What is a Home Loan?

What is a Home Loan?

A home loan is a loan that is used to finance the purchase of a property. The loan is typically repaid over a period of time, usually 15 to 30 years. The interest rate on a home loan is usually fixed, meaning it will not change over the life of the loan. Home loans are available from banks, credit unions, and other financial institutions.

There are many different types of home loans available, each with its own set of terms and conditions. Some common types of home loans include:

Fixed-rate loans: These loans have an interest rate that remains the same for the life of the loan.

Adjustable-rate mortgages (ARMs): These loans have an interest rate that can change over time. The interest rate is usually fixed for a period of time, after which it will adjust based on market conditions.

There are many factors to consider when choosing a home loan, including the type of loan, the interest rate, the term of the loan, and the down payment requirements. It’s important to compare offers from multiple lenders before choosing a loan.

Why do you need a housing loan?

A residential loan can help you finance the purchase of a property. The loan is typically repaid over a period of time, usually 15 to 30 years. The interest rate on a home loan is usually fixed, meaning it will not change over the life of the loan. Home loans are available from banks, credit unions, and other financial institutions.

How to you get the best housing loan rates?

There are many factors to consider when choosing a home loan, including the type of loan, the interest rate, the term of the loan, and the down payment requirements. It’s important to compare offers from multiple lenders before choosing a loan.

You can use our mortgage loan comparison tool to compare home loan rates from a variety of lenders.

What is mortgage insurance?

Mortgage insurance is insurance that protects the lender in the event that you default on your loan. Mortgage insurance is usually required if you have a down payment of less than 20 percent of the purchase price of the property. The premium for mortgage insurance is typically added to your monthly payment.


Get your residential housing loan done with Singapore Mortgage Brokers, Avant Mortgage today!

What is a Home Loan?