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Summary: There are two types of loans that a person can find on their property, including mortgage loans and second mortgages. Find out how long the terms are for second mortgages with help from a financial specialist in this free video on home loans and money management.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
"Hi my name is Matt McKillen, I'm with Innovative Financial Group. I've been asked the question what is a home loan. There are two types of loans you can find on your property. There's a first mortgage loan which is generally the loan that you used to purchase your home. It can be anywhere from a 15 to a 30 year term. Most customers desire a fixed rate when they take a loan to purchase their property. The other type of home loan is a second mortgage. A second mortgage is generally either a home equity line of credit, which is an open ended line of credit on your property, or it can also be a fixed rate loan similar to the first mortgage. On average, the second mortgage programs are usually on a 10 or 15 year term of repayment. Also, first mortgage loans generally do have a lower rate than the second mortgages do. So when you're shopping for a mortgage, generally the best choice is a fixed rate for your home loan and afterwards if you need to put in a pool or do home improvements or maybe consolidate debts with your equity, your best choice for that would be a home equity loan. Again my name is Matt McKillen and I'm with Innovative Financial Group."
eHow Article: About Home Loans
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