Home Owner Loans

If you are a home owner, there is another loan type available for you - home owner loans. It's similar with home loans, but not for 1st time home buyer. There is one more requirement of the loan, your age must be at least 18 and above. Even though you owned a home but age below 18, you probably won't get the loan approve from lender.

These loans can borrow large amount of money compare to personal loan, and the rate probably will lower than personal loan. Of course, you have to negotiate or bargain with lenders before making a deal. The interest rate could be very low, depend your negotiation skill, market rate and last but not least your fortune.

Some of the lender still willing to lend money to people who has bad credit score and bad credit history. In order to get the best rate you must try to improve your credit score and prompt payments to existing installments. Lenders will justify you by your score and track credit record.

The interest you pay for these loans is tax deduction, please consult with the tax adviser for declaration of tax to government. To claim this deduction, you need to fill out “Schedule A”, under “itemized deductions” to record your interest deduction.

Deducting Loan Points Paid on a Purchase

1) The loan was used to buy, improvement or building the home

2) The loan is secured by your primary residence.

3) The points are calculated as a percentage of the loan principal.

4) The money spent for home purchase such closing cost, down payment, insurance or etc. is at least equal to the amount you were charged for the points you paid on the loan.

For more home owner information, please check out Home' Owner Loan instead of Home Owner Loans

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