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Term Definition
Pre-QualificationA mortgage Pre-Approval is an important first step toward getting a mortgage for 2 reasons.
 - The pre-approval will give you a good idea of how much a mortgage you can afford.
 - The pre-approval will hold a rate for up to 120 days thus protecting you from any sudden rate increases.
 
PrincipalThe amount borrowed, or the part of the amount borrowed which remains unpaid (excluding interest). here also called principal amount.
 
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