Home & Mortage Loans?

A mortgage, or home loan as they’re often called, allows buyers to pay for a property over time. After several years, mortgage owners repay the money they borrow with interest and own the property outright once the loan is paid off. Buying a house may be the biggest single purchase or investment you make in your life. So, before signing on the dotted line, it pays to understand the basics.

Home loan vs. mortgage:

The terms mortgage and home loan generally mean the same thing: They both describe the loan buyers take out to purchase a property. However, there’s actually a slight difference between the two terms.

A home loan is the money borrowed to buy a house or property.

A mortgage refers to the legal loan agreement between the borrower and the lender.