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Whats the difference between a housing loan and mortgage loan?

by donev486 from Cleveland, Minnesota. Oct 23rd 2019 Reply

Kurt Stanaitis (TwinCity)
#12 ranked lender in Minnesota - 8 contributions

Home loans are taken majorly to buy house, plot, under construction property, etc. Whereas, loan against property is termed as a secured loan that helps borrowers to meet their personal and business requirements by mortgaging their property

Oct 23rd 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,316 contributions

I've been doing this well over 20-years, and my answer would be FOR MOST PEOPLE, nothing. Just interchangable terms essentially meaning the same thing. (Home loan, housing loan, mortgage loan, etc). Technically a home loan is a sum of money borrowed from a financial institution or bank to purchase a house. You sign a promissory 'note' for your loan, but then there is a secondary document you sign, called a mortgage. The mortgage secures the home loan note, giving the lender the ability to 'take it back' through foreclosure if you fail to meet the terms. I lend in MN, WI, and SD on 1-4 unit properties and can be reached at online at NMLS274132

Oct 24th 2019
Dave Skow (daveskow)
#17 ranked lender in Washington - 281 contributions

probably nothing ...but you would need to add or clarify your question

Oct 28th 2019
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