In days gone by one had to save to acquire a home or anything of value. Almost two thirds of the life was spent in cringing and saving to buy a place of ones own. Today the situation is entirely different. Everywhere the media is loud about fulfilling your dreams with loans of various types to suit any pocket.
A loan is a transaction of money from a lender to a borrower for any valid purpose. The borrower has to pay a certain percentage of interest periodically, and also pay back the initial amount over an agreed time with some specific terms. The lender can be a bank, a government organization or any private institution. A conventional loan is a loan that is not backed by the federal government. An FHA loan is insured by the Federal Housing Administration. These are limited loans. A jumbo loan on the contrary is a loan that exceeds the limits set by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation guidelines. Loan used for the construction of a home is called the construction loan. This type of loan changes into a permanent one after the home is completed.
Loans can be unsecured or secured. In the unsecured loans the risk...
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