Step 1 : Introduction to the question “What type of loan is taken out to purchase a home?“
…Mortgages are loans used to purchase homes, land, and other types of real estate. When you take out a mortgage, the property purchased with the loan becomes the collateral, which means that if you fail to make your loan payments, the lender can seize the property. There are several mortgage types, including fixed-rate and adjustable-rate, with a wide variety of interest rates.
Step 2 : Answer to the question “What type of loan is taken out to purchase a home?“
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