Loans Information

Luxury Real Estate Information


Rancho Palos Verdes, California Homes
Palos Verdes, California Homes
South Bay, California Homes
Luxury Mexican Beachfront Homes

Featured Properties


Oceanfront Estate Near Trump National

Related Information


Loan Information
Real Estate Information
Mortgage Refinance Information

All About Secured Loans


A secured loan is a loan agreement in which the borrower pledges property as surety for the loan; hence they are also known as homeowner loans. If the borrower continually defaults on loan repayments, the lender may take action to reclaim the debt including selling the property.

Advantages and disadvantages

With something as valuable as your property at stake; lenders know that you are likely to stick to the agreement. Add in the extra financial security provided by your property and it's easy to see why lenders regard you as low risk. As a result you can expect interest rates one or two points lower than with an unsecured loan, you can borrow greater amounts; anything up to 125% of the equity in your property, and you can spread the loan over a longer term.

The main disadvantage of a secured loan is the attendant risk of losing your property. You need to be absolutely sure that you understand the terms and conditions of the agreement and that you can meet loan repayments. If you find yourself in financial trouble most lenders will be sympathetic and do everything that they can to help reschedule repayments. After all, the last thing they want is to face a lengthy court case incurring hefty legal fees. However, it's important to understand that your property is at risk.

Should I take out a secured loan?

Before you take out a secured loan, think carefully about what you need it for. Secured loans can make astute financial sense in the right circumstances, for example: if you want to consolidate a number of smaller expensive debts, such as credit cards, into a single monthly payment. However, if you intend to use the loan for purchase, such as a new car or holiday, it would be wiser to start saving.

There is a convincing argument for arranging a secured loan to pay for home improvements; as this will add value to your property. However, any pay-back will be in the long-term and depends on the buoyancy of the property market.

Finding the best deals

Everybody knows that there are great loan deals available on the Internet; the difficulty lies in finding them. Unfortunately there are no real short cuts and the key is to do as much homework as possible first.

Start by getting in touch with a number of brokers (make sure they are FISA registered) and see what they can offer you. Larger brokerages can be motivated by hitting sales targets and you may find that they try to push a particular lender.

FISA regulations stipulate that lenders may not initiate contact for seven days after sending the initial loan agreement. This 'cooling off' period is to allow potential borrowers to consider their options. Use it carefully to compare brokers. Remember that you are under no obligation until you have signed the loan agreement.

Don't be fooled by unrealistic loan offers made over the phone. Unscrupulous lenders often promise unrealistic rates in the hope of getting their hands on your pay slips. Once they have your documentation; loan conditions are often then revised. If this happens to you; go elsewhere.

If you are still having difficulty finding a suitable loan; consider approaching and Independent Financial Advisor.

Michael Stepney is part of the team at First Aid Finance; one of the UK's leading secured loans brokers. For more advice or a secured loan quotation visit their website at First Aid Finance.


MORE RESOURCES:
This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news


Forbes

Why You Should Rarely Pay Extra Toward Your Student Loans
Forbes
If you want to get out of student loan debt quickly, then paying extra towards your student loans might seem like a no-brainer. Pay more, watch the balance go down, avoid extra interest, and see the loans disappear quickly. However, for many borrowers, ...
Why Public Service Loan Forgiveness Is So UnforgivingNPR
The Public Student Loan Forgiveness Rescue Hasn't Gone Well So FarNew York Times
The Student Loan WhistleblowerKUOW News and Information
Consumer Financial Protection Bureau -IFAP - Electronic Announcements - US Department of Education -Government Accountability Office -Mass.gov
all 47 news articles »


The Real Deal

These were the top 10 outer borough loans in September
The Real Deal
Two of the top three outer borough loans recorded in September were for Bronx projects. The No. 1 loan was $115 million for Eastchester Heights, a complex spanning five city blocks in the northern part of the borough, while the number three loan was ...



VICE

Here's Fresh Evidence Student Loans Are a Massive, Generational Scam
VICE
Over the centuries, America has bestowed generous, state-sponsored privileges upon select classes of its citizens. Veterans and old people get free socialized healthcare—and, for the most part, they love it. Corporations (who count as people, look it ...



Forbes

Judge Orders Betsy DeVos To Begin Student Loan Forgiveness
Forbes
When the federal government forgives student loans - even if a college committed fraud - taxpayers effectively foot the bill. DeVos has proposed creating a new formula for student loan forgiveness, which would cancel a portion of a borrower's student ...
STUDENT LOANS Judge orders for-profit fraud protection be enforcedYoungstown Vindicator
Court allows Obama-era student loan rules to take effect, delivering defeat to DeVosWashington Post
Students defrauded by colleges can have student loans forgivenNBC4i.com
Inside Higher Ed -CNBC -Politico -CNNMoney
all 172 news articles »


Forbes

Here Are The 5 Biggest Student Loan Mistakes Of 2018
Forbes
No one likes to make a mistake. When it comes to your student loans, in particular, a mistake can cost you more money. According to Make Lemonade, there are more than 44 million borrowers who collectively owe $1.5 trillion in student loan debt. The ...



CNBC

Americans hold $1.5 trillion in student debt—here's how to know which repayment plan is best for you
CNBC
Paying off your student loans efficiently is most important than ever before. According to most recent figures from the Federal Reserve, 44.5 million Americans collectively hold $1.5 trillion in student debt. Even though college graduates have a huge ...



Bloomberg

The Student Loan Debt Crisis Is About to Get Worse
Bloomberg
Federal student loans are the only consumer debt segment with continuous cumulative growth since the Great Recession. As the costs of tuition and borrowing continue to rise, the result is a widening default crisis that even Fed Chairman Jerome Powell ...



Credit.com News (blog)

The District May Get An Agency To Make Student Loans Less ...
DCist.com
By WAMU's Meg Anderson. D.C. residents are some of the most burdened by student debt in the country. Now, a new bill seeks to lighten some of that load.
How New Government Policies Impact Student LoansCredit.com News (blog)
Student loan debt just hit $1.53T. Will the government forgive any of it?Fox Business

all 9 news articles »


Wall Street Journal

Banks Take Fight Against New Loan-Loss Rule to Washington
Wall Street Journal
Some banks are fighting a rearguard action to blunt the impact of a new accounting rule that revamps how they book losses on soured loans, and members of Congress are siding with the banks in their dispute with independent rule makers. The rule, which ...



Business Insider

The Bank of England is sounding the alarm on a quiet corner of the debt market now worth $1.4 trillion
Business Insider
The Bank of England on Wednesday raised the alarm about the growth of so-called leveraged loans in the UK, saying that the sector's rapid growth should be a cause for concern for policymakers and market participants going forward. In the bank's record ...
BoE warns over growth of risky corporate loansFinancial Times
Bank of England raises alarm over surge in high-risk lendingThe Guardian

all 11 news articles »

Google News

home | site map
TIGER MEDIA© 2006