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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Personal loans can be divided into two categories: secured
personal loans and unsecured personal loans. Homeowners can
apply for a Secured personal loan (using their property as
security), whereas tenants only have the option of an unsecured
personal loan. Below is a more detailed outline of both types of
loans: Secured Personal Loan:
A Secured personal loan is simply a loan that is secured against
property. Secured personal loans are suitable for when you are
trying to raise a large amount; are having difficulty getting an
unsecured personal loan; or, have a poor credit history. Lenders
can be more flexible when it comes to Secured personal loans,
making a Secured personal loan possible when you may have been
turned down for an unsecured personal loan. Secured personal
loans are also worth considering if you need a new car, or need
to make home improvements, or take that luxury holiday of a
lifetime.
Benefits of Secured personal loans include: Lower monthly
repayments than unsecured personal loans The ability to borrow
more money Spread repayments over a longer period of time More
detailed information……
A Secured personal loan is a type of loan available to people
with securable assets. Usually these assets take the form of
property, such as a home; this is why Secured personal loans are
often referred to as 'homeowner loans', “home loans” or “second
charge loans”.
You do not have to own your own home outright to be able to take
out a Secured personal loan; if you have a mortgage you can put
the proportion of the home that you own up as security.
Because a Secured personal loan is secured on property, most
lenders will approve your loan even if you have a history of
adverse credit such as county court judgements (C.C.J’s),
defaults and arrears. This make Secured personal loans very
attractive to people who would otherwise not qualify for a loan
from their local bank.
You can borrow any amount from £5,000 to £75,000 and repay it
over any period from 5 to 25 years. You simply select a monthly
payment that fits in your current circumstances. Generally,
Secured personal loans tend to be cheaper than unsecured
personal loans and other forms of borrowing.
The interest rate for a Secured personal loan depends upon
various factors such as the amount of money you borrow, the
length of time and personal details. You can also insure your
payments for peace of mind, so you do not have to worry if you
lose your job or are unable to work because of accident or
sickness.
Secured personal loans are arranged through leading financial
institutions so you can be assured of a professional and
responsible service.
Once your Secured personal loan application has been processed
and accepted you will be made a no obligation offer. It usually
takes around 14 – 28 days for a secured personal loan to be
completed. Unsecured Personal Loan:
An Unsecured personal loan is a personal loan where the lender
has no claim on a homeowner's property should they fail to
repay. Instead, the lender is relying solely on the ability of a
borrower to meet their loan borrowing repayments.
The amount you are able to borrow can start from as little as
£500 and go up to £25,000. Because you not securing the money
you are borrowing, lenders tend to limit the value of unsecured
personal loans to £25,000.
The repayment period will range from anywhere between six months
and ten years. Unsecured personal loans are offered by
traditional financial institutions like building societies and
banks but also recently by the larger supermarkets chains.
An Unsecured personal loan can be used for almost anything - a
luxury holiday, a new car, a wedding, or home improvements.
An Unsecured personal loan is good for people who are not
homeowners and cannot obtain a secured loan for example; a
tenant living in rented accommodation.
There are a few things to consider before applying for an
Unsecured personal loan: Unsecured personal loans are invariably
more expensive than secured loans, and the repayment periods
demanded by lenders are shorter too. This is because they have
no guarantee that you can repay the loan, and therefore charge
you more in interest to cover the cost of insurance policies
that they need to take out to protect them should you default on
repayments. In the event that a borrower does not pay up, the
lender will invoke the terms of the legally-binding credit
agreement and pursue the borrower through the legal system.
Lenders are obliged by law to tell you how much they charge for
this type of finance and this is worked out as an annual
percentage rate (APR). Ask whether the APR figure quoted is
‘typical' or is what every applicant is charged. You should also
investigate whether the interest rate charged is fixed for the
lifetime of the loan repayment period, or whether it varies with
the base rate. Check too on whether there are early repayment
penalties.
Unsecured personal loans vary from lender to lender, so it pays
to shop around before making a final decision.
You may freely reprint this article provided the author's
biography remains intact:
About the author:
John Mussi is the founder of Direct Online Loans who help UK
homeowners find the best available online loans via the http://www.directonline
loans.co.uk website.