Also called a mortgage loan is a loan secured by real property through the use of a mortgage note which evidences the existence of the loan and the encumbrance of that property through the granting of a mortgage which secures the loan. However, the word mortgage alone, in everyday usage, is most often used to mean mortgage loan. 

There are a number loan programs to meet the need of home buyers. The loans range from conventional loans to loans you can get for home construction. All home loans are secured against your home. 

Understanding Types of Mortgages and Home Loans 

To quote a mortgage broker: “There is a different loan for a different need.” In other words, the type of mortgage you get depends on your individual situation. A good lender will get a sense of your needs from your credit report, your assets, and your employment history. He can then recommend some options for you.