home loan

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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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

home loan

See mortgage.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
The lending rate of SBI's repo-linked home loan is based on the bank's repo rate lending rate (RLLR), which in turn is linked to RBI's repo rate.
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Ty Sukalski joins TCF Home Loans to lead its Home Loans Direct platform of central sales team members who respond to customers' phone and online mortgage inquiries.
Indeed, Eve could get a loan up to $250,000 (for a $750,000 total of home loans) to buy the cabin and still deduct the interest, as long as this loan is secured by the cabin.
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