What is the difference between mortgage loan and a home loan?


3 Answers

Rajneesh Verma Profile
Rajneesh Verma answered

In mortgage loan, the property serves as collateral whereas a home loan may or may not be secured. Unlike a home loan, where you actually receive money to purchase a house, a mortgage is a legal document that you will offer to your lender in exchange for a legal claim of your property. A home loan is the debt you incur when you are about to buy a house. In banking terms, a loan is sum of amount approved for a borrower. This money that’s borrowed has to be repaid to the lender/bank in regular installments.

Chips Ters Profile
Chips Ters answered

Hello, the main difference between these types of loans is the collateral and the securing of property rights. An apartment or a house purchased with a mortgage remains pledged to the bank. With a home loan, it is possible to mortgage other real estate. Consult doradca kredytowy Warszawa, they will help you solve and dispel your doubts in the field of loans and mortgages.

Karl Sagan Profile
Karl Sagan answered

Well, when you get something with a mortgage, it remains pledged to the bank, while with a home loan, you can mortgage other real estate. At least, I've heard that, I've been into this field for a while. I've been planning to sell a house, I even installed new Kitchen Cabinets MT HOLLY, NJ, and I can tell you that some knowledge turned out to be pretty useful for me.

Answer Question