So, you’ve decided to join the ranks of homeowners for the first time. Now what? First-timers can feel like they are drowning in a sea of lingo that’s about as foreign to their vocabulary as ancient hieroglyphs. From escrow to P.M.I, a little homework will go a long way in ensuring a happy and successful first-time home buying experience.

So, the first step: Learn the lingo. The U.S. Department of Housing and Ur...