Home makes your life easy in many ways!!! - secured home loans

Posted by Nick Niesen on October 29th, 2010

Finance can be the most important thing for anyone with dreams to fly in his eyes. Today our world runs on finance. The forms may be different but the purpose is the same, to cater to our needs. When we fail to cater our needs due to lack of enough funds within our resources, we look outside for them in form of loans. One such way of funding our desires is secured home loans.

A secured home loan is secured by your home as security. These loan are like any secured loan and can be used for any of you personal purpose. The advantages of such loans are following:

? Interest rate is low as the loan amount is secured.
? Repayment is spread over a longer periods resulting in smaller monthly payments.
? Flexible terms and conditions for loans.
? Higher rate of approval of loans ensure you that you will be getting the loan approved easily.
? Online option is there to choose and apply easily
? Reduced paper work
? Faster approval once your property is valued.
? Multipurpose loans (can be used for debt consolidation, medical expenses, education, buying a car, boat, vacation, home improvement etc)
? People with bad credit history can also apply.
? You can borrow up to 125% of your collateral value.

Secured home loans come in various flavors to choose from:

? Fixed loans ? the interest rate will remain fixed under this for the whole repayment term.
? Variable loans ? rate of interest will fluctuate according to interest rates in the market.
? Capped loans ? a limit is set up to which your interest rate can rise with rise in interest rate in the market.

You can decide among these according to which rate suits you the best.

A secured home loan allows you to borrow amount ranging between ₤3000 to ₤75000 on the basis of equity in your home. Equity is the market value of your home less any debts taken against it.

Shopping for a right loan lender is one thing which every borrower must do before applying. There are lot many lenders in the market with different rates and terms.

It happens may time that you came to know about a low rate package after you have already applied for the loan. So to avoid this do proper research, visit lenders offices and study their quotes. Your hard work can help you find out the best secured loan out of the rest.

Like it? Share it!


Nick Niesen

About the Author

Nick Niesen
Joined: April 29th, 2015
Articles Posted: 33,847

More by this author