Home Loan Overview
Understanding Home Loan: Breaking the Code
A Home Loan, or mortgage loan, is a loan given by a financial institution, such as a bank, to purchase a certain property or residence. In this situation, the title of the property will be with the lender, which is the financial institution, and will be given to the borrower once full payment has been made.
For many, a Home Loan or mortgage might be the biggest and greatest investment they will make in their lifetime. It’s also one that will take years to pay, being a term loan, so it’s imperative that one should take great care in choosing banks or home loan companies before taking the plunge. The first step in making home loans work for you is understanding the concept. Get the lowdown on the basics and you’ll be well on your way to owning the home or property of your dreams.