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What's the difference between a home loan and a mortgage? |
What's the difference between a home loan and a mortgage? Home Loan is the loan taken to purchase a Home, Mortgage is the loan taken against a property as a collateral security.. Are you serious? You must not own a home!! They are exactly the same. A mortgage is a home loan, and vice versa. Just different terms. You could also call it a home mortgage, if you wanted to...but that would be a bit redundant...in response to Nice Libra Guy's answer, everybody knows that when you say a "home loan" you're talking about the loan being tied to the house as collateral security...come on man!! Nobody goes to a bank and says, "I'd like to borrow $500,000 cash to buy a house" without the house being used as collateral...it's common sense. Both terms refer to the same thing. Some states call a mortgage a "trust deed", like California, but it means the same thing. Modified 1 year ago absolutely nothin. A home loan is the money you borrow from a bank or other financial institution to allow you to buy a home. The mortgage is the form of security you give them in return for the loan where they can take possession of the house or apartment if the conditions of the loan are not met. The mortgage is often referred to as the debt secured by the mortgage. There are two types of mortgage: * a mortgage by demise where the creditor is the legal owner of the property until the mortgagee pays off the loan; * a mortgage by legal charge where the debtor is the legal owner but the creditor has the right to enforce their security including taking possession of the property if the terms are not met - there is a public register of such mortgages to protect the lender. |
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