Types of Loans
There are different types of home loans available in the market to meet the different needs of the borrower.
• Home Purchase Loans: This is the basic type of a mortgage that has the purpose of buying a new home.
• Improvement Loan: This type of loan is for renovation or repair of the house is already purchased
• Extension Loan: This loan is for when the borrower wants to extend or expand an existing home, like adding an extra bedroom, etc.
• Home Loan Conversion: It is a loan where the borrower has already taken a mortgage to finance your current home, but now wants to move to another house. Loan Conversion helps the borrower to transfer the existing loan to the new house that requires additional funds, so the new loan pays off the loan earlier and complies with the money to the new home.
• Bridge Loan: This loan helps finance the new home of the debtor that wants to sell the existing home, this is normally a short-term loan to the borrower and help during the transitional period in which you want to sell the old house and I want to buy a new one, you are given so far is a buyer for the old house
• Home Construction Loan: This type of loan when the borrower wants to build a new home.
• loans to purchase land: Is the loan taken for buying land for the construction and investment.