Difference between a home loan and a mortgage?

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I am a first time home buyer, can someone please explain to me the difference in getting a house loan and getting a mortgage? I dont seem to see a difference in them? Which one is usually better to get?

  1. Reply
    February 17, 2011 at 10:23 am

    A mortgage is the money you borrow to buy the house. A home loan might likely be just that, just calling it what it is…mortgage being the technical name.
    Or, you might be asking about a loan for the purpose of repairs or renos to the house.

  2. Reply
    February 17, 2011 at 11:14 am

    That is sort of asking what is the difference between a fruit and an apple. A mortgage is a type of home loan, but a home loan is not necessarily a mortgage. A loan you get to buy your first home would likely be a mortgage.

    When I refinanced my mortgage with my existing lender, I don’t think the refinanced home loan is technically a mortgage. It is more of a first lien fixed rate HELOC that included a variable rate HELOC to borrow back paid principal at a variable rate if I need it. Although, that is not an option for a new purchase loan.

    A mortgage, a home equity loan, or home equity line of credit (HELOC) are all home loans secured by the property, but they may have different closing costs, interest rates, terms, and treatment in foreclosure or bankruptcy. And those can also vary if the loan for a home is for investment property instead of owner occupied.

  3. Reply
    February 17, 2011 at 12:04 pm

    There are one in the same.

  4. Reply
    February 17, 2011 at 12:58 pm

    A mortgage loan and a home are one in the same. In different parts of the United States there are several titles used to call the money borrowed to pay for the purchase of a home.

    Just as there are different deeds that might be one and the same depending on the part of the United States you reside in.

    For the correct terminology in your are speak with your local mortgage banker/broker.

    I hope this has been of some benefit to you,good luck.

    “FIGHT ON”

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