Home loan

Also called a mortgage, this is a type of loan specifically used to finance the purchase of a house or condominium. The property serves as collateral and the lender places a lien on the home that forbids it from being sold until the home loan is repaid. The lender also establishes minimum monthly payment requirements that cover the interest charge and principal reduction. It has the right to foreclose and seize the property if the borrower fails to make those payments.

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Build Equity Faster With An 8-Year Mortgage

It works like an enforced savings plan with a big payoff -- owning your home free and clear.