Is there a difference between a home loan and a mortgage?

5 answers

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ANSWER #1 of 5

Not really. If its your first mortgage it is your home loan. Quoted from Wikipedia "A mortgage loan is a loan secured by real property". The real property being your new house.
Sometimes you hear people talk about a 2nd or 3rd mortgage on their house. That's where they take out a loan against their house (using their house as collateral) for something else: ei - boat, car, start up a business, etc.

And again try to find a First Time Home Buyer class. Every question I have seen you ask (and much more) was answered for me. If you are in the US trying looking up the USDA - Rural Devlopment program and see if they have and idea where one is. Or they are run through CAP (Community Action Partnership) around here.

Also HUD has a nice FAQ about home buying:

ANSWER #2 of 5

And I'm sorry if it seems I'm pushing really hard for the First Time Home Buyer class. It just seems you have a lot of questions, which I did too. Even with my grandparents selling real estate for 30 years and my mom being their secretary for many years - I still had tons of questions.
And I know a lot of people get burned on very large purchases (like a house) especially if its their first time buying something like that. That class can greatly reduce the chance of you getting screwed.

Loan officer

ANSWER #3 of 5

no no ur not:) thank you..i did look for the class, nothing..its so difficult living here i am looking also some where thats an hr. from here:(

Mortgage loan
ANSWER #4 of 5

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What is the difference between the Airforce and the Reserves?

ANSWER #5 of 5

ok. Best of luck finding one :D.

Im thinking of volunteering in an different country.

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