Secured Home Loans | Fast - Low Cost - Any Use Loans
There are plenty of lenders claiming to offer the best secured home loans on the market. However, just as with car insurance providers, they cannot all be the best. That means it is up to consumers to compare lenders and loan products to make sure they are always getting the best deal. It may sound complicated, but it is a lot easier than you think.
Comparing secured home loans comes down to looking at four primary things: representative APR, repayment terms, loan-to-value ratio, and maximum borrowing amount. These four factors will pretty much tell you whether a loan offer is worthwhile or not.
All things being equal, another factor many people look at is how fast a loan can be approved and dispersed. If you need cash right away, you may not have time to wait days or weeks for money to be deposited into your bank account. In such cases, it might be worth paying a slightly higher interest rate for a faster response.
Claiming secured loans are approved quickly is a common marketing tactic. Nevertheless, just what does that mean exactly? Some fast loan claims are based entirely on a preliminary decision that can be reached in just a few minutes. Lenders do this by using electronic means to verify application data. In that sense, it is true that you can get a decision in minutes. However, your application will still need to be reviewed and verified before final approval is given.
Lenders who claim fast approval from start to finish may be able to complete the entire process within 24 hours. While that is not as fast as getting approval in minutes, it is still fast enough to meet most needs. The point here is to understand the difference between preliminary and final approval when companies are offering 'fast money'.
Advertising a loan as being low-cost relates to the upfront costs associated with borrowing. In other words, this is not about the annual percentage rate (APR) you pay over the course of the loan. It is about all of the additional costs added in by the bank. Those costs can include everything from home appraisals to title costs to administrative fees. Cheap secured loans are those with minimal upfront costs.
The good news is that the law requires lenders to represent these additional costs with something known as the representative APR. This number reflects the total cost of borrowing, including both the standard APR and all of the additional costs added to a loan. The higher the representative APR, the more the consumer pays for the entire cost of borrowing.
Loan terms describe how much time you take to repay your loan. When you compare secured loans you will likely notice each lender has a different range of terms that can be anything from five to 25 years. How long you will take to repay your loan is something you will negotiate with the lender when you apply.
Keep in mind that the longer the term, the more interest you pay. You might want to ask lenders if they impose any early payment penalties before deciding on loan terms. A loan with no prepayment penalty makes it possible for you to accept a longer-term, just to be on the safe side, with the possibility of reducing your interest by paying early.
Fast, low-cost secured home loans are available for the asking. If you need cash for your long-term financing needs, consider a secured loan from one of our reputable lenders. You will be able to leverage the equity in your home to borrow money you can use for virtually any purpose. As always, do your research before accepting a loan offer. Make sure you are getting the best deal for your circumstances.
Free Help and Advice from the Experts
Our team of secured loan experts are here to help you find the best loan to suit both your needs and your personal circumstances. Our experts can filter offers from their whole of market lender panel within a few minutes and will help you compare the most suitable offers side by side. Once you are happy that the best loan has been found they can create an optimised application and submit it to the lender on your behalf ensuring that your application has the best chance of gaining a fast approval.
Our advice is free and you will always be advised of all the costs of any loan before you decide to proceed with any application. We work for you and not the lender so we always have your best interests at heart so just call our friendly team today to benefit from our free expertise.
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