When you purchase a property, two things happen:
- You take out a home loan and agree to pay it back with interest over the loan term.
- You sign a legal contract - a mortgage - that gives the lender security. If you default on the loan repayments this agreement allows the lender to repossess the property.
In short, they're not the same thing but are connected. A home loan is the sum of money you borrow and a mortgage is the legal agreement that lets the bank take the property if you don't pay that money back.