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Home Loans
A Home Loan is a personal loan specifically for the purpose of purchasing a house. These are typically secured loans in which the property being purchased is the collateral. Should the borrower default on the loan, the house can be repossessed by the lender. The most common kind of home loans are Home Equity Line of Credit, Home Equity Loan, Home Mortgage and Home Refinance.
A Home Equity Line of Credit (HELOC) is a secured loan in which the available equity in the borrower's home is used as collateral. The amount of available equity sets the limit of the HELOC. Unlike a traditional loan in which the borrower receives a one-time lump sum payment, a Line of Credit can usually be drawn against several times.
A Home Mortgage is a loan that is taken out to pay for the purchase of a home. There are three main types of Home Mortgage: Fixed-Rate, Variable-Rate and Interest-Only.