http://www.articletrader.com/ Articles at ArticleTrader en-us http://www.articletrader.com/finance/loans/a-guide-to-a-secured-loan.html http://www.articletrader.com/finance/loans/a-guide-to-a-secured-loan.html Thu, 31 Aug 2006 00:00:00 -0500
There could be many reasons why you may choose to take out a secured loan. One is that a secured loan is a suitable tool to allow you to raise a large amount of money. This could be used for debt consolidation, home improvements, and many more reasons. It could be that you have experienced difficulty getting an unsecured loan due to a poor credit history. Lenders can take a more lenient view when it comes to secured loans due to the security that you offer with the loan. This means that you could raise the money you require with a secured loan although you may have been declined recently or in the past for an unsecured loan.

What are the qualifications for a secured loan?

You do not have to own the deeds on your property or own your home outright in order to qualify for a secured loan. If you have a mortgage, and have built up or have equity in your property you could take out a secured loan. With a secured loan, you can borrow an amount from £5,000 upwards and you can use the money for any purpose. Another advantage of your secured loan is the payment terms available, these can be from 5 to 25 years. You need to fully discuss all the terms and conditions of the loan with your lender to ensure the payments term and the amount that you will be borrowing fully meet your circumstance and ensure you can fully meet the payments each month. Secured loans are normally at a lower rate, than their unsecured partner and will normally be allowed to be taken out over a longer term. Also a larger amount may be borrowed with your secured loan as you are offering the lender some security. If you do not keep up with repayments on a secured loan or mortgage on your property your home may be repossessed.

There are many factors that can account for the interest rate that you will be charged on your secured loan. Some of these are the amount and term of the loan and the loan to value that the lender is taking into account, which is the difference between the total amount of loans secured on your property and the value of your property. They will also take your personal finance credit history into account. A factor to discuss with the lender when discussing your secured loan is a payment protection plan for your peace of mind as well as the lenders of your secured loan. This would save you having to worry about the monthly payments should you fall victim to, sickness, accident or redundancy. There are different types of plans available and the lender will supply you with these details on request.

So what are the benefits of a secured loan?

I would speculate the main benefit of a secured loan is that you can receive lower monthly repayments and can borrow a larger amount of money with a secured loan than you could with an unsecured loan. The amount of money that the lender will allow you to borrow is greater due to the security you are offering. There are some lenders in the market place that will allow you to borrow up to 125% of the value of the property with your secured loan. This is of course subject to the lenders terms and conditions and your credit status. For you to be able to take out a secured loan the lender would like you have been a homeowner for at least nine months or longer. You can take out a secured loan whether you are employed or self employed and even people who have pensions in place can still qualify for a secured loan subject to meeting the lenders terms and conditions.
Your secured loan, as with any loan, may be redeemed early although the lender will charge you an early repayment or early redemption fee for paying off your secured loan. So in essence if you are looking to borrow a large amount of money, would like to take it out over a longer term, and would like to have payments that are affordable to you and you have equity in your home then you should consider a secured loan.
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Mike Trusler.  To get more information about secured loans, unsecured
loans, remortgages and debt consolidation please visit
Sunset Loans and
Sunrise Loans

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/how-to-get-the-best-mortgage-for-you.html http://www.articletrader.com/finance/mortgage/how-to-get-the-best-mortgage-for-you.html Thu, 31 Aug 2006 00:00:00 -0500
By carrying out good market research for your mortgage, whether it is for the first house that you buy, a home improvement mortgage or a remortgage, ensure that you research it fully. You will need to know all the costs associated with your mortgage, from things like a valuation fee, fixed rate fee to the deposit required by your lender, to the equity you have in your home. All are important factors when considering a mortgage.

Make sure you get quotes

There are many mortgage lenders in the market today, and all have different terms and conditions that they can offer to you. Ensure that you get quotes for your mortgage from different sources. Building societies and banks are most people’s first port of call for a mortgage, but you could also arrange your mortgage via a mortgage broker. A mortgage broker could have access to many lenders and plans and this may be the way for you to research a whole host of mortgage products and mortgage lenders. Quotes for your mortgage are normally provided free by both mortgage brokers and building societies.

Check out the costs involved

Mortgages always come with a cost, whether this is your monthly repayment, the valuation fee, the solicitors costs, the indemnity guarantee or stamp duty. All are costs that can be associated with your mortgage. Research what the lenders fees are for your mortgage, or the mortgage broker’s fee, and ensure the rate and type is what you require.

A buzz word of the mortgage market is the APR the annual percentage rate (APR). The APR takes into account not only the interest rate but also broker fees and certain other credit charges that you may be required to pay, expressed as a yearly rate.

All lenders or brokers will give you an estimate of its fees and costs. The fees you pay for your mortgage can vary enormously, some you can add to your mortgage, some you will need to supply and you need to discuss them fully with your mortgage provider.

