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- Home Owner Loan - |
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Anyone who owns a home outright or is paying off a mortgage is considered a homeowner, as opposed to a tenant or a lodger, etc. As the legal owner of the home, the homeowner has the right to use that property as collateral in a loan agreement in that possession of the property would pass to the lender should the borrower fail to meet her repayment obligations. For people with poor credit scores or CCJs, for example, a homeowner loan (also known as a secured loan) might be the only option, as such people are considered risky. For less risky individuals, homeowner loans can be used to borrow more than would be permitted with an unsecured loan, and would be cheaper.
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Use our layman jargon buster to decipher other key industry terminology.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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| Think carefully before securing other debts against your home. Your home may be reposessed if you do not keep up repayments on your mortgage or any other debt secured on it. Loans secured on your home. |
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© 2007 LoanLine - Home Owner Loan |
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