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A Guide to Finding Home Owner Loans
If you're in the process of trying to find home owner loans with a good interest rate and acceptable terms, you'll likely find that there are a variety of options available to you. As long as you have sufficient equity in your home to secure the...
All Purpose Secured Loans
The concept of borrowing and lending has existed right from the
ancient times. There are some people who have excess money and
at the same time, there are others who lack money. People who
have excess money lend money to those who are in an...
Loans for unemployed - when your personal economy slumps during difficult times
The latest IDS figures for unemployment the claimant count measure of unemployment rose by 8,100 by April 2005 to stand at 839,400 (a rate of 2.7 per cent). Unemployment is unforeseeable, yet very prevalent. Job loss is one of the most trying time...
Secured Loans Tips
Here are some useful secured loans tips. Secured loans enable most homeowners to borrow capital against the value of their property. A secured loan is where the amount you borrow is secured against the value of your home. This is a loan that's...
Secured Loans With Low Interest and Easy Repayment Are The Best Option For Borrowers
Secured loans - one of the most popular types of loan uses the
home or any other property owned by the borrower as collateral.
The borrower pledges his property to the lender for the
repayment duration. Although there are numerous other types...
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What are Home Improvement Loans?
Home improvement loans are loans specifically designed by loans companies to help you fund an essential home improvement projects.
Home improvement loans provided by loans companies are secured on the value of the borrower's property. The amount available to the borrower is subject to the equity in their property and their ability to repay home loans when their outgoings and other loans are taken into account.
A home improvement loan is one that is issued by the lender on the basis that you use the amount of the loan to make improvements to your home that will increase the market value.
Typically a home improvement loan is offered by your existing mortgage lender, where the equity value in the house acts as security for the lender. Where this is the case, the amount you can borrow may be determined by the amount your improvements will add to the market value of your home.
Home improvement loans can be arranged at the same time as you are buying the property. This is as long as the total amount of mortgage and home improvement loan will not exceed the value of the property.
The reason why you would want to get this loan from your mortgage lender is that you may be able to obtain the same interest rate on the loans that you are paying on your mortgage, which cannot be beaten with a personal loan.
Home improvement loans are in some ways an extension of your mortgage, in that the first port of call for someone wanting to carry out major home improvement work on their home would be their mortgage lender. It is, however, a
separate loan, which can be paid back over a different period.
The mortgage lender will not discourage this home loan, as it is in their interests for improvement work to be carried out on the home they are lending on, considering that they effectively own it until the mortgage is repaid.
Loans secured for home improvement are flexible in duration. The loans are independent of mortgage loans and are typically available with loans repayment terms of between two years and twenty five years.
With home improvement loans homeowners can borrow anything from £5,000 to £75,000 for a larger home improvement project.
There are countless home improvement projects that can be undertaken using improvement loans. New interior decoration can be funded by loans for home improvement, as can the purchase and installation of a fitted kitchen, bathroom or conservatory.
If you want better storage in your home then loans secured for home improvement can be used to purchase fitted bedroom furniture or to develop unused spaces in your home.
Loans for home improvement can be used for garden improvement too, such as landscaping the garden.
Larger loans for home improvement can be used to design and build an extension to your home.
You may freely reprint this article provided the author's biography remains intact:
About the Author
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
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