Now that we are into May, it will not be long until we are in Spring which makes it a good ging a homeowner loan also called a secured loan
Why homeowner loans have this name is because of the fact that only those who own their home can apply, although homeowner loans can sometimes be arranged on buy to let properties.
Another name for homeowner loans is secured loans and this is because they need to be secured on collateral which is the equity on the property of the borrower.
The equity is what dictates the maximum secured loan available and equity is the balance between the mortgage balance and what the property is worth.
The minimum secured loan is 5,000 up to 100,000 at the most end but there are some lenders who have secured loans of half a million pounds although the equity needed would be huge.
Secured loans certainly have a lot of uses but one of the most popular reasons for wanting secured loans at this period of the year is for improvements to both the outside and inside of the property
When you want to arrange home improvements it is possible to obtain the credit from the home improvement firm but the rates of interest are costly at about 25% particularly when secured loans have rates from 9% APR
As secured loans are so much less expensive than home improvement loans from the company that are carrying out the improvements, arranging secured loans as a means of making your home more comfortable can mean that you can do a lot more for the same cash, and that would seem to be wise move as you can buy a few carpets for example instead of only the one and it will not cost you any extra..
You can then relax and wonder with awe at what you have achieved to your home due to secured loans.
It is always a wise move if you are a homeowner to use your status for your home improvements as they have such a very good rate of interest. Of course it is not only home improvements that you can buy with remortgages and secured loans as they can be used for almost anything.
Looking to find the best deal on secured loans, then visit www.championfinance.com to find the best mortgages for you.
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