Raising finance by pledging your home as security is the best way to fulfill your hefty financial requirements. This option is only available to homeowners and comes with many lucrative benefits. Low APR, flexible repayment options, minimal early repayment charges, long loan tenure are some of the major benefits of Homeowner loans. The best advantage a homeowner has over others is that he really does not have for a loan. Lenders themselves offer a plethora of attractive deals to people who own homes. So, the customer has the freedom to choose the best loan deal by weighing his financial requirements to what the loan is offering.
In general there is a perception that for availing a homeowner loan, you always need to pledge your home as collateral. However, this is not the case. No doubt, the secured homeowner loans are comparatively popular among the lenders, unsecured homeowner loans can also be availed. The fact that you own a home in UK will invite varied loan offers to you. You can go for an unsecured loan that are best for smaller monetary needs. The repayment period is shorter and the APR is a bit higher.
Be it secured or unsecured, the loan amount for homeowner loans are calculated on the basis of home equity. In case of secured the lender may grant you 125% of your home value. In deciding the loan amount home equity is the most crucial factor. All other mortgages and loans running on or against the home are deducted. Other factors that the lender considers while deciding the loan amount and APR are your credit history. he valuates your repayment record of other loans and your DTI ratio as well. DTI is the debt to income ratio that evaluates your disposable income.
There is no restriction on the use of money you avail for homeowner loans. the loan amount can be used for debt consolidation, holidays, meeting educational and medical expenses, buying assets like car, boat or for going for a plastic surgery. The increased market competition among lenders and popularity of online media for applying for loans has made it possible to avail homeowner loans quickly than before.
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