Substantial Amount Against Collateral

Homeowners have one big advantage over tenants when it comes to availing loans. They can put up their house as collateral and reap manifold benefits that come from those loans.

Secured loans have various advantages. One major advantage with these loans is that they come with a range of benefits that loans without security do not quite offer. The borrowable amount is big, around 250,000, and the loan term is long as well, up to ten years.

A substantial amount like that can meet a lot of requirements that include, but are not limited to, debt consolidation, home improvement, educational finances etc. With a long repayment term, it is possible to manage ones finances in a proper and organised manner. However, there is an inherent risk with secured loans, in that these loans can cost you your collateral in case you default on the repayment.

Borrowers are constantly, and palpably, looking for cheap rates on loans. Cheap secured loans can be availed with proper research and comparison analysis of the loan market. Generally speaking, secured loans are the cheaper of the two loans here. They have lesser interest rates and a loan term that is much more feasible to the loan taker.

Cheap secured loans can be availed from a number of different avenues, like banks, building societies, private lenders and the Internet. Of all these sources, the Internet is perhaps the best in terms of expediency as well as convenience. Not only that, the online option provides the borrower with a lot of loan choices, from which he can avail the one that best suits his requirements and current standing.

While availing secured loans, the borrower should not be overestimating his repayment capabilities. Borrowers often make the mistake of thinking that they can repay the amount when the time comes to clear the instalments. That is easier said than done, going by the unprecedented number of repossessions that took place in the country in the year 2006.

The author is a business writer specializing in finance and credit products and has written authoritative articles about secured loans, cheap secured loans. He has done his masters in business administration and is currently assisting Shakespearefinance as a finance specialist.

For more information please visit:http://www.shakespearefinance.co.uk/

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First Time Buyer Mortgage Quote

Its a big step in life, make no mistake. Becoming a first time mortgage buyer for obtaining a home. Its a scary and yet exciting process. In reality, the process for first time buyers are essentially the same as someone buying their second home. To begin the process, they too can just use an online quote service, but they need to be as prepared as possible.

Today's mortgage industry is very competitive. This in turn causes more creative financial products to be created in the hopes of attracting more first time buyers. The FHA has a first time buyer's program where they will lend a new home buyer up to 97% of the purchase price of the home. The new home buyer only has to come up with the other 3% to complete the transaction.

WRONG!

Remember I said creative products. Here's an inside tip. The FHA allows the remaining 3% to be funded from other sources. You could have your parents or other relative gift you the money. Up to 3% of the down payment can be derived from 'sweat equity'. This is when negotiating with the seller and you know some minor work needs to be done. So, your agreement with the seller is that you'll do the minor work (ie sweat equity) and the seller will credit you up to 3% as part of your down payment. This is a perfect example of a 'no money down' strategy. There are so many options.

Even without any federal programs, there are plenty of creative products being created in the conventional lending arena. One program first time buyer mortgage quote seekers may be interested in is the 80/20 program. This is when the first time buyer obtains a 80% loan and the seller holds a mortgage for the remaining 20%. Another no money down option. Not only will you not need a traditional down payment, but you'll also save on PMI. PMI (private mortgage insurance) is insurance that protects the lender against losses. If the property is foreclosed and goes to sale but doesn't sell for enough to cover what the lender is owed, PMI kicks in and makes up the difference. Of course, this is a very over simplified example.

OK, so all you first time buyer mortgage quote seekers, you should be very excited about the opportunities that are available to you. Good credit..or bad credit, you CAN get a mortgage. Don't let your dream home pass you by. Let over 2000 lenders fight for your business and make your dreams come true - First Time Buyer Mortgage.

Your Partner In Success,

Christopher Wright, Financial Cancer Specialist
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