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About Homeowner Loan

Homeowner loan is loan borrowed money against your property. If there are problems faced during the term of the loan, your home can be possessed and sold to pay up your debts.

It depends on the agreed number of years. It can take p to 1-35years for repayments to be complete. A legal charge is taken on the property if not paid back on time. If you are not a homeowner, you should consider other options like, unsecured loans, overdrafts, credit card etc.

Home loans should be the last resort, because of the risk involved, when taken out loans against your property. It should not be used for unnecessary things like buying of new car or holidays, it should be spent wisely because when faced with financial difficulties you might lose your home.

Frequently Asked Question

How long does a homeowner loan take?
It all depends on your lender, the whole process for application takes between 3-6 weeks.
Can I get a loan against my home?
Yes, it is possible, but you have to be careful because its equivalent to a second mortgage, you can borrow against the equity in your home. Home equity loans allow you to borrow against your home’s value over the amount of any outstanding mortgages against the property.
How much can you borrow against your house?
Lenders will let you borrow up to 70-90% of your equity depending on your income and credit score.
What makes you qualify for home equity loan?
1. Your home equity should be at least 15% to 20% of its value, which is determined by an appraisal. 2. Debt-to-income ratio should be about 43%, or possibly up to 50% 3. A good Credit score of 620 or higher. 4. Your history of paying bills on time should be strong.

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How Much Can Be Borrowed?

It ranges from £3000-£100,000. The amount of money depends on the value of your property, depending on your equity. It also depends on your income and outgoings. In all, you would have to show proof on the repayment will be made before its issued out.

Number Of  Years  For Repayment

It depends on the number of years that suits you, depending if you want your repayment to be run over your mortgage or before your retirement.

  • When To Consider Homeowner Loan
  • You must be a homeowner
  • There must be mortgage on your property
  • You must have equity on your property
  • Depending on your credit history, it might be part of the factor s to be considered when going for a homeowner loan
  • Proof that you can afford the repayment

What Is The Interest Rate?

Interest rate can depend on the number of years chosen to make the repayment. If the repayment takes longer years, it definitely increases the rate interest. The shorter period it takes to repay, the lower the interest rate. It also depends on your income and outgoings, depending on your capacity, which might even also lead to increase on the number of years it takes to repay. It also depends on your credit history. Someone with a poor credit history might get higher interest compared to someone with a clean credit history. That is why we at penny solvers are here to help and advice you on the pros and cons. The process of the loan might take 3-6 weeks.

Disadvantages

  • When financial difficulties are faced, and repayment are not made as agreed, your home might be at risk.
  • Interest can be increased at any time.
  • Repayment of loan earlier than stipulated date of finishing can bring penalty.
  • Our loan comparison service lets you know the available package and compare loans up to £100,000.

 

 

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Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

What does Lorem Ipsum mean?

Lorem ipsum, in graphical and textual context, refers to filler text that is placed in a document or visual presentation.

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