Consolidating your debt through a secured loan is one option for alleviating some of the stress on your monthly budget. Secured loans tend to be cheaper and more affordable than personal loans, credit cards, car loans, etc. So consolidating can mean cheaper monthly payments. The secret is to shop around for the best debt consolidation loan for home owner financing. Secured Loan Expert wants to help you find the right consolidation loan for your individual circumstances. We can show you side-by-side comparisons from some of the biggest names in consumer lending. We have also put together a library of helpful information in plain English within the site that you can use as a guide for navigating the complexities of secured loans. Deciding Which Loan Is Right Once you begin comparing homeowner consolidation loans, you will quickly discover there are many choices. So how do you know which one is right for you? It comes down to understanding the basics of secured loans and how those principles apply to your circumstances. Here are the most important things for you to consider: Representative APR – The representative APR is more than just the annual interest that you pay on a loan. It is a combination of interest and all of the upfront charges you incur for the privilege of borrowing. Although the representative APR is just an estimate, it is a good benchmark that represents the total cost of borrowing. LTV Ratio – Banks use what is known as a loan-to-value (LTV) ratio to determine how much you can borrow. Whatever the number, it represents a percentage of the equity in your home they are willing to lend. Therefore, an LTV ratio of 75% would allow you to borrow £60,000 against equity of £80,000. Maximum Loan Amount – Banks and building societies usually advertise minimum and maximum loan amounts. This may be important to you. There is no point in applying with a bank if their maximum loan amount is not enough to consolidate all of your high interest debt. Loan Terms – The loan term is the amount of time you have to repay your secured loan. A longer-term will result in lower monthly payments, but you will also pay more interest over the long haul. Try to balance comfortable monthly payments with minimum interest amounts when deciding on the best terms. Considering all of these factors in light of your personal financial circumstances should help you put together a list of lenders you are willing to work with. Then it is a matter of contacting our team of expert advisors who will help ensure you are choosing the best deal possible before you go ahead and apply. Only after all of your questions are fully satisfied will our experts make the application for your secured loan. They understand the unique requirements of each individual lender and will make sure that your application is received in the best possible light. The goal is to get a loan that is as cheap as possible. By 'cheap’, we mean a loan with the lowest possible interest rate and the fewest fees and charges. There is no point in paying more than you have to to borrow. Likewise, debt consolidation might not be worthwhile if you cannot obtain a secured loan that is cheap enough. Consolidate and Save Never forget that the point of debt consolidation is to save you money. Do not take on a secured loan if you are not saving. What's more, do not consolidate your debt without changing the spending habits that resulted in the need for consolidation. Otherwise, you could find yourself in trouble that is more serious than when you started. There are plenty of lenders willing to provide a debt consolidation loan for home owner financing. Our teams will help you to compare multiple lenders and loan products side-by-side before making a decision. Used properly, this sort of consumer financing allows you to take advantage of the equity in your home to eliminate high interest debt. In so doing, you will be improving your short and long-term financial positions.
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