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Posts Tagged ‘remortgage’

Make Use Of Secured Loans For Home Improvements

March 14th, 2014 Comments off

This is a very good time of year to consider making an application for a secured loan which is also commonly known by its other name namely homeowner loan.

Why a homeowner loan is so called is because these loans are only available to those who in fact own their property, but homeowner loans can sometimes be granted on a buy to let property which the applicant owns but rents to another person meaning that the buy to let has a tenant living in it.

The other name for homeowner loans namely secured loans is because they require to be secured on an asset which in this case is the equity on the property of the person wanting the loan.

The equity on a property is what determines the maximum secured loan available and equity is the balance left when the mortgage balance is taken away from what the property is worth.

For those with sufficient equity,homeowner loans are available from 5,000 with most lenders up to normally a maximum of 100,000 with most secured loan lenders although there are secured loan lenders prepared to lend up to 500,000.

Homeowner secured loans can be used for any purpose but at this time of year the thoughts of most people are veering towards preparing their homes and gardens to best appreciate the good weather when it finally arrives.

Home improvement loans if arranged by the home improvement company normally have interest rates in the region of 25% which is very expensive and well above that of a secured loan that starts at about 9%.

Arranging a secured loan to undertake improvements to your property means that you can do much more work for the exact same money.

There is no nicer feeling in the world than improving your own little corner of paradise with its very own equity . You will add value to your property in addition to malking it nicer to live in thanks to a secured loan.

Want to find out more about secured loans then visit Champion Finance’s site on how to choose the best remortgage for you.

Facts You Need to Know About Remortgaging

October 18th, 2013 Comments off

A major part of the confusion and fear that accompany the mortgage process is caused by a lack of understanding. When sitting in the applicant seat, we tend to make our words plain and simple – the way that normal people talk. Across the desk from you sits a mortgage advisor who makes the remortgage process feel more like a complicated scientific experiment. Deep inside you feel like saying, “Could you repeat that in English?” But before you do, you convince yourself that you’ll understand better as time progresses.

For some homeowners, sorting out the details of a remortgage can be as confusing as getting a new home mortgage. While there is no need to look for a home or save for a down payment, being a smart remortgaging borrower still requires a little due diligence.

1. Remortgage Options

It is important to evaluate the loan details to ensure the program will meet your needs. If your goal is simply to get a lower payment, the remortgage loan that is best for you may be quite different than one designed for a borrower with a goal of releasing the equity or consolidating debt.

These type of loans have many remortgage options to choose from, including fixed, flexible, tracker and more. Start your exploration by assessing where you are now with regards to your interest rate, payment and outstanding balance. Next, get a few quotes from reputable lenders. Afterwards, it will be much easier to select a remortgage loan that matches your income, credit record and property profile perfectly.

2. Knowing What to Expect

Understanding the remortgage process will alleviate some of the worry and stress that tend to go hand-in-hand with home financing. A competent remortgage advisor will take the time to educate you on the loan flow and provide tips on how you can help to expedite the remortgage process. At this stage of the game, you should also be made aware of any remortgage fees and early redemption penalties. High expenses for either of these could easily wipe out your proposed remortgage savings.

3. Understanding the Approval Criteria for You and Your Home

As part of your research, step outside the box for a moment to ask detailed questions about loan approval guidelines. You have a right to know. If the loan you have in mind has guidelines that are too stringent to meet, then select one that will allow you to meet your goals without suffering a nervous breakdown.

If there are five essential steps that have to be met, but you only meet four of them, don’t expect the lender to look the other way on the last one. The same holds true for your property. The square footage, land and features all play a part in the approval process. A high rise condo may come with different guidelines and pricing than a single family home – even for borrowers with nearly identical credit records.

4. Remembering What to Avoid in the Remortgage Process

All too often, mortgage professionals overlook the necessity to discuss the impact of a significant change in your profile before loan completion. It is important to keep your income, assets and credit at current levels or better until your loan is finalized. Otherwise, your anticipated loan approval could turn into a counter-offer with much less attractive terms.

Once you are aware of the elements that can cause your remortgage progress to go well (or not-so-well), you can be confident in your ability to find the remortgage program that fits your needs.

Before you delve into a remortgage application, consider whether this step will be really beneficial to your current financial situation. If not, maybe this is not the right time to switch your mortgage product. If the benefits outweigh the drawbacks, read on for more information about how to find the best remortgage product for your needs.

Robert Prime is an investment advisor and finance expert.  He is currently the chief executive officer of various finance service companies while enjoying his hobby of writing finance related articles.

The Reason For Homeowner Loans And Remortgages

August 25th, 2013 Comments off

A homeowner loans, which is also commonly called a secured loan, and a remortgage are both among the group of loans known as home loans.

They are considered as being in this group, as both remortgages and secured loans are connected to property in some form or the other.

The first loan in this group of home loans , is the loan needed to buy a property and this is called a mortgage.

What a remortgage in fact is, is when a new mortgage is arranged with a different mortgage provider, that is the changing from a current mortgage lender to a different mortgage provider for several different reasons.

Homeowners are on average tied into a mortgage deal for twenty four months, although twelve month deals are not un common while even longer tie in periods of even up to ten years also exist, and at the end of the tie in time many mortgage borrowers find out about changing their mortgage lender.

