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:

A rising number of homebuyers in Canada are turning to alternative lenders for a mortgage, says the Canada Mortgage and Housing Corporation (CMHC).

Mortgage investment corporations (MICs) held between $13 and $14 billion of outstanding mortgages in Canada in 2018, capturing one per cent of the market share, according to a CMHC report.

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.

Tips on how to get back in the black

According to Statistics Canada, household debt levels in the country have  risen to a record high of 163 per cent of Canadians' disposable income.

Yet that doesn't mean debt has to be a burden. In fact, it is far easier to get out of debt than most people think. You just need the right strategy.

While there are many ways to get out of debt, there is one that seems to work more
effectively than the rest: the modified snowball technique.

How to avoid costly mistakes before you have keys in hand

 Many homebuyers do not realize that even with an approved mortgage and after meeting the  necessary financing conditions, they are not guaranteed a loan until it has funded on the  closing date.

There are several things to consider to ensure a mortgage closes smoothly, and on time.

The first thing is avoiding the need to take on additional credit. While it may be tempting to load up on new furniture and appliances, do not apply for a loan to buy them. Even an interest-free, no-payment loan can affect whether someone qualifies for a mortgage. Wait until you have the keys to your new house before borrowing money.