What Is A House Loan

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A home loan (or mortgage) is a contract between a borrower and a lender that allows someone to borrow money to buy a house, apartment,

But, a home loan is among the cheapest loans available, and most often, it is the only way a person can buy a house. A home loan is called a good’ loan because it helps you acquire a tangible asset.

You generally take a home loan for either buying a house/flat or a plot of land for construction of a house, or renovation, extension and repairs.

An FHA Loan is a mortgage that’s insured by the federal housing administration. They allow borrowers to finance homes with down payments as low as 3.5% and are especially popular with first-time homebuyers. FHA loans are a good option for first-time homebuyers who may not have saved enough for a large down payment.

In simple terms, a mortgage is a loan in which your house functions as the collateral. The bank or mortgage lender loans you a large chunk of money (typically 80 percent of the price of the home), which you must pay back — with interest — over a set period of time.

You need to have a credit score of 580 to qualify for a loan through the federal housing administration (fha) and a 620 for a conventional loan.

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When shopping for a new home, most people apply for a mortgage in order to finance it. This is a loan that allows you to borrow money to buy the property, and .

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This formula can help you crunch the numbers to see how much house you can afford. Using Bankrate.com’s tool to calculate your mortgage payments can take the work out of it for you and help you.