Secured Home Equity Loans: Great Opportunity For All Homeowners


by James Taylor - Date: 2007-04-21 - Word Count: 378 Share This!

There are tremendous benefits that are offered to every homeowner by his home besides giving shelter. One such benefit is giving you finance. Through home equity loans you can avail loans against your home's equity.

Secured home equity loans are loans used for variety of purposes and is approved keeping home as collateral. Secured home equity loans can be used for home improvement; home extension, debt consolidation, buying new furniture or other miscellaneous purposes.

The term "equity" means the current market value of the home subtracting any remaining mortgage balance amount. For example if the market value of your home is £100,000 and you owe £50,000 as your mortgage then the equity of your home would be £100,000 minus £50,000 and would be £50,000. This implies borrower can avail loan amount on this £50,000.

In secured home equity loans borrower can borrow huge loan amount with long repayment tenures. The repayment tenure for secured home equity loans is up to 25 years with loan amount maximum up to £75,000. Borrowers can easily repay the loan amount on small monthly installments over the repayment period.
An important point that every borrower should keep in mind is that secured home equity loans entirely depends upon the collateral placed by the borrower. Higher the collateral higher is the loan amount approved by lender in secured home equity loans.

HELOC defines a line of credit for all borrowers. This line of credit is the limit up to which the borrower can borrow or avail the loan. Borrower has to pay an interest rate against the loan amount.

Secured home equity loans can be availed by all borrowers irrespective of their credit history. This gives a chance to all bad credit borrowers to avail secured home equity loans on flexible repayments and moderately low interest rates. All homeowners having CCJs, IVAs, defaulters, arrears etc to their credit history can also avail secured home equity loans.

Before borrowers goes to lenders to avail secured home equity loans, proper research by the borrower is required. Borrowers can take help from online sources also before finalizing on a particular lender.

Ever though the home where you reside can even be used for fulfill financial needs. With secured home equity loans the borrower can get cash on low and affordable interest rates.

Related Tags: secured loans, personal loans, debt consolidation loans, cheap rates, debtconsolidation loan, secured home equity loans

James Taylor holds a Master's degree in Commerce from JNU. He is working as financial consultant. To find Secured Home Equity Loans, debt consolidation loans, debtconsolidation loan, cheap rates, personal loans that best suits your needs visit www.chanceforloans.co.uk/

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