Homeowner loans are a type of secured loan that allows homeowners who qualify to advance their homeownership goals. Pure Finance Group helps homeowners get the loans they need to thrive financially. Below, you’ll learn more about homeowner loans and whether or not you might benefit. Ask Pure Finance Group your questions about homeowner loans, home improvement loans, business loans, and more! We can help!
Who Can Qualify?
A homeowner loan necessitates that the borrower has some equity in the home or owns it entirely. A homeowner loan is a secured loan because the security is in the house itself. If the homeowner cannot pay back the loan, then the bank will still have the house and its value as a backup. One can qualify for a larger or smaller homeowner loan based on one’s credit score, income, and age as well.
Uses for Homeowner Loans
Home improvement loans are specifically for funding home improvements, but homeowner loans have a broader application. Homeowners might use this type of loan to consolidate debt, fund home improvements, and fund other major home-related purchases. It is also known as a second charge mortgage. It is very similar to a mortgage, which is also a secured homeowner loan.
How Do They Work?
First, you will need to know what you want to finance and how much you will need. You will then need to find a lender who can help you receive the best deal. Ideally, the interest rate will be as low as possible. Your income, your equity, and the value of your home will affect how large a sum you can receive. You can apply for a loan with a reliable lender and then receive the funds upfront.
Is a Homeowner Loan Right for You?
A homeowner loan has advantages for someone looking to fund projects or help pay off a house. One is that one can get a larger loan because it is secured, and the interest rates are lower. It is also possible for people without a perfect credit score to get the funds they need. Could a homeowner loan be right for you? Contact us for advice!
Pure Finance Group Is Here to Help!
Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our lending services can help you with your home financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any lending services we provide including home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!