What is the difference between a mortgage and a home loan?

What is the difference between getting a home loan through a bank vs. going through a mortgage company? Why choose one over the other?

Mortgage brokers can offer more loan options because they work with multiple lenders. Banks, on the other hand, provide their own loan products but may have more rigid guidelines. Consider factors like available loan options, personalized service, and who can provide you with the best terms and rates.

A mortgage specifically refers to the loan taken out to purchase a property, whereas a home loan can encompass a broader range of financial products related to homeownership, including mortgages but also things like home equity loans or lines of credit. It's essential to understand the specifics of each option before committing, so always choose reliable sources for information and check reviews (here are Specialized Loan Servicing reviews) to make sure you're making the best decision for your financial situation.