Question about difference between a home loan and a mortgage :
I am a first time home buyer, can someone please explain to me the difference in getting a house loan and getting a mortgage? I dont seem to see a difference in them? Which one is usually better to get?
Answer about difference between a home loan and a mortgage :
That is sort of asking what is the difference between a fruit and an apple. A mortgage is a type of home loan, but a home loan is not necessarily a mortgage. A loan you get to buy your first home would likely be a mortgage.
When I refinanced my mortgage with my existing lender, I don’t think the refinanced home loan is technically a mortgage. It is more of a first lien fixed rate HELOC that included a variable rate HELOC to borrow back paid principal at a variable rate if I need it. Although, that is not an option for a new purchase loan.
A mortgage, a home equity loan, or home equity line of credit (HELOC) are all home loans secured by the property, but they may have different closing costs, interest rates, terms, and treatment in foreclosure or bankruptcy. And those can also vary if the loan for a home is for investment property instead of owner occupied.
source here.
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