Home Owner Loan
Home owner loan is different from other home loan. It is exclusively for peoples who owned a home, portion value of the property use as collateral to secure a loan. It is not for 1st time home buyer.
Generally, not all peoples are eligible for this loan, if your FICO score is just 'fair' or 'poor'. Definitely, you won't get the loan.
At 1990 till year 2000, there are many banks went broke cause of economy crisis, nowadays banks is very concerned about their interest when lending a money to borrower. They just want to ensure the borrowers are able repay the loan plus interest.
The loan interest is vary among all lenders, the interest rate from 4% - 11% annually, depend how much you need to borrow & how long of the term. Lending this loan has certain risks for home owner, if you default your repayment, you could lose your home.
3 things you should consider for taking this loan
1) Are you able to repay, even in the rough time financially? If you are employed with a well establish corporate, chance of getting the loan is higher.
2) Are the purposes of taking this loan worth? The risk of taking this loan is you may lose you home.
3) If the loan is being used to consolidated existing high interest debt, do you have a proper plan to ensure all avenues of the existing debt are controlled?
After analyzed are the pros and cons of the loan, now use the loan calculator (you can get it easily from internet, just use the search engine to find it for you) to estimate your monthly installment, interest rate and etc.
For more information about home loans, please check out
Home Loans instead of Home Owner Loan
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