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What is the difference between a home loan, mortgage loan and a loan against property?
Asked by unknown
1 Answers
Home loan is a loan which is acquired by any financial institution, banks to purchase a home. A home loan can be of fixed rate, adjustable and payment terms. It is also known as a mortgage loan. A Mortgage Loan is to the real property as a guarantee for a loan. People use the loan amount provided by the creditor to buy a house which is known as a m
How does an home equity loan work?
Asked by unknown
1 Answers
Home equity loans work differently than traditional loans, acting as a line of credit. This means that the bank will approve to borrow up to a certain amount of your home, but your equity in the home stands as collateral for the loan. The interest rates are lower than they would be with a credit card.
What are some important tips to consider while taking a home mortgage loan?
Asked by unknown
1 Answers
Some tips you should consider while taking mortgage include 1. Save some money for down payment 2. Improve creditworthiness 3. Research about the loan types 4. remember budget 5. Consult a professional before taking a loan.