Seven Types of Home Loans
Home loan is a mutual agreement between the borrower and the lender in which the borrower purchases a property and the lender keeps the same property as the security for the amount borrowed by the borrower.
There are different types of home loans available in the market and you should have enough knowledge about them before applying for the home loan.
The different types of home loans that are presently available in the market:
- Home Purchase Loans
- Home Improvement Loans
- Home Construction Loans
- Home Extension Loans
- Home Conversion Loans
- Land Purchase Loans
- Bridge Loans
You can also get home loan, if your credit history is not good and it’s also possible to take home loan, in the case of debt consolidation. These days, it’s quite easier to take a debt consolidation home loan with a poor credit history. Before proceeding further, we need to know that what exactly the term “debt consolidation” stands for. Debt consolidation is a process through which you can combine all your debt payments into a single unit of payment to pay every month.
This provides great benefit since the single monthly payment amount is very less as compared to the sum total of all the monthly loan payments. It proves to be a great idea for the persons who suffer from debt related issues. But, before applying for a loan, you should calculate your total income and the amount that you will have to pay every month. This will not burden your pocket after you take loan and pay installments.
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