What is a Homeowner Loan?

Written by John Mussi


A Homeowner Loan is a way of usingrepparttar equity tied up in your property to raise money. Equity isrepparttar 144138 difference betweenrepparttar 144139 value of your home and your outstanding mortgage. Many lenders are willing to convert this equity into cash inrepparttar 144140 form a secured homeowner loan, which means thatrepparttar 144141 loan is guaranteed by your property.

A homeowner loan is a sum of money that you borrow from a lender. The loan will usually be paid out as a lump sum. In return for this, you agree to make regular repayments and pay interest onrepparttar 144142 loan. A homeowner loan will ordinarily be secured on your home to providerepparttar 144143 lender additional security onrepparttar 144144 money they have lent you.

A Homeowner Loan is a loan secured on your home - this providesrepparttar 144145 lender with some form of security, regardless of whether it is mortgaged or owned outright.

A homeowner loan can give yourepparttar 144146 ability to borrow money based on how much equity you have in your property. Equity isrepparttar 144147 difference betweenrepparttar 144148 value of your property andrepparttar 144149 amount you have outstanding on your mortgage. This can help you release some ofrepparttar 144150 value in your property to use for major purchases.

You can borrow more with loans secured on property, normally up to £75,000 but potentially up to £100,000, and cheap secured loans interest rates are normally lower than with an unsecured loan because ofrepparttar 144151 lower risk torepparttar 144152 lender.

Personal loan 101- What You Absolutely Need to Know

Written by Mansi gupta


Daughter’s marriage or her studies? Son’s Ambition? Want a House makeover? Stop worrying about ‘money’ to fulfill your cherished dreams now… Availrepparttar opportunity of ‘Personal Loans’. Personal Loan is perhaps a man’s best friend in today’s world. ‘Personal loan’ asrepparttar 144137 name suggests can be for any personal reason. Such reasons vary from person to person for instance a husband willing to give a brand new car to his wife on their silver marriage anniversary, a father thinking of investing and setting up his son’s business etc. thus personal loan can provide you instantly withrepparttar 144138 required investment without any body’s help.

If you wish to take a personal loan, all you need to do is to be a little observant, calm and prudently decide which bank or company to go for. Government as well as private banks and companies offerrepparttar 144139 facilities of personal loans. The bank or company that has less rate of interest usually topsrepparttar 144140 list. But rate of interest is notrepparttar 144141 only parameter one adopts. Many a people also confide inrepparttar 144142 banks that require less documentation and spontaneous service. So it is entirely at one’s volition to fix on which bank/company to go for. The channels may also differ in this regard like there are those who directly contactrepparttar 144143 bank/company for this service orrepparttar 144144 ones who leave it upon their agents to do allrepparttar 144145 work for them.

Broadly there are three types of personal loans- ·Secured ·Unsecured ·Line of Credit The secured ones are those, which banks or companies keep some kind of security with them – like your house, car andrepparttar 144146 like. If one is unable to repayrepparttar 144147 loan,repparttar 144148 security so kept is taken up or confiscated byrepparttar 144149 bank givingrepparttar 144150 loan. Such loans can provide you with a handsome amount of money and a lower rate of interest.

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