A homeowner loan is an additional type of loan available to property owners. These type of loans are secured loans against the borrowers home.
A homeowner loan can enable you to borrow more money than you would otherwise have been able to through a personal loan.
It can be easier to get a homeowner loan because the lender has the security of the value of your house rather than just the information they can find through the borrowers credit history. This means that self-employed people and those with a bad credit history can still be accepted for a homeowner loan.
As with any type of loan the potential borrower needs to consider if they will be able to afford the repayments if their income reduces.
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