Mortgage loans

Mortgage loans are probably the biggest loans that most people will ever take in their lives. Do NOT fear them! Generally, people do not have the cash to pay for a home and have to resort to making use of a loan.

These loans are available to people who have a good credit history and who earn over a certain amount per annum. The loans are secured against the home which means that the home will belong to the bank until it is fully paid off.

Most banks and financial institutions will not give first time borrowers a loan for the full purchase price of the home, so be prepared to have to pay a down payment. Have this money saved ready in the bank. Your credit history will be checked so make sure that you have a good one.