How do Homeowner Loans work?
Is a homeowner loan right for you? Make sure you know how they work, and what the benefits and disadvantages are before applying.
A homeowner loan is a loan that is secured against your property. This offers the lender greater security, because, if you default, the lender can take possession of the property. This means if you are unable to keep up repayments, you may be at risk of losing your home. As there is increased security for the lender, there is a number of benefits that are unavailable with unsecured loans, such as increased loan amounts, longer repayment periods and lower interest rates.
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