A fixed-rate mortgage keeps the interest rate fixed throughout the loan term.

Principal refers to the initial mortgage amount taken against the property you mortgaged.

A pre-approval denotes an official letter from the mortgage lender outlining the maximum mortgage amount they are willing to lend you.

When you acquire a mortgage, the lender divides the repayment schedule into several monthly installments over a fixed period.

Assets refer to a wide variety of items you own that have a monetary value.

Escrow refers to a financial account in which the funds are managed by an intermediary like a law firm or dedicated escrow company on behalf of the two parties committed to a dealing or transaction.