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| Loans |
Loans
Home Loan:
A mortgage loan secured by a one to four family residence. Also known as a "single family mortgage, even though the property my be designed for more than one family.
Construction Loan:
A short-term loan financing improvements to real estate, such as the building of a new home. The lender advances funds to the borrower as needed while construction progresses. Upon completion of the construction, the borrower must obtain permanent financing or pay the construction loan in full.
Personal Loan:
An unsecured loan usually made for the purpose of debt consolidation, vacation or the purchase of durable goods. Also called a signature loan.
Equity Loan:
A loan that uses the borrower's equity in real property as collateral. The loan may be for a variety of purposes. Also known as a second or junior mortgage loan.
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