The most common reason for wanting to remortgage is to obtain a better rate of interest and as rates really do vary a great deal between one lender and another, meaning that it is very possible that a remortgage will grant a better rate for homeowners and a lower rate of interest is often achievable.

Rates are at present available currently on tracker remortgages from 1.84% for those at a maximum LTV of 60% but even at 70% LTV a remortgage is available from 1.99%

For those who much prefer fixed rate remortgages, as they want to know the payment for the immediate future these remortgages are readily available from only 2.99% and it may well be a sensible course of action to consider a low fixed rate now, as it is unlikely that this rate will ever become any lower as they are already at an almost all time low .

The desire and need to save money is one of the most important and main reasons for wanting to take out a remortgage but this is certainly not the only reason, as a remortgage can be used to fund just about anything , and it is not the only home loan that has this ability to be used for a multitude of purposes, as secured homeowner loans have the same uses as do remortgages.

Homeowner loans are also commonly called secured loans and for the obvious reason that they are secured on property and they can also be used for all the same purposes as a remortgage. Some examples are for buying a car or even to buy a second property at home or abroad.

Just like remortgages, homeowner loans can be used to fund just about anything you can ever want or need from home improvements, to paying for school fees or just about anything, including paying for the wedding that you have been dreaming about since you were a child looking at photos of beautiful brides in magazines or a cruise or any other holiday.

Always consider a low rate secured loan or a remortgage if your are a homeowner wanting to raise funds.

Looking to find the best deal on homeowner loans then visit www.championfinance.com to find the best deals on remortgagesfor you.

Remortgages, Mortgages And Secured Loans Are All Forms of Home Loans

February 28th, 2013 Comments off

There are a number of different loans that have so much in common that they are linked by the common name of home loans.

These home loans are all connected to property and that is the reason for the general term.

Some of the home loans included in the group known as home loans are secured loans , A.K.A. homeowner loans, as well as mortgages and remortgages.

In spite of the fact that mortgages, remortgages and secured loans have a lot in common they are used in different ways.

Mortgages are the home loan that everyone needs to either get on to the property ladder or to buy a second, third or fourth property, etc.

Most people move to a different property after a number of years and so they have to apply for a number of mortgages over a period of time.

Mortgages are normally set at their original rate for a certain number of years during which they would have to pay a penalty if they settled the mortgage early, and this applies to both tracker and fixed rate mortgages.

However after the agreed period most homeowners decide to remortgage rather than stay with their own mortgage provider, making a remortgage the moving of a mortgage from one mortgage lender to another.

On some occasions a homeowner arranges a remortgage to obtain a better interest rate than the SVR of his current lender and at other times he wants to raise additional funds for various purposes.

Homeowner loans or secured loans are very much like remortgages but they do not replace the existing mortgage but stay as a separate entity behind the current mortgage which stays exactly as it was.

Both remortgages and secured loans can be used for many purposes including fitting a new kitchen or bathroom , building a conservatory to buying a caravan, going on a cruise or almost any other reason.

A very popular use for both secured loans and remortgages is for debt consolidation which is the combining of expensive credit card debts and personal loans into the one and a low interest remortgage or homeowner loan replaces all other debts.

Looking to find the best deal on homeowner loans then visit www.championfinance.com to find the best remortgages for you.

Secured Loans, Mortgages And Remortgages Have Seen No Improvement.

February 27th, 2013 Comments off

The recession took the most dreadful toll on mortgages, remortgages and secured loans.

Secured loans fell by more than 80% of the level at which they stood at the end of 2006, and these once so popular loans fell to a shadow of their former self.

The real beauty of a secured loan lies in the fact that these secured homeowner loans can be used for any purpose providing the purpose is legal.

A common purpose of the secured loan apart fro home improvements , car or boat purchase, etc. was for debt consolidation. This is when credit cards debts, personal loans, etc. are all rolled into the one and replaced with a single low interest repayment in the shape of a secured loan. A secured loan at about 9% takes the place of credit cards costing from normally about 20% to even double that. The savings by using a secured loan for debt consolidation is apparent.

Mortgages which almost every consumer needs to buy a property declined as people were inclined to stay put at their current address during the recession, and as such there was not the same need for mortgages. The decline in property prices further had an adverse affect on the mortgage market.

Before the credit crunch it was common for a mortgage payer to change from one provider to another after their current mortgage deal ended and this meant that every two to five years mny homeowners changed their mortgage lender.

Changing mortgage lender is done to obtain a lower interest rate and is called remortgaging or a remortgage.

Remortgages can also be taken out for a greater amount to raise funds for almost any purpose just like secured loans

With the fall in house prices many homeowners could no longer obtain a remortgage at a really good rate of interest as low rates depend on the equity on a property.

Everyone hoped that the end of the credit crunch would witness the resurrection of mortgages, remortgages and secured loans but this has not happened.

Homeowners are no more popular since the end of the recession while remortgages are at their lowest for ten years with mortgages at the lowest ebb since the Spring of 2001.

Learn more about secured loans. Stop by \Champion Finance’s site where you can find out all about the best remortgage for you.