A home loan, also known as mortgage is a contract where a borrower (mortgagor) pledges a property to a lender (mortgagee) as security for payment of a debt.
Home equity loan
A home equity loan is a loan secured with the equity in a home.
Fixed rate mortgage
A fixed rate mortgage is a mortgage in which the interest rate remains constant over the entire term of the mortgage.
Adjustable rate mortgage
An adjustable rate mortgage is a mortgage in which the interest rate changes periodically according to a specified index.