How to get the best mortgage for you

After you have carried out your research on the mortgage market and gained your mortgage quotations, take time to study and fully understand the mortgage you want. If you are not sure of anything ring them and discuss the parts of the mortgage that are of concern. Totally ensure the mortgage provider gives and supplies you with all that you want from that mortgage, whether this is the type, the rate, the term or the amount. All are important in getting the right mortgage for you.

When you have fully alleviated all of your queries about your mortgage and have reviewed and understand your mortgage and the quotations you have on your mortgage you are ready to go. Getting the best mortgage deal, mortgage rate or mortgage lender is not a science. By following the steps above you should easily find the mortgage that you require.
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Mike Trusler.  To get more information about secured loans, unsecured
loans, remortgages and debt consolidation please visit
Sunset Loans and
Sunrise Loans

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/loans/home-owner-loan-whats-the-advantage.html http://www.articletrader.com/finance/loans/home-owner-loan-whats-the-advantage.html Thu, 31 Aug 2006 00:00:00 -0500
So how does a homeowner loan work?

Well if you already own your own home and have available equity in it then it is possible to apply for a homeowner loan. You provide the lender with the security of your property. This has advantages over a unsecured loan which you may have been declined due to having or have previously had a bad credit history. If you do not keep up with repayments on your homeowner loan your home may be repossessed as it would if you didn’t pay your mortgage. This is different than with the unsecured where you offer the lender no security at all. But the other advantages of your homeowner loan is that it allows you to borrow larger amounts of money, over longer terms and normally at a lower rate than its unsecured partner.

Lenders look favorably on people who are willing to offer up security as with the homeowner loan. The rate that the lender will charge you on your homeowner loan, will depend on various factors, the term and amount of the loan, the equity that you have in your property and also your employment and credit status, but don’t worry they will lend to clients who are employed, self employed or those who have pension income.

There are lenders available in the market place who will allow you to borrow up to 125% of the value of your property, this is of course subject to you fully meeting the terms and conditions of their homeowner loan product.

Your loan application process

Your homeowner loan is normally dependant upon a market valuation of your property but this is normally at the lenders cost, they will check your credit file, and will run through and provide you with quotations so you are fully conversant with the loan you will be taking out. It would be wise to discuss the insurances that they offer so that you can protect your homeowner loan payments in the event of sickness, accident or redundancy. After all this is complete and they are ready to lend to you the money required your homeowner loan is your to do with as you wish.

To summarize your loan can be over a long or short term, be for a minimum of £5,000 up to £100,000 and can be at a rate and have a payment that you are comfortable with paying. Your homeowner loan can be used for any purpose and is secured against your home, so there is just the use of your homeowner loan, well you could choose debt consolidation home improvements or mush more

To research your home owner loan you are in the best place the internet. You are just a few clicks away from the world of finance and the lenders who offer homeowner loans. You can freely read all there terms and conditions and get the information on the homeowner loan you require today.
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Mike Trusler.  To get more information about secured loans, unsecured
loans, remortgages and debt consolidation please visit
Sunset Loans and
Sunrise Loans

Source: http://www.articletrader.com ]]> http://www.articletrader.com/finance/mortgage/remortgages-and-why-remortgage.html http://www.articletrader.com/finance/mortgage/remortgages-and-why-remortgage.html Thu, 31 Aug 2006 00:00:00 -0500
With our remortgage we could release capital, gain a better rate or improve our credit rating by consolidating our debts. By far the most popular way of buying our holiday home in the sun is with a remortgage.

With your remortgage the fact that you have equity in your property can be a huge bonus as you could increase up your existing mortgage if required to encompass home improvements, debt consolidation, buy a new car or take the family on a luxury holiday.

Even if you have bad credit such as arrears, ccj’s or any other bad credit you could still take out a remortgage. Whether employed, self employed or retired, lenders will allow you to remortgage so you can fulfill your dreams and wishes.

Your application for a remortgage

Your application for a remortgage can either be carried out by approaching your existing lender or trawling the high street and possibly spending hours collecting pamphlets and quotes to take back home. Or you can use the simplest tool of all, the one you are on now, the internet. At the click of your mouse the world of remortgages opens up to you and all the lenders that do remortgages are there for you so you can read all about the terms conditions, rates and what they will and wont allow you to remortgage for.

Your next step is to decide the amount that you want your remortgage for and the term you require it over. Your remortgage may come with a more competitive rate than your current lender. Remember to check with your current lender to see if by moving your mortgage you have to pay an early repayment or redemption fee as some lenders do charge a fee.

Remortgaging to a new lender or with your existing lender can open up a world of possibilities for you. Imagine, if you can, where you could be in three month’s time. You could be sitting in that new conservatory, driving that new car, be enjoying the extra money you have available since consolidating your debts into your remortgage. You could even be residing in your new holiday home in the sun. The choice is there for you take advantage of it or just do market research and imagine what your remortgage could mean to you.


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Mike Trusler.  To get more information about secured loans, unsecured
loans, remortgages and debt consolidation please visit
Sunset Loans and
Sunrise Loans

Source: http://www.articletrader.com ]]>