home loan


Loan acquired from a financial institution to purchase a home. Home loans consist of an adjustable or fixed interest rate and payment terms. Home loans may also be referred to as mortgage loans.

Use home loan in a sentence

You need to shop around and make sure that you are going to get the best rate on any home loan.

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A home loan can come in many flavors, the specifics of which will have a major impact on a large chunk of the buyers life. Choosing an adjustable or fixed rate, extending the loan for ten, fifteen, or even thirty years, and determining just how much money to invest in the down payment are all critical decisions.

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As most people don't have the cash funds to pay for a home outright, they can apply for a home loan which will pay the upfront costs for the home which will have to be paid back monthly over a specified period of time.

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