By Bryan Veitch
Every so often there are times when a person wants extra money for an array of purposes.
There are umpteenth purposes for requiring loans, and different types of different loans on the market
The sort of loans available is different and depends on whether the applicant is a tenant or a homeowner.
Those who rent their home are called tenants, and it has always been more difficult for tenants to get loans as loan lenders lack confidence in granting loans when there is no form of security available.
When credit crisis started this is more relevant than ever before.
One well known loan provider, Welcome Finance, did offer unsecured loans as well as secured loans, but they are no longer in business.
Homeowners are in a completely different and easier position as regards obtaining finance and there are loans available , although not as readily available now as a few years ago.
The main choice for homeowners wanting loans is between homeowner loans, otherwise called secured loans and remortgages.
Whether homeowners are considering secured loans or a remortgage they have much in common in that both are secured on the available equity in the property, and equity is the difference between the mortgage and what the property is valued at.
Secured loans are the same as first mortgages in one respect in that they are recorded at the Land Registry
Although they have nothing to do with the current mortgage secured loans are recorded as a security in the same way as the first mortgage is
Remortgages are somewhat different as they do take the place of the existing mortgage and it goes with a new provider sometimes without any additional funds being added to the remortgage or extra funds can be obtained
Remortgages and secured loans can be used for almost anything whether it is to pay for home improvements, go on an expensive vacation, pay for school or university fees, buy a car, a motor bike, etc.
Remortgages usually have lower interest rates than secured loans but on the other hand secured loans can be arranged faster. Whether a remortgage or a secured loan is better depends really on which one best suits the borrower.
categories: secured loan,secured loans,home loans,remortgages,secured loans,mortgages,debt consolidation
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MLA Style Citation:
Veitch, Bryan "What Are Secured Loans And Remortgages?.." What Are Secured Loans And Remortgages?.. 18 Jan. 2010. uberarticles.com. 28 Aug 2014 <http://uberarticles.com/finance/mortgages/secured-loans-otherwise-homeowner-loans-and-remortgages/>.
APA Style Citation:
Veitch, B (2010, January 18). What Are Secured Loans And Remortgages?.. Retrieved August 28, 2014, from http://uberarticles.com/finance/mortgages/secured-loans-otherwise-homeowner-loans-and-remortgages/
Chicago Style Citation:
Veitch, Bryan "What Are Secured Loans And Remortgages?." uberarticles.com. http://uberarticles.com/finance/mortgages/secured-loans-otherwise-homeowner-loans-and-remortgages/
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