If you're a first-time homebuyer, many aspects of the purchase process can be confusing and stressful, including financing. While the mechanics of a mortgage are relatively simple, choosing the right mortgage product can be far from it, as many of the choices available to buyers are obscured by complex and unfamiliar terminology.

To help you cut through the jargon, here's an alphabetical list of common mortgage terms and their definitions:

Tips on how to see if you're bank account is ready for your first home

So you're ready to be a homeowner. But is your bank account?

Canada Mortgage and Housing Corp. (CMHC) offers the following tips to help first-time homebuyers determine if their financially ready to take that first step:

Understanding different mortgage options

Fixed versus variable; closed versus open; payment frequency: When it comes to picking a mortgage, do you know what's best for you?

BMO mortgage specialist Laura Parsons offers her insights.

Fixed versus variable interest rate

A variable rate will fluctuate with prime – meaning you could end up paying more interest if prime changes. A fixed rate will not fluctuate.

Determining it may not be as simple as you think

Some would think a rate sheet would make mortgage-shopping process  easy. All you have to do is scroll through the list and find the company  with the lowest rate, right? After all, pretty much every mortgage is the same? All you need to do is find the best rate?

It's not quite that easy. Not all mortgages are created equal. Behind each of those rates is a set of terms and conditions that affect the price of the mortgage, quite often more than the interest rate itself.