Adjusted summary of articles by Ignado A. Sapalo, Jr. and Marion Wozniak
For those unfamiliar with loans used to purchase a home and mortgages, it would be very easy to simply categorize the two terms as one and the same. However, there are some differences that should be noted. Basically a loan is where a lender or bank lends you money in order for you to purchase something with the money lent.
home loan
So loans that are not used to fund real estate purchases cannot be referred to as a mortgage. A home loan on the other hand is used to purchase a home, and not any other kind of real estate.
Everyone is familiar with the ability to apply for mortgage loan on-line. What is new is a home loan that pays! An innovative idea has been developed, where a company links consumers with premier national mortgage lenders to help the consumers secure the best loan to fit their needs for home purchase, refinancing, construction, FHA, VA or even commercial loan.
The consumer will be contacted by a mortgage professional and the loan process begins. If the loan is approved, the consumer is paid as a lead generator (for referring their own lead) within 30 days after the loan is closed and placed with a mortgage bank.
Tags: home loan, mortgages, real estates