주택 / 콘도 모기지 (Residential mortgage)
A residential mortgage is a type of loan specifically designed to help individuals or families purchase a home. In a residential mortgage, the borrower agrees to repay the loan over a period of time (usually 15, 20, or 30 years), with interest. The home being purchased serves as collateral for the loan, meaning if the borrower fails to make payments, the lender has the legal right to foreclose on the property to recover the loan amount.
상업용 모기지 (Commercial Mortgage)
A commercial mortgage is a type of loan used to purchase, refinance, or improve commercial real estate properties, such as office buildings, retail centers, industrial warehouses, or apartment complexes. Unlike residential mortgages, which are for personal homes, commercial mortgages are used by businesses or investors to acquire income-producing properties.
재융자 (Refinance) / HELOC
A refinance mortgage is the process of replacing an existing mortgage with a new one, typically with different terms. Homeowners may choose to refinance their mortgage for a variety of reasons, such as lowering their interest rate, adjusting the loan term, or accessing home equity.
리버스 모기지 (Reverse Mortgage)
A reverse mortgage is a special type of home loan available to homeowners, typically aged 62 or older, that allows them to convert part of the equity in their home into cash. Unlike a traditional mortgage, where the borrower makes monthly payments to the lender, with a reverse mortgage, the lender makes payments to the homeowner (or to their designated beneficiaries). This can provide a source of income for retirees or seniors who have substantial equity in their home but need additional funds to cover living expenses or healthcare costs.
Private Loan (Investor / Borrower)
A secured private mortgage is a home loan where the borrower provides the lender with collateral—in most cases, the property being purchased or refinanced. This type of mortgage is "secured" because the lender has a legal claim to the property if the borrower defaults on the loan, meaning the lender can foreclose on the home to recover the loan amount. The lender is typically a private individual, a company, or an investor, rather than a bank or traditional financial institution.
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