The dream of home ownership is one for many and one of the more costly dreams at that. Along with the purchase of the home, you have maintenance, bills and unforeseen expenses. So how do you move forward with this dream? An installment loan may be the right home loan for you. Read below to see if this type of investment is right for your budget and lifestyle.

Installment Loan

An installment loan is a type of loan that companies, banks, and lenders offer for you to buy your own house. Installment loans work by lending you an amount of money that you have to regularly pay until you have repaid what you borrowed plus the interest. Some installment loans require the borrower to hand over something of value as collateral for the money borrowed until you finish the last regular payment. The regular payment is called installments.