A secured loan that is taken against your home is known as a secured home equity loan.
In order to calculate the exact value of your home that can be converted into a secured loan, loan providers use the term ‘equity’.
Therefore, equity is the value of the home in monetary terms. Through a secured home equity loan, you can take advantage of the value of equity in your home.
A Question Of Equity
The amount or percentage of equity in your home that is actually lent as a secured home equity loan holds a special significance in the choice of lender. Find Secured Loan promises to arrange the maximum compensation in the form of a secured home equity loan.
While the average equity compensated stands at 80%, the upper limit can go up to as much as 125%. Borrowers who show higher credibility in the form of good credit history are able to secure the higher amounts as secured home equity loans.
In determining the equity to be compensated through a secured home equity loan, Find Secured Loan considers only that part of the equity that is not attached to any unpaid mortgage. This is known as available equity. A borrower with more available home equity will be able to qualify for a higher amount as a secured home equity loan.
The best part of a secured home equity loan is that you do not have to move house in the process. You can continue living in your house, and regain the rights to the house by fully paying off the secured home equity loan by the end of the term of repayment.
Borrowers willing to use the accumulated equity in their homes for a secured home equity loan have to apply through the online application.
Secured Loan Approval
Our rate of approval of a secured loan is very high. Consequently, borrowers with any credit issues, too, can get attractive secured loans at Find Secured Loan. Our experts do not hesitate in dealing with borrowers having bad credit history.
Bad credit history, in fact, holds little significance for secured loan approval. Since a secured loan is advanced against collateral, a lender has the right to repossess the collateral in the event of a default in payment.
Borrowers are unlikely to default in payments to a secured loan for fear of losing their asset, and the lending agency finds no problem in approving secured loans fast because of this. Secured loan approval for bad credit history is granted as soon as the credit check is conducted.
Credit check for the purpose of secured loan approval is done immediately. Borrowers can contribute to faster approval of secured loans by submitting a copy of their latest credit report along with the secured loan application.
Secured loan approval is granted only after valuation of the collateral. This is an important process involved in secured loan approval. It is also a time-consuming process. Where a secured loan has been drawn against a home, the lender sends someone to evaluate the equity in the property.