by Tom Martens
Home loans are more commonly referred to as a mortgage and they are utilized to purchase a home or property. Home loans are paid over a set period of time in monthly installments.
There are different types of home loans. The most common type of home loan is a fixed rate home loan. These are especially attractive to first time home buyers. Fixed rate home loans are stable, with a monthly payment that remains the same over the term of the loan, which is usually 15 years or 30 years. Fixed rate home loans are low risk, protected against inflation and easier to budget.
