home loan

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Mortgage

A loan used to buy real estate. A mortgage is secured by the property it is used to purchase. One must make monthly payments on a mortgage, and there is a set term before full payment is due, often 15, 20, or 30 years. Some mortgages have fixed interest rates, while others have variable interest rates. If one defaults on a mortgage, the bank making it may take possession of the real estate and sell it to recover its investment. Some banks, notably savings and loans, specialize in making mortgage loans. See also: Mortgage-backed security.

home loan

See mortgage.

References in periodicals archive ?
Most applications in 1992 for home loans were approved, particularly those to buy homes or to refinance existing loans.
The Treasurer's Office of the State of California has agreed to purchase a $145 million, four-year bond of the Federal Home Loan Bank System, which will be issued through the Bank System's fiscal agent, the Office of Finance.
LANCASTER - Countrywide Home Loans is expanding its Lancaster loan-service center, but a company official said the building will be its last in California until the state changes what the company views as unfair business regulations.
However,sisters,friends or unmarried couples living together are generally not allowed to take joint home loans by banks.
Ghana Home Loans will provide mortgages to enable individuals or couples to buy houses with a 25% down-payment and to pay the mortgage balance over a term of fifteen years.
The interest rate for fixed rate home loans have also been reduced.
Countrywide Home Loans is a mortgage-banking company that originates, sells and services home loans.
Finally, it looks at an area newly covered by HMDA-sales of home loans to the secondary mortgage market.
One Easy Fee Home Loans offers consumers an easy-to-navigate Website to shop and compare loan products with an instant quote or complete an entire loan process online.
Our bottom line is making home-ownership a reality for thousands of families who simply cannot get home loans now," said Martin Eakes, Executive Director of Self-Help.
We seek key strategic alliances that enable us to meet our long-term goals and complement our corporate culture," said Michael Barron, chairman and CEO of Shearson Home Loans.
Credit unions must be prepared to offer non-share draft services like home loans to members who move.