The Home Loan is a simple way to obtain, in a very short time, the liquidity needed to meet expenses, generally not huge, which can be maintenance or restructuring works related to the home.
It consists of a finalized loan granted both for an expense related to the main house and to the second home. Eventually it is also required to purchase a box.
It is provided by a bank or a financial institution that requires an income requirement. Those guarantees that are obligatory in mortgage applications (mortgage of the building) are omitted and, in this regard, it could be particularly interesting for workers with atypical contracts.
Among the main differences between home and mortgage loans, we certainly remember the different purpose, namely: the loan is commonly required to buy a property. The home loan is useful to deal with expenses with lower amounts such as, above mentioned, renovations, maintenance or even expenses related to the furnishing of the house.
It is to be considered the fact that, if requested as a finalized loan, the home loan needs a precise destination. In addition, the installments will be increased by higher interests, precisely because almost no guarantee is required with the advantage, however, of being able to dispose of the required sum between 24 hours and 15 days.
The request for a mortgage instead has a very different and much longer time frame. In addition, the installments are fixed, you can choose the most convenient interest rate and with tax benefits to be taken into consideration.
If you want to learn more about home loan and mortgage differences, or want to request a quote without obligation, fill out the form alongside.