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As a new homeowner, it's likely that you only own a small percentage of the property’s value. The lower your equity, the higher your risk, so most lenders won’t offer secured finance to customers who’ve owned their home for less than six months.
They are not necessarily less expensive even though the interest rate and APR may be lower. You may have to pay arrangement and valuation fees on top of the amount you’ve borrowed plus interest over a longer period, which could mean you’ll end up paying more in the long run.
There are pros and cons for both types of loans so it depends on your financial circumstances. It makes sense to talk to secured loans brokers to discuss your funding needs so you get the right loan for you.
In theory, you can have as many secured homeowner loans as you like, providing you have enough equity in your property.
No, a mortgage is a loan specifically for buying property or land, whereas a homeowner loan is money you borrow which is secured against your house.
In some ways, yes, because you’re providing the lender with security and are viewed as less of a risk. If you qualify but have a poor credit score, you’re more likely to get accepted for a secured loan over a personal loan.
However, because a number of background checks need to take place, like having your home valued, the process will take more time and effort from you.