Homeowners are right at the top of the tree when it comes to getting a loan. The advantage comes in two forms: first, using a home as security, and second, being a proven good credit customer. So take advantage of these benefits to secure a far better deal on any borrowing you may be considering.
Security the homeowner loan
Being a homeowner entitles somebody to take out a secured loan. This is where the home is staked as collateral for the loan, so if for some reason payments cease, the property can be claimed by the lender. This is a pretty extreme eventuality, however, and safeguards such as unemployment protection can often be taken out with the loan for further reassurance. In practice, the secured loan gives lenders a degree of certainty that the loan will be repaid, and therefore grants them more scope when determining the amount to be lent and the repayment conditions. Such a potential loss can also have the effect of making borrowers be absolutely sure that they can meet their obligations, perhaps more than would be the case with a normal personal loan. Anything that minimises the risk of defaulting is a major factor for all lenders.
A proven...
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