Homeowner Loans

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A homeowner loan is another name for a secured loan. This is a loan secured against your property. As you are providing security, it will usually be for a larger sum but at a lower rate of interest than unsecured loans.

Technically, a loan can be secured on any valuable piece of property, but in almost all cases it's your home which provides the security; hence the term "homeowner loan".

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Homeowner loans are available for almost any purpose such as debt consolidation, home improvement works etc. The amount you can get will depend on how much equity you have in your property. You don't have to stick with your current mortgage lender. Some banks and building societies clearly offer their best rates to existing customers, but many others welcome new borrowers.

Unlike an unsecured loan, the rate of interest you pay will usually be variable which is very common with mortgages. That said, you can arrange high-budget fixed rate loans, both on an unsecured or secured basis, so do shop around for different quotes. If you're borrowing for debt consolidation, you could certainly do with knowing what your repayments are liable to be.

Committing to a variable rate on a loan that's secured against your house, a homeowner loan can be obtained at a lower interest rate than an unsecured loan.

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