A technical term having meaning and legal connotations within the context of
the Home Mortgage Disclosure Act, a home purchase loan is essentially a mortgage
as it is a loan made for the purchase of and secured by a dwelling. A home
purchase loan is essentially a loan that meets the standard of a purchase money
security interest under the Uniform Commercial Code (if you could acquire a PMSI
in real property, that is). Home purchase loans include loans made for the
purchase of any dwelling â€“ not just a persons primary residence. Second homes,
recreation vehicles, house boats, vacation homes, rental properties, and
multi-family tenant properties should also be included. Essentially a loan
against and for the purchase of any property in which a person may reasonably
Make the right decisions when shopping for home purchase financing and other financial services. Educate yourself!
Please note that the Debt Consolidation Loan Directory
has a growing library of informative and educational resources for consumers shopping
for many types of financial services, such as homeowner's and auto
insurance and second mortgages. Their is no better way to make decisions regarding the management of
your personal finances than to become educated. Please feel free to visit our
consumer information and resources library
Financing: Questions to Ask - Check here for a list of questions you
really should ask before getting a home equity loan or your house. Such as, Have
you evaluated all of your other options before using your house as security for a loan?
Understanding Your Credit Cards - They can be a great financial resource if
they are used responsibly. Unfortunately, for a lot of today's consumers, they
are a big problem when it comes to the management of personal finances. This article from the
FDIC stresses the importance of evaluating your true needs and how credit cards work.
Mortgage Glossary - Provides definitions for some of the most common mortgage
terms and phrases related to the mortgage lending process like debt to income
ratio and underwriting.
Types of Equity Loan
Financing - (external web site) Learn about the two different
types of home equity loans and how they work; the Home Equity Line of Credit (HELOC)
and the Closed-End Loan. Educate yourself about the home equity lending process
by reading online (or downloading) this free guide from LowerMyBills.