A sum of money that a lender gives to a borrower that must be repaid along with interest
There are many types of loans to choose from when you are looking to buy a home. Each loan will have a different interest rate and term, which will affect how much you have to pay each month. How much you put towards a down payment will also affect your monthly payment. The three most common types of loans are fixed rate, adjustable rate, and balloons. A home loan is also called a mortgage.
See: Fixed rate mortgage, Adjustable rate mortgage, Balloon mortgage
Mortgage definitions and Real Estate Terms, Consolidating loans, refinancing mortgages and reverse mortgage process available to anyone. This consumer information site contains several tools and guides to aid in purchasing or refinancing a home or commercial property.
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