The terms mortgage and home loan are often used interchangeably, but they don't exactly mean the same thing. A mortgage is a loan that's used to buy a piece of property that's secured by the property itself. A home loan is a type of mortgage that's used specifically to purchase a house.

In-house financing is when a retailer extends a customer a loan for the purchase of its goods or services. The need for banks or other third-party lending institutions is eliminated through in-house financing.