Home Loan (Mortgage)

A home loan, commonly referred to as a mortgage, is a secured loan where the home itself serves as collateral. Borrowers repay the loan through regular installments of principal and interest over the term of the loan

Popular types include:

• Fixed-rate mortgages – Feature a constant interest rate for the entire loan duration.
• Adjustable-rate mortgages (ARMs) – Start with a lower initial rate that changes periodically after a fixed period.
• Government-backed loans – Include FHA, VA, and USDA mortgages, tailored for borrowers with limited down payment or credit, and often offering favorable terms or no down payment