Home financing is a way of borrowing money to purchase a house. The most common form of home financing is a mortgage loan. Other forms of home financing include loans from banks and savings institutions, lines of credit, and credit cards. Some examples are:
1) A mortgage loan – this is the most common and it involves taking out a loan to buy your house
2) A line of credit –allows you to borrow money against your existing assets such as savings accounts, cars, etc.
3) A cash down payment – this means that you pay part or all of the price for your new house with cash. This type of down payment is usually 10% or 20% and it can be more than one payment if you want to pay off the balance faster than monthly payments would otherwise allow you to do so
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