Exploring the Different Types of Mortgage Loans Available


Navigating the realm of mortgage loans can seem daunting, especially with the multitude of options available. Nevertheless, understanding the different types of mortgage loans is a pivotal step in your home-buying journey. This article aims to provide a comprehensive guide to various mortgage loans, empowering you to make informed decisions tailored to your financial needs and home ownership goals.

What is a Mortgage Loan?

A mortgage loan, often simply known as a mortgage, is a type of loan used specifically for the purchase of real estate property. While it shares similarities with other loan types, a mortgage is unique as the property being purchased serves as collateral for the loan. This means if the borrower fails to make timely payments, the lender has the right to seize the property in a process known as foreclosure.

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