What is better: mortgage or loan?
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geordie
Apprentice
Joined: 29 Jul 2007
Posts: 4
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 Posted: 02/17/09 - 05:53 Post subject: |
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| Hello. I am planning to buy a land and build a house on it that will serve as principal place of residence. I have been looking around for mortgage or loan and I can not decide which option to take. What is better in your opinion: mortgage or loan. Answer will be very important to me so I thank you in advance. |
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reinaldos
Apprentice
Joined: 01 Nov 2006
Posts: 4
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| Posted: 03/18/09 - 21:46 Post subject: |
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| Hello there. Mortgages and loans are usually used for different purposes. Broadly speaking mortgage is loan designed for helping you buy a property (land, house, investment property etc). It can be payed in many years and have decent rates. On the other hand loan is designed for shorter terms and can be better if you have enough money to repay it fully. |
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