHL for personalized guidance on how this applies to your situation.
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