If you've never bought a home before, you may be surprised to learn that there's a lot to know about mortgages.
In its simplest form, a mortgage is a type of loan.
It's used for buying a home, and it's repaid in monthly installments--usually over 15 to 30 years.
According to Business Insider, the payment you finally end up paying for your mortgage actually covers a number of things.
The principal is the amount the lender gives you upfront.