Home Loan

A home loan (or mortgage) is a secured loan provided by a financial institution for purchasing or refinancing residential property. The property serves as collateral, and lenders retain the title until full repayment.

Key types include:

• Conventional Loans: Issued by private lenders and not insured by the government. Ideal for borrowers with good credit and sufficient down payment (often ≥ 3–20%).

• Government-Backed Loans: Include FHA, VA, USDA programs—designed for borrowers with limited down payments or credit history.
• Jumbo Loans: For loan amounts exceeding conforming limits—suited for higher-cost properties.