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Monday, August 24, 2009

Beat the Economic Downturn With a Homeowner Loan Featuring Easy Terms

The money you have been faithfully paying over many years on your home can be used to secure a homeowner loan that can end your financial worries. A secured homeowner loan can be used for any purpose that you might have, including renovations and remodeling of your home, building a garage, adding a pool, paying for education, buying a new vehicle, or even paying off your debts. For everything from a luxury getaway to adding an additional bathroom, a homeowner loan puts you in the driver seat to get the funding you need, fast.

Homeowner Loans - One Perk of Home Ownership
Homeownership in itself looks great on any application that you make for a loan. They are unique because the lender has very little risk associated with loaning you money due to the fact that taking out a homeowner loan involves the lender putting a lien against your home until the loan is repaid. Because most lenders realize that most folks plan to stand good and do not want to risk losing their home, it is a cheaper loan than many other types in terms of interest. Basically, it has less risk for the lender so they adjust the rate of interest on your homeowner loan to reflect that.

Amounts of Common Homeowner Loans
Although no lender will loan you more than your home is actually worth, most will loan you a substantial amount of money in the form of a homeowner loan. Most homeowner loans start out at around $20,000 and may be as high as $75,000 or more in some instances. It is important that you only borrow an amount of money with your homeowner loan that you are comfortable repaying based on your current income.

Types of Homeowner Loans
There are two basic types, the fixed and the variable rate. This refers to the manner that is used to calculate the interest on the principle amount of money that you borrow. For most homeowners, the fixed rate is the best option because you are granted a rate of interest that stays constant for the life of the loan. This means that your payments will always remain the same, each and every month, until you have paid the lender in full. A variable rate, on the other hand, has a varying rate of interest that is based on current market conditions and can mean that your payment will be adjusted at intervals to reflect the prime rate as published in many financial dailies like the Wall Street Journal.

Getting the Best Interest Rate on Your Homeowner Loan
Getting the best possible interest rate is important, because even a half point increase in interest can cause you to pay a ton more interest over the course of your repayment term. Many borrowers find that dealing with an online lender is the best way to get the lowest interest rate and friendliest repayment terms because online lenders are highly competitive with one another. Online homeowner loans also feature easier approval processes and a nearly paperless application that can be filled out online from the comfort of your home at your leisure.


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