A home loan, or mortgage, is most simply described as a loan taken out so that you can purchase a home. Here we鈥檒l explain the very basics of home loans so that you can at least have a basic knowledge of mortgages and how they work.To obtain a home loan you will%26lt;!--need to be at least 18 years old and have the income required to be able to easily afford the loan payments. While many mortgages are placed on existing homes, you can obtain a home loan based on units, condominiums, new construction or land packages.
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Regardless of what you need, there is most certainly a home loan option to match your case.Home loans are usually taken out for 15 or 30-year terms and your monthly--%26gt;payment will be based on the principal and interest rate. You may also find that some lenders require that your mortgage payment also include property taxes, insurance, etc. The interest rate for fixed rate mortgage loans tends to be higher than that of variable rate mortgage loans.
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