Homeowner Secured Loan: A perfect answer to all your economical necessities
Written by: Nidhi Sachdeva
"A feast is made for laughter, and wine makes life merry, but
money is the answer for everything."
These archaic words quoted from the Old Testament still hold
good in the modern day world. There is nothing, which is vested
with more power than money. You need money for everything right
from buying your daily necessities to the most tempting luxuries
of the world.
What do you do when you run short of it? You borrow! Modern man
has found a solution for such situations too wherein you need
capital urgently and your pockets only jingle with pennies.
Homeowner secured loan is a category that was developed with the
objective of meeting the financial needs of people who own
homes. Being a homeowner gives the edge over others as you can
offer your home as guarantee for your secured loan . This
exercise comforts the lender about the repayment of his loan. In
an event where the borrower errs in paying the loan, the lender
can repossess his home.
With secured loans , you can borrow a large amount of
loan. Realistically speaking, the equity in your collateral
determines the amount of loan you can borrow. So, higher the
equity in your home, bigger can be the loan amount that you
become eligible to borrow.
Although your credit rating plays a major role in deciding
whether you can borrow a loan or not, but a high value
collateral can smooth out the rough edges for you, and you can
avail a low rate secured loan if you offer a high-equity
When shopping for a secured homeowner loan you must
make sure that you compare only like with like. You must also
not jump to the conclusion that a particular loan offer is the
cheapest one only on the basis of the APR. In case of
secured homeowner loans , there are various other expenses
that you have to incur. These include valuation fees,
surveyor's, solicitor's and arrangement fees. So, you must take
into account all these costs before you sign your loan agreement.
The advent of Internet has made it very easy for loan seekers to
avail a homeowner secured loan. There are so many websites that
deal exclusively with loans and even offer no obligation quotes
to help you make up your mind. So, get on the information
highway and shop for your secured homeowner loan.
About the author:
The author is a business writer specializing in finance and
credit products and has written authoritative articles on the
finance industry. He has done his masters in Business
Administration and is currently assisting Shakespeare Finance as
a finance specialist. For more information visit
Other Related Articles:
Payday Loans - Legal Loan Sharking?
Each day, in cities across America, people go to payday loan
companies, seeking a temporary escape from their financial
problems. But that quick fix comes with a hefty pricetag
attached--interest rates that can run 400 percent or more on...read more