Homeowner Secured Loans - Understanding Mortgage Loans And Home Equity Loans

Homeowner Secured Loans - Home Equity Loans and Mortgage Refinancing

Go Straight To Recommended Lenders for Secured Loans

Other Pages In The 'Loans' Section:

List Of Recommended UK Lenders

List Of Recommended US Lenders

Payday Loans (OK For Bad Credit)

Debt Consolidation Loans

Homeowner Secured Loans - What Are They?

Secured Loans are loans which are secured against your property. This means that if you default on your repayments for the loan, the lender has the power to require that your house is sold in order to pay off the loan. They are also known as home equity loans.

Unsecured loans on the other hand have no link to your property, so you do not need to own your own house to get one. Most ordinary, personal loans are of the unsecured type.

Understanding Mortgage Loans - Advantages of Homeowner Secured Loans

Because mortgage Loans are secured on your house, lenders are much more willing to take a chance than with an unsecured loan. For this reason, if you are a homeowner, you are more likely to get a secured loan even if you have a poor credit rating. They can therefore be a very attractive option for people with credit problems who cannot get a loan any other way.

The fact that they are secured against the value of your home also means that relatively large amounts of money can be borrowed.

Mortgage loans tend to be spread over much longer periods than most unsecured loans, so the monthly payments are smaller.

Understanding Mortgage Loans - Other Considerations With Homeowner Secured Loans

Mortgage loans will usually have a variable interest rate, unlike the fixed rate you will get with most unsecured personal loans. Make sure you know what the lenders terms are with regard to interest rate changes. Your house is at stake, so be very sure that you can afford to keep up payments if interest rates increase.

While homeowner secured loans will always involve potentially serious consequences if things do not go to plan, they are a very useful way of accessing substantial amounts of money even when you have a less than perfect credit rating. The main thing to remember is to give proper and full consideration to what you are entering into before you commit.

If you are using a secured loan to consolidate your debts, don't be tempted to automatically transfer all your debts to the new loan - just select the ones that are at a higher interest rate than your new secured loan. There is no point paying off a debt and taking one on that will cost you even more.

If you are unsure about how much you can afford to repay each month, you could consider preparing a Financial Statement. This should help to highlight how much spare income you have and therefore how much you can afford for payments. Allow for the fact that interest rates could go up.

Recommended Lenders For Homeowner Secured Loans and Mortgage Loans

Recommended US Lender (see Below For UK):

Lending Tree Mortgage Loans (US Citizens Only)

Lending Tree are one of the most reputable online lending companies, who specialise in mortgage refinancing, home equity loans and new mortgages. They cover all 50 states and are known for being able to present you with a choice of offers from lenders within minutes. Your loan requirements are checked against more than 200 lenders and within a few minutes you get up to four offers of loans from different companies.

You are under no obligation to accept any of the offers of loans. Simply complete the four stage secure application form indicating the sort of loan you want and personal details such as your salary and social security number. You should be able to answer most questions without looking anything up, but it will help to have details of your current mortgage to hand, including how much you still owe.

Recommended UK Lenders:

Homeowner Secured Loans: Easy Remortgages (For UK Residents)

Easy Remortgages do exactly what the name suggests. They provide remortgages and secured loans for UK homeowners. They specialise in helping people in difficult circumstances to gain access to some of the best finance products in the UK.

Easy Remortgages have fairly clear criteria for the kind of people they are able to help. To be accepted for a loan you must:

Be a UK resident aged between 18 and 65 years old

Be a homeowner with a mortgage

Not have been in arrears for the last three months

Have had no more than 3 months in arrears in the last 12 months

Looking to borrow from £10,000 to £70,000

Have an income of at least £17,000

If you meet these criteria you can apply quickly and easily online using the Application Form on their website.

Express Debt Solutions (UK only)

Express Debt Solutions are a very experienced company who offer a range of debt solutions and loans. They aim to take a very personal approach to every customer and come up with the best option for your particular needs. They offer remortgages so that customers can take advantage of the equity in their homes to consolidate their debts into one low monthly payment.

Simply go to their website and click on the 'Apply Online' button to find out how they can help you.