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Home Loans - A Basic Introduction
The most popular method of financing a home purchase is with a
mortgage. This is a loan that is secured over the home. There
are a number of different mortgage suppliers and you will have
to shop around in order to get the best deal. Given that...
How To Save Money On Car Loans
Have you noticed that everyone seems to have a newer car than you? There's good news. You can find a way to upgrade your old clunker to a newer model. There are many ways to save money on your car loan. Lenders are competing for your...
Mortgages and Mortgage Loans
Mortgage loans are readily available to homebuyers wanting to purchase a home and mortgages are available through several different lending agencies. Mortgage loans are now being promoted online with the Internet, as the Internet has brought a...
Secured Loans for Homeowners: The Best Choice For Borrowers
Homeowners in UK can use their home equity to get a secured
loan. Designed exclusively for the homeowners in UK this loans
carries very low interest rates. The collateral being offered by
the property or home equity, secured loans for the...
Why "No Points" 30-Year Fixed Loans Usually Don't Make Sense
I hear it all the time, and you probably do too. On the radio,
TV, in the newspaper or online - "Call now to get a 30-year
fixed loan at x% with no points or fees!". I'd like to explain
to you why this almost never makes sense.
First, we...
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Lions And Loans: Why Finance Should Always Be Personal
Different types of loans are available for almost every aspect of your life: personal loans, car loans, secured and unsecured loans, home loans, homeowner loans, student loans, graduate loans and career development loans (CDL). If you’ve suffered from credit problems in the past and now hold sub-prime characteristics, then you will be eligible for adverse credit and adverse loans.
You can always borrow money these days, but it is crucial to read the small print as the difference between interest rates is enormous and stories of people forced to pay off amounts which are five times the amount of their original loan are not uncommon.
There are also numerous stories on unemployed couples being sold loans, such as the case of Julie and Kevin Davies, reported by the BBC. The couple were already experiencing difficulty in paying off their existing debts of £4,000, when they were sold another £20,000 loan by Lloyds TSB.
Loans of £1,000 to £25,000 can be taken out and repaid over a period typically varying between six months and 10 years depending on your credit history and available finances. Loans are usually secured or unsecured. Secured loans are tied to your house, so you can be forced to sell the house if you are unable to make the repayments. Unsecured loans do not impose the same restriction, though a default on repayments may result in being “credit blacklisted”. Once blacklisted, you may get future credit card, mortgages and hire purchase applications rejected, as well as face a potential higher rate of interest for all existing debts.
It is absolutely crucial that you shop around for a loan and not just through the high-street banks. The internet offers a wealth of information available and there are many sites which compare the prices of products, and to really ensure you get a good deal – compare the different comparison sites. In the UK
moneyfacts, moneyextra and moneynet ( http://www.moneynet.co.uk ) offer price comparison services for a wide range of loans, amongst other financial products. These sites also offer consumer information guides, which you can either print directly off the website or download on to your computer.
Do read all the terms and conditions carefully and ask friends, family and your financial adviser / bank adviser if you don’t understand a particular statement. The annual percentage rate (APR) is particularly important and can make a difference of thousands of pounds over the term of the loan.
Unsecured loans can be purchased from building societies and banks, as well as certain high street shops. Unsecured loans may be taken out for something specific or simply to make life more ‘comfortable’. The process usually involves:
* Requesting a typical amount for the loan
* Discussion of interest rate (APR) and possible loan payment protection insurance
* A credit check, you may wish to get one of these first, so you know what to expect
* Reading the terms and conditions and then signing the agreement
* Money can then be transferred into your account
In the discussion of secured versus unsecured loans, moneynet explains that although secured loans can offer lower interest rates and repayments, many people do not wish to jeopardise the potential loss of their home in the default of a repayment of a secured loan. In unsecured loans, pay attention to the difference in APR, term of the loan and any additional charges such as an early settlement charge or redemption penalty.
About the Author
Rachel writes for the personal finance blog Cashzilla: http://www.cashzilla.co.uk Rachel is a disillusioned, disaffected and broke graduate, exploiting new media for financial therapy.
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| Mortgages, Refinance, Home Loans, Home Equity Loans at Quicken Loans |
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| Mortgage Loans - Compare Mortgage Rates - MSN Money |
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| Fool.co.uk - Compare Loans - Personal Loans and Unsecured Loans |
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| LendingTree Home Loans | Refinance | Home Equity | Mortgage Refinance |
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| Direct Loan Home Page |
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| Secured Loans UK - Secured Personal Loans - accepted.co.uk |
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| UK Loans : Personal Loans, Secured Loans, Cheap Loan Quotes |
| The UK Personal Loan Store offers comparisons of the UK loans, personal and secured loans. Also offers tips, articles and latest loan news section. |
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