Principal is the amount of money you have borrowed for your home purchase and interest is the cost of borrowing that money. (blog.compmort.com)
People are simply not paying interest or principal on money they've borrowed and that's putting immense pressure on bank balance sheets. (moneysense.ca)
Your Mortgage Consultant will do a hard credit check with credit bureaus to get a sense of how reliable you are at paying back money you've borrowed in the past. (onqfinancial.com)