Homeowner loans are loans which are secured against one’s property. They can be acquired quite easily.
A person who has his own property or has a mortgage in his name, in the country of his residence, can apply for a homeowner loan. A person who has a poor credit history need not worry too much, as a credit check is not the sole basis for granting a loan request.
Depending upon the amount of equity in his property, the loan amount may range from 3,000 to 250,000 pounds. When a person applies for a homeowner loan, somebody from the lender’s side will come and value the applicant’s property. The maximum loan limit is decided on the basis of property value.
A person who has a mortgage and many other debts can use the proceeds of the homeowner loan to pay them off, thus consolidating his debts into a single loan. Even if he has arrears in his previous loans, he can still apply for a homeowner loan and use the amount to pay the arrears also.
Homeowner loans can also be used for any other purpose like renovating one’s home, going on a holiday, buying a new vehicle and so on.
A homeowner loan can be applied online.
The loan money is generally available to the applicant in a couple of weeks after filing the application. He can use the money for whatever purpose he sees fit.