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A slowly recovering economy means that more homeowners are looking to obtain financing for a variety of purposes. Some need to make property repairs involving home mechanics; others are looking to fund some of the expense related to sending kids to university. The good news is that secured home loans are available for these kinds of things. If you own a home, you are likely eligible to borrow quite a bit of money against your equity.
Understand that this type of financing is designed for flexible term borrowing. It is a way for you to get fast cash by leveraging the existing value in your home as a financing tool. Secured Loan Expert recommends this kind of financing over credit cards, high interest personal loans, or targeted loans with limited flexibility.
To get started, just use our whole of market comparison tables to look at the various lenders offering secured loans. The more lenders you can compare, the better your chances of finding a great deal.
Borrowing Against Your Equity
A secured homeowner loan is basically a house loan obtained by using the equity in your property as collateral. You should be able to borrow up to the total amount of equity your home possesses. For example, let us assume your home would sell on the retail market today for £200,000. We will also assume that you still owe £125,000 on the mortgage. That means you have £75,000 in equity that you can use to secure a fast cash loan.
Lenders are willing to make home loans because the risk of default is fairly low. It makes perfect sense. If you are willing to put up your house as collateral, you are likely to do everything within your power to make sure you keep up with the payments. Your home is far too valuable to risk against default.
Lenders know this, so they are willing to offer fairly good interest rates and generous repayment terms. However, keep in mind that your credit history and rating will affect your overall cost of borrowing. Do your research when comparing different lenders and the products they offer. A low-cost loan is one that combines a low interest rate with minimal borrowing costs.
Getting Cash Fast
Now that you know a little more about how secured homeowner loans work, let us talk about getting fast cash. Lenders that advertise fast approval do so based on one of two things. First, they might be referring to getting a preliminary decision within minutes. This preliminary decision will rest on the information they are able to obtain using electronic means. For example, the lender can quickly check your credit rating online. However, getting a fast preliminary decision does not mean you will have the money instantly.
Other lenders refer to the entire approval process, from start to finish, when advertising fast loans. Even with a preliminary decision that only takes minutes, your application will still have to be reviewed by an experienced professional before a final decision is rendered. The fastest lenders can complete the process in under 24 hours, as long as nothing is amiss.
One final thing to consider is the possibility of paying extra fees for fast money. Simply put, you could get approval in a couple hours followed by an offer to receive your cash right away. Nevertheless, if the lender charges a fee for instant delivery, you might be better off waiting a day or two for the money to be deposited in your account. It depends on how quickly you need the money.
Fast home loans secured against your property enable you to borrow money for nearly any purpose. They offer you the advantage of flexibility, easy access, large loan amounts, and reasonable interest rates. Secured Loan Expert encourages you to consider this sort of financing over high interest personal loans and other options. The many advantages of a secured loan make it a superior financing tool.
To make sure you find the best loan that matches your personal circumstances why not let our experts do the work. We don’t charge any fees for our advice and help in finding the right solution for your needs and have immense knowledge of the secured loan market and the systems to enable us to compare the whole of the market for lender offers that meet your requirements.
Once the best deal has been found our experts will advise you of all costs and submit an optimised application which matches your attributes to the lenders criteria maximising your chances of a positive result.
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